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Using the correct filing status is very important when you file your tax return. You need to use the right status because it affects how much you pay in taxes. It may even affect whether you must file a tax return. When choosing a filing status, keep in mind that your marital status on Dec. 31 is your status for the whole year. If more than one filing status applies to you, choose the one that...

Are you looking for a hard and fast rule about what income is taxable and what income is not taxable? The fact is that all income is taxable unless the law specifically excludes it. Taxable income includes money you receive, such as wages and tips. It can also include noncash income from property or services. For example, both parties in a barter exchange must include the fair market value of...

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...

Most people spend years working closely with their financial adviser, accumulating money in their retirement accounts. When the time comes to reap the rewards of all those years of labor, the reality of how much you’ll be taxed on your withdrawals hits you. While you can’t completely avoid being taxed on accounts that were tax-deferred, you can implement a strategy that is advantageous. Consider...

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...

The 2013 tax extension deadline is less than a month away on Wednesday, October 15th. If you missed the first April 15th tax deadline and had to file an extension, you may be still procrastinating and will be rushing to make the final October 15th tax deadline. There’s no need to worry if you start preparing now. Follow these simple tips and you will be on your way to beat the tax deadline and...

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...

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...