Posts Tagged ‘Best CPA Southlake’
Time 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 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…
Read MoreDo You Have These Basic Documents?
Can you name basic documents that can ease decision making for your family if something happens to you? Here are four to think about as part of your overall personal financial plan. Will. As you know, a will lets you, rather than the state, control how your assets will be split among your heirs. If…
Read MoreIRS Raises the De Minimis Safe Harbor Threshold
You may remember the fiasco at the beginning of 2015 with the implementation of the new capitalization regulations and how we received revised procedures every 2-3 weeks. Well, after receiving many public comments, the Internal Revenue Service has made another change: to raise the de minimis safe harbor threshold, for taxpayers without audited financial statements,…
Read MoreIndependent Contractor or Employee – The Distinction Matters to the IRS
If you’re a business owner, you have financial incentive to want to classify workers as independent contractors rather than as employees. For example, you’re required to withhold and pay taxes on employee wages, and you may need to offer employee benefits such as paid time off and pension contributions. None of these are required with…
Read MoreInterest Rates Can Affect Your Taxes
Do you keep up with fluctuations in interest rates? The IRS does too, and changes in those rates could affect your tax return. For instance, applicable federal rates, or AFRs, are published by the IRS to set a minimum interest rate for certain transactions, such as loans to family members. How does that affect you?…
Read MorePlan for Social Security Retirement Benefits
If you’re approaching retirement age and will qualify for social security, you’ll need to decide when to start collecting. You can begin as early as age 62 or as late as age 70. Within that window, your monthly receipts will increase for each month you delay taking benefits. Here are three items to consider when…
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