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If you’re operating a business in the United States, you know that paying taxes is something you can’t avoid. However, for businesses that are structured as C-corporations, an issue known as double taxation can make you feel like you’re paying more than your fair share. The following guide takes a look at how double taxation works and the impact it can have on business owners. We’ll also discuss...

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...

Getting news from the IRS that you’ve been selected for an audit can be extremely worrisome and overwhelming, even if you believe that you haven’t done anything wrong. When getting a notice from the IRS regarding an audit it is most likely not for a return that you’ve just filed. Generally the IRS has three years from the date you filed your original return or two years from the date you paid the...

Just like with every other field of business, the tax field has it’s own lingo, which can add to the complication of understanding how to file your taxes. Gurian CPA has provided a list of 10 tax terms that will get you through tax season and help you identify and understand certain tax phrases. With the help of Gurian CPA, we will have you talking taxes in no time! 1. Adjusted gross income (AGI)...

Everyone knows that the best part of tax season is receiving your tax refund after you’ve filed. Whether you’re using your tax refund to boost your saving, pay off debt, invest in the stock market or just buy yourself something nice! For the 2017 tax year the IRS collected more than $3.4 trillion, processed more than 245 million tax returns and other forms and issues more that 121 million...

If a family member of someone close to you passes away, one of the last things on your mind is filing taxes on their behalf. Although, when someone passes away it is still necessary that their tax return be filed in the year that they passed away, as well as years prior that they might not have filed a return. Gurian CPA has provided some tips on filing a tax return on behalf of someone that has...

One of many concerns you have while filing your tax return is raising a red flag to the IRS to be audited. You can’t 100 percent protect yourself from an audit because sometimes it’s just the luck of the draw, but you can lower your odds of being audited by following the provided tips below. 1. Understand the selection process Like mentioned above, sometimes it’s just the luck of the draw that...

Beneficiaries of a trust typically pay taxes on distributions they receive from the trust’s income. However, they are not subject to taxes on distributions from the trust’s principal. When a trust makes a distribution, it deducts the income distributed on its own tax return and issues the beneficiary a tax form called a K-1. The K-1 indicates how much of the beneficiary’s distribution is interest...

Americans living abroad are still required to file US taxes. The US is the only country that requires its expats to file. It is because the US taxes based on citizenship rather than on residence. This leaves the millions of Americans who work abroad at risk of double taxation, paying taxes in both the country where they live, and to the US, on the same income, as the US requires all its citizens...

With several of my family members working in the education field, I know it will be only a matter of time before I’ll get tweets and Facebook shares on the back to school deals they find. Depending on where you live, your state may be offering a huge savings with a sales tax free shopping weekend on specific purchases. With state sales tax ranging 4-7%, that means more money in your pocket. Dates...