Posts Tagged ‘Best Accounting Firm’
Setting Up Your Business Accounting System
You’ve done the hard work. You have a new business idea or you’ve found an existing business to purchase. Want to help ensure your business success? Pay attention to correctly setting up your business’ accounting system. Here’s how: Consider business entity. Choosing the right legal and tax entity for your business is important. Consult experts…
Read MoreIs It Worth It to Amend Your Return?
Whether it makes sense to amend your tax return depends on which of these situations you’re in: If you owe the IRS If you discover an omission on your tax return that results in you owing additional tax, you need to correct it with an amendment and provide the tax due. Don’t delay if this…
Read MoreGreat Uses For Your Tax Refund
Most Americans get a refund every year, with the average check weighing in at $2,895 last year. Even though it’s really money that they earned, many people are tempted to treat it like a windfall and splurge. If you can resist that temptation, here are some of the best ways to put your refund to…
Read MoreKnow The IRS’s “Dirty Dozen” Tax Scams
Every year the IRS releases its “Dirty Dozen” list of the year’s most prevalent tax scams. They include ploys to steal personal information, talk people out of money, or engage in questionable tax activity. Here are some of the top scams: Phishing. Fake emails or websites claiming to represent the IRS, for the purpose of…
Read MoreStaying Organized At tax Time
Organizing your tax records not only makes filing your tax return easier, it also helps you find the financial documents you need throughout the year. Whether you’ve already filed your tax return or are about to, here are some tips to get organized. Go with the flow (of your tax return) Try organizing your records…
Read MoreDana McGuffin CPA Voted BEST OF LIVING CPA in Northeast Tarrant County 2014-2016
We are so pleased to announce that Dana McGuffin CPA won the BEST OF READER’S CHOICE AWARD for BEST OF LIVING CPA in LIVING magazine for the third consecutive year! Thank you, to our friends of the firm, clients, and LIVING magazine readers for voting Dana McGuffin CPA Best CPA in Northeast Tarrant county for the third…
Read MoreWhat’s Your Personal Net Worth?
Net worth is a familiar term, but you may not calculate or watch it in the same way you track your income. Yet personal net worth is a valuable measurement tool for overseeing your financial success. In a nutshell, net worth is total assets less total liabilities, such as debts. Here’s an example. Say your…
Read MoreTax News – 2016 Tax Changes to Note
2016 tax changes you need to know about: Effective beginning with 2016 taxable years, the de minimis tangible property safe harbor has increased to $2,500 per invoice or item. The change affects regulations issued in 2013 that clarified when your business could expense tangible real and personal business property. Previously, the de minimis safe harbor…
Read MoreDana McGuffin CPA Voted Best of the Best CPA Firm in Southlake TX for 6th Year in a Row!
Dana McGuffin CPA is honored to receive the Best of the Best CPA award from the Southlake Journal for the sixth year in a row! The Best of the Best contest is held in January each year, and Southlake Journal readers vote for the best business in each business category. Other categories in the voting include…
Read MoreAdvantages and Disadvantages to Making an S Corporation Election
Are you deciding whether to make your business an S corporation for 2016? Here are tax considerations to review before the March 15 due date of the election. When you make an S corporation election, you’re opting to have your business’s income or loss “passed through” to you and other shareholders. That means you’ll report the income or loss…
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