How Do Taxes Work For a Trust?
A trust can be a valuable tool for estate planning and a variety of other purposes. However, when it comes to taxes for a trust, throwing a trust into the mix can sometimes create a bit of confusion. Whether you’re setting up a trust or you’re a beneficiary, it’s important to understand your potential tax […]
Expert Details About Irrevocable Trust Disbursements
If you’re a beneficiary, grantor, or trustee of an irrevocable trust, it’s important to understand the specifics of how trust disbursements work and who is liable for the taxes. Following, you’ll find a quick overview of the important details and a few examples for clarification. Taxation of Irrevocable Trust Disbursements When an irrevocable trust disburses […]
Trust Distribution Taxes – Do Beneficiaries Pay Taxes?
The question of whether or not a beneficiary pays trust distribution taxes on the income received from a trust comes up quite often. The answer depends on your particular situation. In the sections below, we will explain the circumstances when you, as a beneficiary, must pay tax and when it’s not required. But first, let’s […]
Are Trust Funds Taxed? What You Need to Know
One of the most common questions we hear about the administration of trusts is, “Are trust funds taxed?” Like so many other financial matters, the answer is, it depends. Many people get confused that the taxable income of trusts and trust income are not the same things. Typically, a beneficiary (and sometimes a trust itself) […]
13 Tax-Deductible Expenses Business Owners Need to Know About
As a business owner, it’s essential to know what expenses are business tax-deductible. Otherwise, you risk paying more in taxes than necessary or potentially getting into trouble with the IRS for taking inappropriate deductions. Here are some tax-deductible expenses every business owner should know about. ⦁ UtilitiesIf there’s a utility that you use solely for your […]
Tax Implications for Married Couples with Student Loans
Student loans have become a necessary aspect of earning a college degree for millions of students and graduates. For the last several years, college costs have continued a steady climb, leading to a need to rely heavily on borrowing to cover expenses. Student loans can be easy to get, evidenced by the more than 44 […]
New Tax Withholding Estimator
The IRS just released the new Tax Withholding Estimator that is intended to replace the old Withholding Calculator. The new Tax Withholding Estimator includes user-friendly features that is tailored to help retirees quickly and easily calculate the correct amount of tax that should be taken from their pension payments and Social Security benefits. The new […]
Which Accounting Professional Does Your Business Need?
Which accounting professional does your business need? No matter how small your business is, every business needs a financial and tax advisor. The terms bookkeeper, accountant and CPA have been used interchangeably, but there are vast differences on the value they can bring to your business. Below are the tasks preformed by accounting professionals so […]
Payroll Fraud Schemes Businesses Should Be Aware Of
According to the Association of Certified Fraud Examiners, nearly 30 percent of businesses are victims of payroll fraud. That’s an unsettling percentage, with smaller businesses being twice as likely to be victimized by payroll fraud than larger businesses. Here are four alarming payroll fraud schemes every business owner should be aware of: Common payroll schemes […]
Understanding The Student Loan Interest Tax Deduction
Taxes are an inevitable part of everyone’s financial life, and they are often one of the more confusing topics to understand. The tax code is complex, consisting of many rules and guidelines for what’s taxable, what’s not, and what can be used to help reduce tax liabilities each year. However, it is essential to recognize […]
Renting Your Property Tax-Free
Did you know you can rent out your property on a short-term basis tax free? Most income is taxable and reported to you and to the Federal and state tax authorities. Although, if you rent your property out for less than 15 days, that income is not taxable. Therefore, your rental is not considered a […]
How To Adjust Tax Withholding In Light of The New Tax Law
Last week Gurian CPA was mentioned in an article in HuffPost, “How To Update Your Tax Withholding And Avoid A Surprise Tax Bill Next Year”. The information provided will help you understand how to adjust your tax withholding in light of the new tax law. Now that you’ve received your first tax return after the […]
Calculating Your Restaurant’s Prime Cost
As a restaurant owner knowing your key performance indicators is huge and knowing your prime cost is one of the most valuable key performance indicators a restaurant owner can know. Knowing your prime cost is essential when you’re running a restaurant as it gives you more control to facilitate change and make more money. Most […]
Client Showcase – D’Hierro
D’Hierro is a furniture store located in Plano, Texas. For over 22 years, D’Hierro has been serving homeowners, architects, builders and design professionals in Dallas, Fort Worth and the surrounding communities. They are known for providing the highest quality iron products and for impeccable attention to detail. D’Hierro custom designs and manufactures hand-forged iron doors, […]
4 Key Elements of Great Bookkeeping
Your bookkeeping system is the financial heart of your business. When set up and operating properly, your books help you make smart decisions and seamlessly turn your financial data into useful information. Gurian CPA has provided four key characteristics to build and maintain a healthy bookkeeping system for your business: Select the proper accounting […]
Client Showcase – Delaney’s Irish Pub & Scratch Kitchen
Delaney’s has teamed up with Gurian CPA for their restaurant accounting, taxes and payroll needs because no one understand the restaurant industry better than us.
Tax Scams To Be On The Lookout For
Receiving contact from the IRS can be enough to make your heart drop but being contacted from someone claiming to be from the IRS and falling into a tax scam can sometimes be even worse. The sad thing is that tax scams can happen any time of the year and not just around the tax […]
6 Tax Refund Myths
As tax season comes to a close it’s important to understand and debunk the tax myths that are focused around tax refunds. There are many myths that are focused around your tax refund and it’s always best to consult with your local CPA to understand tax laws and better prepare yourself to avoid penalties and […]
Client Showcase – Matt Burk Music Studio
Matt Burk Music Studio launched in 2006 and now has three different locations for private lessons; one in Allen, one in Frisco and one in Plano, Texas. They specialize in private lessons for piano, drums, bass guitar, voice and songwriting. Whatever you desire, Matt Burk Music Studios has qualified teachers to help you excel and […]
Employer Credit For Paid Family And Medical Leave
A new Employer credit for Paid Family and Medical Leave, that has been enacted by the Tax Cuts and Job Act (TCJA) is imposed to help businesses reduce their taxes while employees are on paid leave from their job duties due to specified reasons. Employers are eligible to claim this credit based on the wages […]
