Blog – Page 37 – The Burns Firm – Advisors of Complex Financial Matters

Numerous Tax Limits Affecting Businesses Have Increased for 2020

February 12th, 2020|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: 2019 tax preparation, CPA Dallas, deductions, retirement plan changes, social security tax changes for 2020, tax, Tax changes, tax limit increases for 2020, tax preparation, The Burns Firm|

An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your [...]

Tax ID Theft

February 11th, 2020|Categories: Accounting, Burns Firm, C Corporation, Partnership, S Corporation, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Return|Tags: 2019 form 1040 preparation, CPA Dallas, file tax return early, how to stop tax ID theft, ID left, tax, tax filing, tax ID theft, tax preparation, tax return filing, tax return preparation, tax returns, The Burns Firm|

QBI Deduction Safe Harbor Rule for Rental Real Estate

February 10th, 2020|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: CPA, Dallas CPA, definition of rental real estate, QBI, safe harbor rule for real estate, tax, TCJA, The Burns Firm|

The Tax Cuts and Jobs Act (TCJA) introduced a new deduction for individuals, estates and trusts that own interests in so-called "pass-through" business entities for 2018 through 2025. The deduction can [...]

Deducting Medical Expenses for 2019 and Beyond

February 7th, 2020|Categories: Burns Firm, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: 2019 tax return preparation, CPA Dallas, deducting medical expenses, deductions, medical deductions, medical expense deductions on tax return, standard deductions, tax, The Burns Firm|

Under current tax law, medical expenses can be deducted as an itemized deduction on your federal income tax return only to the extent that they exceed 7.5% of adjusted gross income [...]

10 Tax Elections to Save Money on Your 2019 Tax Return

February 6th, 2020|Categories: Accounting, Burns Firm, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Return|Tags: 2019 tax return filing, 2019 tax return preparation, CPA Dallas, filing status, tax, tax credits to consider, tax deductions, tax elections, tax elections that may save you money for 2019, tax filing, The Burns Firm|

Here are ten important tax choices that individuals and small business owners can make this tax season. Tax Filing Status Tax filing status has numerous ramifications, so it's important to [...]

Can You Deduct Charitable Gifts on Your Tax Return?

February 5th, 2020|Categories: Accounting, Burns Firm, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: 2019 form 1040, 2019 tax preparation, CPA Dallas, deducting charitable gifts, donation deadlines, itemize on tax return, qualified charity, tax deductions, tax return preparation, The Burns Firm|

Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect [...]

There Still Might Be Time to Cut Your Tax Bill With IRAs

February 4th, 2020|Categories: Accounting, Burns Firm, Retirement Plan, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: 2019 form 1040, 2019 tax return preparation, CPA Dallas, tax credits and IRAs, tax deductions, Tax planning, tax return preparation|

If you’re getting ready to file your 2019 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you [...]

Koeppel Direct Has Been Acquired by Christena Garduno and CAG Ventures, Inc.

January 31st, 2020|Categories: Burns Firm, Events|Tags: Garduno, Koeppel, Koeppel Direct, The Burns Firm, The Burns Firm Capital Partners, The Burns Firm M&A Advisors|

Dallas, January 2020 – The Burns Firm M&A Advisors (“Burns”) is pleased to announce the acquisition of Koeppel Direct (“Koeppel”) by Christena Garduno and CAG Ventures, Inc. (“Garduno”). Burns served [...]

4 New Law Changes That May Affect Your Retirement Plan

January 30th, 2020|Categories: Accounting, Services, Tax, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: 2019 tax return preparation, CPA, Dallas CPA, law changes that affect your retirement plan, prepare tax returns, retirement plans, tax, tax law, tax preparation, The Burns Firm|

If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The [...]

New Law Provides a Variety of Tax Breaks to Businesses and Employers

January 29th, 2020|Categories: Accounting, Burns Firm, Business, C Corporation, Law, Partnership, S Corporation, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: CPA Dallas, new tax break for businesses, tax, tax 401K, tax breaks, tax credit for paid family leave, The Burns Firm|

While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. [...]

Help Protect Your Personal Information by Filing Your 2019 Tax Return Early

January 23rd, 2020|Categories: Accounting, Burns Firm, Services, Tax, Tax Preparation, Tax Return|Tags: 2019 tax return preparation, CPA, CPA Dallas, file early, Form 1040, Form 1040 tax preparation, tax returns, The Burns Firm|

The IRS announced it is opening the 2019 individual income tax return filing season on January 27. Even if you typically don’t file until much closer to the April 15 [...]

What Landlords Should Know About Taxes

January 21st, 2020|Categories: Accounting, Burns Firm, Business, Services, Tax, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: 2019 form 1040, CPA Dallas, federal gross income, landlords and taxes, Rental income, rental income and taxes, tax preparation, The Burns Firm|

Five Issues to Consider When Making Charitable Donations

January 16th, 2020|Categories: Business, Tax, Tax Credits, Tax Deductions, Tax Preparation|Tags: charitable donations, CPA, CPA Dallas, giving to charity and tax break, making charitable donation, tax deduction for charitable donation, tax savings and giving to charity, The Burns Firm|

Do you plan on making contributions to charity this year? If you're in a giving mood, you may be rewarded with sizeable charitable deductions on your tax return. But the [...]

Joint Returns: Spouses Are Guilty Until Proven Innocent

January 14th, 2020|Categories: Accounting, Burns Firm, Services, Tax, Tax Deductions, Tax Planning, Tax Preparation|Tags: CPA, Dallas CPA, divorce and filing status, filing status, joint tax returns, tax preparation, tax preparation for tax year 2019, The Burns Firm|

When you got married, you knew it was for "better or worse." But you might not know about laws that hold you responsible if your spouse cheats on a tax [...]

New Tax Provisions Passed by Congress

January 9th, 2020|Categories: Accounting, Burns Firm, Business, Services, Tax, Tax Deductions|Tags: 2019 tax return preparation, college tuition tax break, CPA Dallas, Dallas CPA, IRA contributions, medical expense deductions, new tax laws, retirement savings, tax, tax deductions, tax preparation, The Burns Firm|

As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that President Trump [...]