Accountant

Delinquent Taxpayers May Experience Passport Issues

April 17th, 2025|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Delinquent Tax, Tax, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , , |

Let's say a person is planning to take a plane trip out of the country. And further suppose that individual owes the federal government a fair amount of back taxes. [...]

Tying the Knot With Another Company

April 17th, 2025|Categories: Accountant, accountant near me, Burns Firm, Business Asset Sale, Buying a Business, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, M&A, Merger & Acquisition, Sale of Business, Sell Business, Selling a Business, Services, Tax, tax accountant, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , , |

Acquiring another company and merging it with your business can be the most efficient way to grow. But many acquisitions don't pay off and it's often management issues — [...]

Claiming Bad Debt Loss Deductions

April 17th, 2025|Categories: Accountant, Burns Firm, Business Deductions, Business Losses, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Debt, Deductions, Tax, tax accountant, Tax Advisor, tax write-offs, Texas CPA, The Burns Firm|Tags: , , , , , , , , |

The issue of individual taxpayers deducting bad debt losses has historically been a source of tension with the IRS. Here's what you need to know to get the best [...]

Can I Itemize Deductions On My Tax Return?

February 27th, 2025|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA in NOrth Texsa, CPA near me, CPA Texas, Dallas CPA, Deductions, Itemized Deductions, Medical Deductions, Medical Expenses, Mortgage Interest, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , , , |

You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they couldn’t be claimed because [...]

Reporting Digital Assets on Your 2024 Tax Return

February 19th, 2025|Categories: Accountant, Bitcoin, Burns Firm, CPA, CPA Dallas, CPA near me, Crypto, cryptocurrency, Dallas CPA, Digital Assets, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Return Preparer, Texas CPA, The Burns Firm, Virtual Currency|Tags: , , , , , , , , , , , , , , |

A current IRS hot button is federal income tax reporting of digital-asset transactions. The government is concerned that some taxpayers fail to report the results of digital-asset transactions on their federal [...]

Federal Estate and Gift Tax Outlook 2025

February 11th, 2025|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Dallas tax return preparer, Estate Tax, Gift Tax, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Cuts and Jobs Act, TCJA, Texas CPA, The Burns Firm|Tags: , , , , , , , , |

The Tax Cuts and Jobs Act (TCJA) significantly increased the unified federal estate and gift tax exemption through the end of 2025. However, for 2026, it's currently scheduled to [...]

Ready, Set, Fire: 8 Tax Deductions You Might Not Know About

February 5th, 2025|Categories: Accountant, Burns Firm, Casualty Loss, Charitable Contributions, Charitable Donations, CPA, CPA Dallas, CPA near me, CPADallas, Dallas CPA, Deductions, EV, EV Credits, Home Energy Credits, Home Improvement Deductions, Home Office Deduction, Medical Deductions, Medical Expenses, Mortgage Interest, Student Loan Interest, Tax, tax accountant, Tax Advisor, Tax Deductions, Tax Preparation, Tax Return, Texas CPA, The Burns Firm, Vehicle Deductions|Tags: , , , , , , , , , , , , , , |

Years ago, many taxpayers itemized deductions instead of claiming the standard deduction. But fewer taxpayers are itemizing today due to a bevy of changes in the Tax Cuts and Jobs [...]

Do You Have Questions About Taking IRA Withdrawals? We’ve Got Answers

February 4th, 2025|Categories: Accountant, accountant near me, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, CPADallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, IRA, Required Minimum Distribution, Retirement Plan, Tax, tax accountant, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , |

Once you reach age 73, tax law requires you to begin taking withdrawals — called Required Minimum Distributions (RMDs) — from your traditional IRA, SIMPLE IRA and SEP IRA. [...]

How Section 1231 Gains and Losses Affect Business Asset Sales

January 30th, 2025|Categories: 1231, Accountant, Accounting, Burns Firm, Business, Business Asset Sale, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Gains and Losses, Ordinary Gain, Ordinary Gains and Losses, Sale of Business, Section 1231, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Rules, The Burns Firm|Tags: , , , , , , , , , , , |

When selling business assets, understanding the tax implications is crucial. One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains [...]

The Standard Business Mileage Rate Increased in 2025

January 28th, 2025|Categories: Accountant, Burns Firm, Business Deductions, Business Mileage Rate, Business Vehicle, Business Write-offs, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Deductions, IRS Business Mileage Rate, Tax, tax accountant, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , , |

The nationwide price of gas is slightly higher than it was a year ago and the 2025 optional standard mileage rate used to calculate the deductible cost of operating [...]

Maximize Your 401(k) in 2025: Smart Strategies for a Secure Retirement

January 23rd, 2025|Categories: 401K, Accountant, CPA, CPA Dallas, CPA near me, Retirement, Retirement Plan, Roth 401K, Tax, Tax Advisor, Texas CPA, The Burns Firm, Traditional IRA|Tags: , , , , , , , |

Saving for retirement is a crucial financial goal and a 401(k) plan is one of the most effective tools for achieving it. If your employer offers a 401(k) or [...]

Operating as a C corporation: Weigh the Benefits and Drawbacks

January 21st, 2025|Categories: Accountant, accountant near me, Burns Firm, Business, C Corporation, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Depreciation, Tax Filing Status, Texas CPA, The Burns Firm|Tags: , , , , , , , , , |

When deciding on the best structure for your business, one option to consider is a C corporation. This entity offers several advantages and disadvantages that may significantly affect your business [...]

Business Owners Beware of the Limits on Deducting Losses

January 14th, 2025|Categories: Accountant, Bookkeeping for Business, Burns Firm, Business, Business Deductions, Business Expense Deductions, Business Travel Deductions, Business Write-offs, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Deductions, Expenses, Meals & Entertainment Deductions, Partnership, S Corporation, Services, Small Business, Tax, tax accountant, Tax Advisor, Tax Deductions, Texas CPA, The Burns Firm|Tags: , , , , , , , , |

Even successful businesses occasionally incur losses. Start-ups and expanding businesses often have unprofitable years, and unexpected events like pandemics can knock companies that have been financially healthy for years for [...]

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