Dana McGuffin CPA Blog

Tips for a Faster Refund

By Dana McGuffin | February 28, 2019 | Comments Off on Tips for a Faster Refund

As the tax filing season approaches, there are steps you can take now to speed up the filing process. The faster your return is filed, the faster you get your refund. Even if you end up owing money to the IRS, knowing the amount due sooner gives you more time to come up with the…

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The New Business Deduction

By Dana McGuffin | February 21, 2019 | Comments Off on The New Business Deduction

Stop worrying and start preparing A new deduction is available to businesses with qualified business income (QBI). While that’s great news, new deductions (especially ones with lots of rules) can bring anxiety and confusion. Never fear! Ensuring you receive a maximum deduction will come down to providing the proper information. Here is some knowledge to…

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5 Tips to Keep Your Customers Coming Back

By Dana McGuffin | February 14, 2019 | Comments Off on 5 Tips to Keep Your Customers Coming Back

Happy, satisfied customers are essential to the health of every business. Increasing competition, online review opportunities, and unlimited access to information up the ante on the importance of quality customer service. Here are some tips to help your business thrive by meeting and exceeding your customers’ expectations: Truly understand your customer and their needs. As…

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It’s Your Money. Get it Back NOW!

By Dana McGuffin | February 7, 2019 | Comments Off on It’s Your Money. Get it Back NOW!

According to Credit Karma, over $40 BILLION of unclaimed property is currently being held by state governments. That’s a staggering amount of money – enough to buy half of the National Football League franchises. Not included in that figure is property sitting with federal agencies and other organizations. So what exactly is unclaimed property and…

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Early Warning Signs of a Tax Problem

By Dana McGuffin | January 31, 2019 | Comments Off on Early Warning Signs of a Tax Problem

There are many factors that can cause an unfavorable tax swing leaving you with a surprising tax bill in the spring. Here are six warning signs that you might have some unexpected taxes waiting for you. You didn’t update your W-4 You may have noticed a change in your tax withholdings earlier this year. These…

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The IRS Loves Your Business … and That is NOT Good

By Dana McGuffin | January 24, 2019 | Comments Off on The IRS Loves Your Business … and That is NOT Good

The IRS continues to focus their audit activities in key small business areas. The wise business owner is well advised to be able to defend the following five areas to keep the IRS at a comfortable distance: Business or hobby? Be ready to provide proof your business is truly a business and not a hobby.…

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How to Survive 3 Unavoidable Banking Trends

By Dana McGuffin | January 17, 2019 | Comments Off on How to Survive 3 Unavoidable Banking Trends

Smartphones and other technological advances enable banks to create products and services that dramatically change the way you bank. Here is a primer on three of the biggest banking trends and tips to protect your money: The traditional bank branch is going away. A recent report from consultants McKinsey & Company claims an average of…

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Retirees Should Check Withholdings…or Else…

By Dana McGuffin | January 10, 2019 | Comments Off on Retirees Should Check Withholdings…or Else…

According to a recent announcement by the IRS, retirees might not be withholding enough for taxes this year. This is due to vast tax changes in 2018, making old withholding levels obsolete. The IRS is urging retirees to check their withholdings now and make adjustments if needed to avoid penalties. Could it be you? How…

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Don’t Let a Disaster Derail Your Business

By Dana McGuffin | January 3, 2019 | Comments Off on Don’t Let a Disaster Derail Your Business

With the recent frequency of hurricanes, earthquakes, tornadoes, floods and wildfires, it’s worth reviewing ideas to ensure your business can survive if it faces its own disaster. Here are some steps you can take to create a disaster plan for your business: Identify your exposure. The first step is to conduct an evaluation of your…

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5 Annual Tax Essentials

By Dana McGuffin | December 27, 2018 | Comments Off on 5 Annual Tax Essentials

The more things change the more they stay the same. This is especially true when it comes to reviewing your tax situation. Mark your calendar to review these essential items each year to ensure you are not missing something that could cause tax trouble when you file your tax return: Required minimum distributions If you…

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