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Many students take a job in the summer after school lets out. If it’s your first job it gives you a chance to learn about the working world. That includes taxes we pay to support the place where we live, our state and our nation. Here are eight things that students who take a summer job should know about taxes: 1. Don’t be surprised when your employer withholds taxes from your paychecks. That’s...

Opening a restaurant can seem like a failsafe venture. After all, everyone has to eat. The reality, however, is that eateries are notoriously risky enterprises, with most studies suggesting that somewhere around 60% of them will fold within the first year. At Gurian CPA Firm, we are experienced accountants with expertise working for local restaurant owners. We want you to understand the main...

There’s plenty of misinformation circling around out there about IRS audits. It’s time to clear the air and get the facts. A Different Kind of One Percent-er Research and hard facts tell us everything we need to know – less than 1% of the tax-paying population whose annual earned income falls between $15,000 and $100,000 experience an IRS audit each year. The odds are that slim. When you combine...

It’s not too early for small business owners to begin planning to take advantage of various tax-saving opportunities when they file their 2014 federal income tax returns. In addition, substantial relief from past payroll tax obligations is available to eligible employers who agree to reclassify their workers as employees in the future. Here are further details. Credit Helps Small Employers...

To save money and time, it’s critical that you simplify your company’s payroll processes and modern technological advances let you do this with minimal hassle. If you haven’t started using powerful accounting software or cloud services to help you streamline your payroll processes, our Dallas CPA is here to help you with three ways you can speed up what you need to do with modern payroll...

April 15 is the tax day deadline for most people. If you’re due a refund there’s no penalty if you file a late tax return. But if you owe taxes and you fail to file and pay on time, you’ll usually owe interest and penalties on the taxes you pay late. Here are eight facts that you should know about these penalties. 1. If you file late and owe federal taxes, two penalties may apply. The first is a...

Owners of new restaurants don’t always make hiring a Certified Public Accountant a priority, but putting a CPA on your payroll can make a huge difference in whether your eatery succeeds. The Dallas financial team at Gurian CPA Firm encourages restaurant owners to consider these main reasons why an accounting professional is so essential to a food business: 1. Proper handling of taxes and fees...

Did you live or work abroad or receive income from foreign sources in 2013? If you are a U.S. citizen or resident, you must report income from all sources within and outside of the U.S. The rules for filing income tax returns are generally the same whether you’re living in the U.S. or abroad. Here are six tips from the IRS that U.S. taxpayers with foreign income should know: 1. Report Worldwide...

Normally, you must pay income tax on your investment income. While this is also true for a child who must file a federal tax return, if a child can’t file his or her own return, their parent or guardian is normally responsible for filing their tax return. Special tax rules apply to certain children with investment income. Those rules may affect the tax rate and the way you report the income. Here...

When we finish preparing a client’s tax return, sometimes he or she is confused about whether the medical expenses were deducted or if their charitable deductions applied. When preparing your tax return, you have a choice whether to itemize deductions or take the standard deduction. Before you choose, it’s a good idea to figure your deductions using both methods, and then choose the one that...