Dana McGuffin CPA Blog
Like QuickBooks Online but miss some of the desktop version’s features? You can have both now. QuickBooks Online has grown tremendously since its introduction more than a decade ago. It’s not quite as mature as the top-of-the-line desktop versions, but it’s not far behind anymore. No matter which version of QuickBooks you first used, there…
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We are excited to announce that Dana McGuffin CPA has been named in the top 20 Accounting Firms in the US as a Firm of the Future by Intuit! As you know, we are SO different from many accounting firms in that we utilize cloud technologies, embrace a Results-Only Work Environment, engage with people using social platforms, and…
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Many tax provisions are linked to age, so whenever there’s a birthday in the family, check for changes to take into account as you do your tax planning. Major age milestones include the following: Age What it means for your taxes Age 13 Beginning at this age, your child no longer qualifies for the child…
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If you own assets that you’d like to leave to a loved one, you have an estate. But without a plan, your state of residence will choose your heir — not necessarily the result you intended. How can you ensure your intentions will be realized? Start by understanding the basics of estate taxes. How estate…
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According to the U.S. Department of Health and Human Services, nearly 70% of people turning age 65 will require long-term care, such as assistance with basic personal activities during their lifetimes. With costs of this care ranging from $6,000 to $10,000 a month or more, planning to address that risk is a smart move. One…
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When you start a business, you have many decisions to make. One is the method of accounting your business will use for reporting income and expenses on your tax return- cash or accrual. Two methods generally used are “cash” and “accrual.” The cash method is the easiest to implement. Under the cash method, you recognize…
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Are you thinking of refinancing your home mortgage? Keep the tax rules in mind. Track “points.” A point is a fee equal to one percent of the loan amount. While you can fully deduct the points you pay when you buy your home, points paid on a refinancing are generally amortized over the term of…
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Are you still unclear about your responsibilities as an employer under the Affordable Care Act (ACA)? Do you find the definition of ACA terms confusing? Here’s a plain English guide to selected terms employers are likely to hear. Applicable large employer. A large employer is defined as an employer with at least 50 full-time employees…
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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…
Read MoreAre 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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