Dana McGuffin CPA Blog

Monitor Your Accounts Receivable

By Dana McGuffin | August 24, 2015 | Comments Off on Monitor Your Accounts Receivable

Monitoring your accounts receivable may seem like one more chore in an already busy workday. But this simple activity is important. Here’s an illustration. Say you’re operating with a gross profit margin of 20% and your uncollectible receivables are $10,000. Your business must generate an additional $50,000 in new sales to make up for the…

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QuickBooks Online’s Sales Tax Tools: The Basics

By Dana McGuffin | August 21, 2015 | Comments Off on QuickBooks Online’s Sales Tax Tools: The Basics

Are you paying the correct amount of sales tax to the proper agencies? QuickBooks Online can help. It’s hard to imagine that small businesses used to have to manage sales tax manually. It was quite a time-intensive process, and it was so easy to make mistakes. QuickBooks Online can handle the mechanics for you. Its…

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Lindsay Polyak Volunteer of the Year

Lindsay Polyak Receives Southlake’s Volunteer of the Year Award

By Dana McGuffin | August 14, 2015 | Comments Off on Lindsay Polyak Receives Southlake’s Volunteer of the Year Award

We are pleased to announce that Lindsay Polyak received Southlake’s Volunteer of the Year Award. The highlight of this year’s Southlake Chamber “A Night at the Improv” Awards banquet was the awards and the winners! This banquet is to honor the individuals and organizations who have demonstrated a commitment to serving not only the Chamber, but…

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Understand Business Financial Ratios

By Dana McGuffin | August 12, 2015 | Comments Off on Understand Business Financial Ratios

Financial ratios provide a useful way to pinpoint strengths and weaknesses in the performance and solvency of your business. Here are four types of ratios that you can monitor using the figures from your balance sheet. Liquidity ratios, such as the current ratio, measure the ability to pay bills over the next 12 months. You…

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Review Your Beneficiary Choices

By Dana McGuffin | August 5, 2015 | Comments Off on Review Your Beneficiary Choices

Are you storing the documents that designate the beneficiaries of your retirement plans, IRAs, and insurance policies in a safe deposit box? If so, it’s time to dust off these important papers and review them. Why? You probably made decisions about who will receive retirement assets or life insurance proceeds upon your death when you…

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Managing Users in QuickBooks Online

By Dana McGuffin | July 31, 2015 | Comments Off on Managing Users in QuickBooks Online

A multi-user accounting application needs good tools for assigning access permissions. QuickBooks Online has it covered. You trust your employees, or you wouldn’t have hired them. But you also have a grave responsibility to your customers and vendors: to keep their data safe, and to ensure that records and transactions remain accurate and unchanged throughout…

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Texas Franchise Tax Relief

By Dana McGuffin | July 24, 2015 | Comments Off on Texas Franchise Tax Relief

On June 15, 2015 Texas Governor Greg Abbott signed into law a permanent reduction in the Texas Franchise Tax.  There was a 25% reduction in both the retail rate which dropped from 0.5% to 0.375% and the non-retail rate which was reduced from 1.0% to 0.75%.  In addition, the maximum revenue for filing the EZ…

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Midyear Tax Update

By Dana McGuffin | July 17, 2015 | Comments Off on Midyear Tax Update

The following is a midyear tax update of important developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Supreme Court upholds subsidies for health care purchased on Federal Exchange. The Supreme Court by a 6-3 vote determined that premium tax credits (also known as health…

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Masterminding Our Way: The Power of 5 Minds – Book Release by Wendy Knutson

By Dana McGuffin | July 14, 2015 | Comments Off on Masterminding Our Way: The Power of 5 Minds – Book Release by Wendy Knutson

Wendy Knutson, CPA, along with Sarah Gilliland, Lauren Midgley, Nicole Smith, Shannon Thomas released her new book Masterminding Our Way: The Power of 5 Minds. Create the magic for yourself and your business! Masterminding Our Way is now available on Amazon here. You are invited to the BOOK LAUNCH & SIGNING! When: Tuesday, August 4th…

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QuickBooks Online

Check Out the New QuickBooks Online

By Dana McGuffin | July 7, 2015 | Comments Off on Check Out the New QuickBooks Online

Whether or not you’ve ever used accounting software, we think you’ll like using QuickBooks Online. It was designed for small businesses who have little or no accounting experience, and its user interface and navigation should be familiar to anyone who’s been around websites. We do have to say, though, that if you’ve never used any…

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