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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...

Taking money out early from your retirement plan may trigger an additional tax. Here are seven things from the IRS that you should know about early withdrawals from retirement plans: 1. An early withdrawal normally means taking money from your plan before you reach age 59½. 2. If you made a withdrawal from a plan last year, you must report the amount you withdrew to the IRS. You may have to pay...