Dana McGuffin CPA Blog
You’re already aware that depreciation expensing techniques help reduce federal taxes when you purchase business assets such as autos, machinery, equipment, and furniture at year-end. But did you know that might not be as true this year as it once was? Here’s why. Some immediate expensing depreciation tax breaks have been reduced for 2015. For…
Read MoreCan you name basic documents that can ease decision making for your family if something happens to you? Here are four to think about as part of your overall personal financial plan. Will. As you know, a will lets you, rather than the state, control how your assets will be split among your heirs. If…
Read MoreThe alternative minimum tax (AMT) is often called a “stealth tax” because it sneaks up on unsuspecting taxpayers. But you can keep from being caught if you take timely year-end action. Begin with understanding how AMT works. The Alternative Minimum Tax requires a separate computation on your tax return. You start with regular taxable income, then…
Read MoreYou may remember the fiasco at the beginning of 2015 with the implementation of the new capitalization regulations and how we received revised procedures every 2-3 weeks. Well, after receiving many public comments, the Internal Revenue Service has made another change: to raise the de minimis safe harbor threshold, for taxpayers without audited financial statements,…
Read MoreThe act of gifting is generally not a taxable event when you’re the receiver, or “donee.” Why? At the point of receiving the gift, you typically have not received income. What about when you’re the gift-giver? How does the act of giving the gift affect your tax situation? If the gift is large enough, the…
Read MoreBusiness gift giving is a way to say thank you to customers, suppliers, and employees, and to show your appreciation for the business relationship. Do you know how to treat gifts for tax purposes? Here’s an overview. Gifts to non-employees The general rule is you can deduct up to $25 of the total cost of…
Read MoreWe are SO excited to be an official drop-off location for Toys for Tots 2015 and will be gratefully accepting new, unwrapped toys November 30 – December 11, from 9 to 5 at our Toys for Tots Reception. Please join us for cookies, coffee, and cocoa at our 3rd annual Toys for Tots reception Friday,…
Read MoreYour customers are the heartbeat of your business. QuickBooks Online helps you keep them happy. Do you remember how you used to keep track of information about your customers before you started using a computer for your accounting? A file folder containing paper transaction forms and other communications? A card in your Rolodex? A list…
Read MoreIf you’re a business owner, you have financial incentive to want to classify workers as independent contractors rather than as employees. For example, you’re required to withhold and pay taxes on employee wages, and you may need to offer employee benefits such as paid time off and pension contributions. None of these are required with…
Read MoreThe year is nearly over, but you can still take action to lower your business income tax during the final months of 2015. Here are five year-end tax savers for businesses to consider. Postpone revenue to 2016. If your business reports on the cash basis, delay billing your customers long enough to ensure that payments…
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