Dana McGuffin CPA Blog

Common Tax Mistakes When Selling a Home

By Dana McGuffin | July 15, 2021 | Comments Off on Common Tax Mistakes When Selling a Home

With home sales booming throughout much of the country, you may decide that now’s the right time to put your abode on the market. If you do put your primary residence up for sale, try to steer clear of the following mistakes. Not qualifying for the home sale exclusion. If you’ve owned and used your home…

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The Hidden Tax Consequences of Cryptocurrency

By Dana McGuffin | June 30, 2021 | Comments Off on The Hidden Tax Consequences of Cryptocurrency

You may recognize the name Bitcoin and maybe even Ethereum, but what about Litecoin, Dogecoin or Ripple? These are just some of the more than 4,500 cryptocurrencies available today. There are hidden tax complications, however, associated with every cryptocurrency transaction. Here’s what you need to know. Every transaction has a tax consequence. The IRS treats cryptocurrency…

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Ideas to Identify and Manage Problem Accounts

By Dana McGuffin | June 16, 2021 | Comments Off on Ideas to Identify and Manage Problem Accounts

As a small business, once you decide to extend credit to a customer, you now have a financial stake in continuing that relationship even if you suspect there might be trouble brewing. While you don’t want to crack down on a good customer too hard, too soon, you also don’t want to be taken advantage…

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Building a Fortress Balance Sheet

By Dana McGuffin | May 27, 2021 | Comments Off on Building a Fortress Balance Sheet

  The best way to weather a storm is often by being prepared before the storm hits. In the case of small businesses, this means building a fortress balance sheet. What is a fortress balance sheet? This long-standing idea means taking steps to make your balance sheet shockproof by building liquidity. Like a frontier outpost…

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Taxes: These Basics are for Everyone

By Dana McGuffin | May 6, 2021 | Comments Off on Taxes: These Basics are for Everyone

  Understanding how our tax system works can be tricky for anyone. Whether you’re an adult who never paid much attention to the taxes being withheld from your paycheck or a kid who just got his or her first job, understanding the basics can help refine and define questions you may have. Many schools don’t…

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Navigating the New 2021 Child Tax Credit: What you need to know

By Dana McGuffin | April 20, 2021 | Comments Off on Navigating the New 2021 Child Tax Credit: What you need to know

  The whirlwind of tax changes just keeps going. Now if you have children 17 or under there is a new, higher child tax credit in place for 2021. Here is what you need to know: Age matters. The old credit was for children under the age of 17. The new credit goes through age 17…

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Tax Return Review Hints

By Dana McGuffin | March 17, 2021 | Comments Off on Tax Return Review Hints

  Prior to e-filing your tax return, you will need to review it. Here are some suggestions to ensure everything looks right. The Basics Confirm the basics for you, your spouse and your dependents: Double check the name, address, Social Security Numbers and proper identification of dependents that are under age 17 Double check filing status.…

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Starting a Business Now Could Make a Lot of Sense

By Dana McGuffin | March 1, 2021 | Comments Off on Starting a Business Now Could Make a Lot of Sense

    The same factors that we’ve been dealing with for the past 12 months during the pandemic can also create an opportunity if you are considering starting a small business.  Problems create opportunity For one thing, fewer businesses in the marketplace can mean fewer potential competitors. For a start-up company, that can be good…

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Don’t Run the Risk of a High Tax Bill! Know when you should ask for professional help.

By Dana McGuffin | October 1, 2020 | Comments Off on Don’t Run the Risk of a High Tax Bill! Know when you should ask for professional help.

  Before taking action talk to your tax adviser. How many times have you seen this legal disclaimer? Unfortunately, all too often taxpayers do not follow this advice and then must pay the price with an unnecessarily high tax bill. Here are some of the most common situations that can save you money by seeking…

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Is a Tax Time Bomb Lurking in Your Paycheck?

By Dana McGuffin | September 22, 2020 | Comments Off on Is a Tax Time Bomb Lurking in Your Paycheck?

      Does your paycheck look a little higher than normal? If so, it could be a tax time bomb.   The Problem A payroll tax deferral beginning September 1 was recently signed via a presidential executive order. The potential deferral of your portion of Social Security as an employee could raise your take…

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