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Have you found an error on your federal tax return? If so, you may need to file an amended return. Here are ten tips for filing an amended tax return: 1. Tax form to amend your return. Use Form 1040X, Amended U.S. Individual Income Tax Return, to correct your tax return. You must file a paper Form 1040X; it can’t be e-filed. 2. Amend to correct errors. You should file an amended tax return to...

The IRS mails millions of notices and letters to taxpayers each year. There are a variety of reasons why we might send you a notice. Here are 10 steps to take in the event that you get one. 1. Don’t panic. You often can take care of a notice simply by responding to it. 2. An IRS notice typically will be about your federal tax return or tax account. It will be about a specific issue, such as...

The Internal Revenue Service requires all taxpayers, regardless of age, to file a tax return and pay the appropriate income tax in any year their gross income exceeds certain levels. This requirement extends to the children you claim as dependents. However, unlike adult taxpayers, you may or may not have to file a child’s tax return. Dependent children Your dependent children must submit tax...

Adopting a child doesn’t only provide a benefit to your family, it can help your taxes, too. If you adopted or tried to adopt a child in 2014, you may qualify for a tax credit. If your employer helped pay for the costs of an adoption, you may be able to exclude some of your income from tax. Here are some things you should know about adoption tax benefits. Adoption Tax Credit or Exclusion. The...

Did you spend a lot of money on your medical care last year? If so, you may be eligible for the medical expense deduction. In total, you must spend more than 10% (7.5% if you are age 65 or older) of your Adjusted Gross Income (AGI) on medical expenses in order to possibly benefit from the tax break. For some people, that’s a lot of dough, but if you qualify, the tax deduction can be significant....

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...

Are you, your spouse or a dependent heading off to college? If so, here’s a quick tip from the IRS: some of the costs you pay for higher education can save you money at tax time. Here are several important facts you should know about education tax credits: American Opportunity Tax Credit. The AOTC can be up to $2,500 annually for an eligible student. This credit applies for the first four years...

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...