Accounting

Tips to Minimize the Kiddie Tax

October 29th, 2024|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Kiddie Tax, Tax, Tax Advisor, Tax Credits, Tax Deductions, Texas CPA, The Burns Firm|Tags: , , , , , , , , , |

The "kiddie tax" prevents parents from shifting income-producing assets to children to take advantage of their lower tax rate. It was introduced as part of the Tax Reform Act of [...]

How are Series EE Savings Bonds taxed?

August 20th, 2024|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Dallas tx accountant, Savings Bonds, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , |

Savings bonds are purchased by many Americans, often as a way to help fund college or show their patriotism. Series EE bonds, which replaced Series E bonds, were first [...]

Do you owe estimated taxes? If so, when is the next one due?

August 8th, 2024|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA in NOrth Texsa, CPA near me, CPA Texas, Dallas CPA, Dallas tax return preparer, Estimated Tax, Estimated Tax Payments, Services, Tax, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , , |

Federal estimated tax payments are designed to ensure that certain individuals pay their fair share of taxes throughout the year. If you don’t have enough federal tax withheld from [...]

House Rich But Cash Poor? Consider a Reverse Mortgage Strategy

June 18th, 2024|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Reverse Mortgage, Services, Stepped-up Basis, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Basis, The Burns Firm|Tags: , , , , |

Are you an older taxpayer who owns a house that has appreciated greatly? At the same time, you may need income. Thankfully, there could be a solution with a [...]

Tax Credit Cuts Price of Home Energy Audits

June 11th, 2024|Categories: Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Energy-Efficient Improvements, Home Energy Audit, Tax, tax accountant, Tax Advisor, Tax Credits, Tax Depreciation, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , |

Homeowners have long been rewarded with favorable tax treatment for making energy-efficient improvements. The Inflation Reduction Act, enacted in 2022, expands the tax credit for qualified energy-efficient improvements to help [...]

Pay Attention to the Tax Rules If You Turn a Hobby Into a Business

May 21st, 2024|Categories: Accountant, Accounting, Bookkeeping for Business, Burns Firm, Business, CPA, CPA Dallas, CPA near me, CPA Texas, Hobby, Hobby Loss Rules, Record Keeping for Business, Tax, tax accountant near me, Tax Advisor, The Burns Firm|Tags: , , , , , , , , , , |

Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d like to [...]

Uncovering Hidden Assets in a Divorce

April 9th, 2024|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Divorce, Forensic Accounting, Forensic CPA, Hidden Assets, Services, Tax, Tax Advisor, The Burns Firm|Tags: , , , , , , , , , |

These days, marriage can be a complex venture, and when it dissolves, sorting out the finances can be difficult. Even in amicable divorces, the financial entanglements can be complicated. And [...]

6 Factors to Classify Workers as Employees or Independent Contractors

April 2nd, 2024|Categories: Accountant, Accounting, Burns Firm, Business, Contractor, CPA, CPA Dallas, CPA near me, Dallas CPA, DOL, Employee, Services, Small Business, The Burns Firm|Tags: , , , , , , , |

In January 2024, the U.S. Department of Labor (DOL) issued its long-awaited final rule related to employment status under the Fair Labor Standards Act (FLSA). The new rule carves out [...]

Installment Sales Can Be a Win-Win for Buyers and Sellers

March 21st, 2024|Categories: Accountant, accountant near me, Accounting, Burns Firm, Business, Buying a Business, Capital Gain, Capital Gains Tax, CPA, CPA Dallas, CPA near me, Dallas CPA, Installment Sale, M&A, Merger & Acquisition, Sell Business, Selling a Business, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Basis, Tax Planning, The Burns Firm|Tags: , , , , , , , , , , , |

For federal income tax purposes, an installment sale is when at least one payment of proceeds from an eligible sale is deferred until after the end of the tax year [...]

Taking your spouse on a business trip? Can you write off the costs?

February 22nd, 2024|Categories: Accountant, Accounting, Burns Firm, Business Deductions, Business Expense Deductions, Business Write-offs, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tx accountant, Expenses, Services, Tax, tax accountant near me, Tax Advisor, Tax Deductions, The Burns Firm, Travel Expense, Travel Write-offs for Business|Tags: , , , , , , , , |

A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit $928.4 billion by 2030, according to a report [...]

Dos and Don’ts for Business Expense Deductions

February 6th, 2024|Categories: Accountant, Accounting, Burns Firm, Business, Business Automobile, Business Deductions, Business Expense Deductions, Business Vehicle, Business Write-offs, Client Gifts, CPA, CPA Dallas, CPA near me, CPADallas, Dallas CPA, Dallas tx accountant, Deductions, Entertainment Deductions, Expenses, Meals & Entertainment Deductions, Services, Tax, tax accountant, Tax Advisor, Tax Deductions, The Burns Firm|Tags: , , , , , , , , , , , , , |

As tax season heats up, companies of all kinds and sizes will be on the hunt for ways to reduce their tax bills. One of the most common ways is [...]

The Kiddie Tax Could Affect Your Children Until They’re Young Adults

January 23rd, 2024|Categories: Accountant, Accounting, Burns Firm, Child Tax Credit, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tx accountant, Kiddie Tax, Services, Tax, Tax Advisor, Tax Deductions, The Burns Firm|Tags: , , , , , , , |

The so-called “kiddie tax” can cause some of a child’s unearned income to be taxed at the parent’s higher marginal federal income tax rates instead of at the usually [...]

The Standard Business Mileage Rate Will Be Going Up Slightly in 2024

January 4th, 2024|Categories: Accountant, Accounting, Burns Firm, Business, Business Automobile, Business Deductions, Business Vehicle, CPA, CPA Dallas, CPA near me, Dallas CPA, Deductions, Expenses, Services, Tax, tax accountant, Tax Advisor, Tax Deductions, The Burns Firm|Tags: , , , , , , , |

The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up by 1.5 cents per mile in 2024. The IRS [...]

Sweeten Your Lender Relationships With Strong Financial Reporting

January 4th, 2024|Categories: Accountant, Accounting, Burns Firm, Business, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tx accountant, Financial Statements, Loans, Services, Tax, The Burns Firm|Tags: , , , , , , , , , , , , |

No matter what the economy, applying for business credit is no cake walk. Sure, it might be a little easier when interest rates are lower, and lenders really want to [...]

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