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Small business owners face numerous everyday challenges, and they usually conquer them with their entrepreneurial strength. Unfortunately, keeping the books on their growing business is not a skill someone can simply persevere through and get it right. The potential consequences of messing up on the accounting functions can be serious when it comes to the success or failure of a business. Here...

There are payroll mistakes that benefit employees, as well as those that benefit employers. But either way, a mistake is a mistake. If you come across any type of mistake, such as overpaying or underpaying employees, it is imperative to act fast, discuss the situation with your workers, and provide a remedy that will allow both parties to put this in the past. Most established companies have a...

The National Society of Accountants is offering some year end tax tips for businesses. Consider several general strategies, such as use of traditional timing techniques for income and deductions and the role of the tax extenders, as well as strategies targeted to your particular business. As in past years, planning is uncertain because of the Affordable Care Act and the expiration of many popular...

If you start a business, one key to success is to know about your federal tax obligations. You will need to know not only about income taxes but also about payroll taxes and applicable state and local taxes. Here are five basic tax tips that can help get your business off to a good start. Business Structure. As you start out, you’ll need to choose the structure of your business. Some common types...

Recently we’ve had an uptick in clients calling worried about calls threatening arrest for unpaid taxes, and they aren’t alone. The IRS has seen a recent increase in local phone scams across the country, with callers pretending to be from the IRS in hopes of stealing money or identities from victims. These phone scams include many variations, ranging from instances from where callers say the...

Starting a business is one of the most rewarding experiences you will ever have. However, the process is wrought with pitfalls for inexperienced entrepreneurs. Seeking advice from your Dallas accountant regarding entity selection and structure enhances your chances for long term success. Your accountant can act as a sounding board for your ideas and suggest courses of action. Entity Selection...

Even though only a few months remain in 2014, you still have time to act so you aren’t surprised at tax-time next year. You should take steps now to avoid owing more taxes or getting a larger refund than you expect. Here are some actions you can take to bring the taxes you pay in advance closer to what you’ll owe when you file your tax return: Adjust your withholding. If you’re an employee and...

As we are half way through the year, now is the best time to take action and avoid most common tax mistakes that small businesses make. Following are some of the best practices to help your business avoid tax trouble. Maintain Good Records Mid-year is an ideal time to examine your recordkeeping habits. Good recordkeeping not only allows you to monitor the progress of your business but also...

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...

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...