Individual Taxes
Do I need to file a tax return?
While understanding the general guidelines is helpful, your individual situation might be more complex. Gurin & Associates offers free consultations to assess your income and filing status and determine if you're required to file. Schedule one today to gain clarity!
What deductions can I claim?
Knowing the common deductions like mortgage interest or student loan interest is a good start, but there might be hidden gems! Gurin & Associates specializes in maximizing your deductions based on your specific circumstances. We take the time to understand your lifestyle and identify every deduction you deserve.
Can I file my taxes online?
While online filing can be convenient, navigating complex situations might be tricky. Gurin & Associates offers both online and traditional filing options, coupled with our expert guidance, to ensure a smooth and error-free process. We'll recommend the best approach for your specific needs.
What if I can't pay my taxes?
Dealing with tax debt can be stressful. Gurin & Associates understands the pressure you're facing. We can help you understand your options, negotiate installment plans with the IRS, and work towards resolving your tax debt in a sustainable way.
Business Taxes
What type of business entity should I choose?
Choosing the right business entity is crucial for your success. Gurin & Associates provides comprehensive business consulting services to analyze your goals, structure, and financial projections. We'll help you choose the entity that minimizes your tax burden and protects your personal assets.
Do I need to register my business for taxes?
Gurin & Associates offers a seamless business registration service. We help you navigate the complex world of federal and state regulations, ensuring your business complies with all tax requirements. We'll even file the necessary registrations on your behalf for a hassle-free experience.
What business deductions can I claim?
Maximizing your business deductions translates to higher profits. Gurin & Associates goes beyond common deductions. We delve deep into your financials to identify every eligible expense and credit to minimize your tax liability.
How do I pay estimated taxes?
Gurin & Associates takes the guesswork out of estimated tax payments. We calculate your estimated tax obligations based on your projected income and file them for you, ensuring you avoid penalties and stay compliant.
General
What is the difference between a deduction and a credit?
Imagine both deductions and credits as tools to lower your tax bill, but they work in slightly different ways. A deduction reduces your taxable income, meaning you pay taxes on a smaller amount. Think of it like shrinking the pie before slicing it. On the other hand, a credit directly reduces your tax bill, like taking a coupon off the final price at checkout.
What is the deadline to file my tax return?
The standard deadline to file your tax return is April 15th. However, don't panic if you're not ready by then! Gurin & Associates can help you file an extension to avoid penalties. Remember, it's better to file a complete and accurate return later than rush through it by the deadline.
What if I make a mistake on my tax return?
Everyone makes mistakes, and tax returns are no exception. If you catch an error, don't fret! Gurin & Associates can help you file an amended return to correct any mistakes and ensure you claim all the deductions and credits you deserve. Think of it as double-checking your work and making sure you get the best possible outcome.
How can I protect myself from tax identity theft?
Tax identity theft is a serious issue, but there are steps you can take to protect yourself. Gurin & Associates recommends using strong passwords, being cautious about sharing personal information online, and monitoring your credit report for any suspicious activity. Think of it as building a fortress around your financial data to keep it safe from intruders.
What are the tax implications of receiving cryptocurrency?
The world of cryptocurrency is evolving rapidly, and so are the tax rules that apply to it. While it's tempting to think of it as digital gold, remember that cryptocurrency transactions are taxable events. Gurin & Associates stays updated on the latest regulations and can help you navigate the complexities of reporting your crypto holdings and potential tax liabilities. Think of us as your guide through the ever-changing crypto landscape.
These are just general answers, and specific tax situations may vary. It's always best to consult a qualified tax professional for personalized advice.