Posts Tagged ‘Best CPA DFW’
Hiring For the Summer? Know the ACA Rules
If you’re an employer, what you have to do to comply with Affordable Care Act (ACA) rules depends on the size of your workforce. When you have 50 or more full-time employees – a total that can include seasonal workers – you have to deal with additional reporting and coverage requirements known as the “employer…
Read MoreManage Your Tax Refund with Direct Deposit
Will you be receiving a tax refund this year? If so, you have the opportunity to make some smart financial choices – and best of all, you can make them painlessly. Here’s how: Direct deposit your refund. That way, all or part of your tax refund will automatically be deposited via electronic transfer system into…
Read MoreTime To Come Clean on Prior Year Tax Returns
Failing to file tax returns on time doesn’t necessarily make you a criminal, but the penalty for procrastinating can be punishing. What’s the price you’ll pay? The IRS can assess a failure to file penalty, which is usually 5% of your unpaid taxes per month, up to a maximum penalty of 25%. In addition, there…
Read MoreDeter Identity Theft with Fraud Alerts and Security Freezes
If a fraudster steals your identity, you may find yourself embarking on an unpleasant journey to recover your good name and pilfered finances. Fortunately, tools are available to prevent and minimize potential losses. Here are two options to consider if you suspect your personal data has landed in the wrong hands. Fraud alert. Say you…
Read MoreStart Planning for Next Year’s Individual Tax Return Using this Year’s Return
Whew! You filed your individual tax return and now you’re ready to forget all about taxes until next year. Not so fast! Your 2015 tax return is a great tool to help you plan for 2016. Here’s what to look at. Review your withholding. If you owed tax this year or received a large refund,…
Read MoreOwe the IRS and Can’t Pay? You Have Options.
What happens if you owe the IRS – and you can’t pay? First, be sure to file your return anyway to avoid penalties for nonfiling. Then consider the following options, and choose the one that fits your financial situation. Can you pay off the balance within 120 days? If so, apply for a short-term payment…
Read MoreLast-Minute Moves That Can Lower Your Tax Bill
Only one month to go until tax filing day! That means you still have time to trim your 2015 tax bill. Here are last-minute moves to consider and deductions to remember. Maximize your 2015 IRA contribution. You have until April 18 (or April 19 if you live in Maine or Massachusetts) to make deductible 2015…
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 MoreConfiguring Your QuickBooks Online Settings
You’ll be visiting QuickBooks Online’s Settings screen regularly, so it’s good to know what’s there. You can get into a rental car and just start driving to your destination. But you soon realize that you need to know where the temperature controls and the radio tuner are. If it starts raining, you must know where…
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