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Sometimes. Whether a distribution from an irrevocable trust is taxable to you depends on whether it's income the trust earned or principal the trust was originally funded with. Income distributions are generally taxable to the beneficiary. Principal distributions generally aren't. This guide walks through that split, how the trust reports it to you on a K-1, and what to do once that form lands in...

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. ⦁ Utilities If there’s a utility that you use solely for your business, it’s completely...

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 you can determine whether your business needs...

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 as larger businesses. Here are four alarming payroll fraud schemes every business owner should be aware of: Common payroll schemes Ghost employee fraud. A ghost...

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. However, if you rent your property out for less than 15 days, that income is not taxable. Therefore, your rental is not considered a business, and you won’t have to worry about business taxes. With summer coming up and Dallas being on...

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 restaurant owners are so focused on increasing sales, while very few...

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, stair railings,...

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 method. There are two different methods for...

Delaney’s Irish Pub & Scratch Kitchen, established in 2008, is located in a Stonebridge community mainstay in McKinney, Texas. They are known for their hefty Tex-Irish menu and thirst-quenching wall of 45 beers on tap. Delaney’s is how McKinney does Dublin. They offer the ultimate sports-watching experience, with twenty-eight flat screens, three large-screen projectors, and two fully stocked...

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 become confident in your genre of music of choice: classical,...