Burns Firm – Page 33 – The Burns Firm – Advisors of Complex Financial Matters

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 [...]

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|

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 [...]

Do You Have a Side Gig? Make Sure You Understand Your Tax Obligations

January 7th, 2020|Categories: Accounting, Burns Firm, Business, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: CPA Dallas, good and services are taxable, how to keep records for a business, recordkeeping fora business, side business and tax, tax, taxable services, The Burns Firm, what needs to be taxed|

The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019 IRS report. And there are tax consequences for the people [...]

Adopting a Child? Bring Home Tax Savings with Your Bundle of Joy

January 2nd, 2020|Categories: Accounting, Burns Firm, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: adopting a child and tax savings, CPA Dallas, qualified adoption expenses, tax, tax savings, The Burns Firm|

If you’re adopting a child, or you adopted one this year, there may be significant tax benefits available to offset the expenses. For 2019, adoptive parents may be able to [...]

IRS Updates Per-diem Guidance for Business Travelers and their Employers

January 2nd, 2020|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Deductions, Tax Planning, Tax Preparation|Tags: business travelers per-diem guidance, Dallas CPA, IRS per-diem guideline, tax, tax deductions, The Burns Firm|

Information form IRS.gov On November 26, 2019 the Internal Revenue Service issued guidance for business travelers, updated to include changes resulting from the Tax Cuts and Jobs Act (TCJA). Revenue [...]

Home Office Deductions: FAQs

December 23rd, 2019|Categories: Accounting, Burns Firm, Business, Tax Deductions, Tax Planning, Tax Return|Tags: CPA Dallas, home office deductions, TCJA and home office deductions, The Burns Firm, who qualifies for a home office deductions|

In the past, home office deductions were available to a wide range of taxpayers, including certain employees who worked from home. But the Tax Cuts and Jobs Act (TCJA) has effectively [...]

Expanding a Corporate Business with a Tax-Free Merger

December 20th, 2019|Categories: Accounting, Burns Firm, Business, Merger & Acquisition, Tax, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: 2019 tax planning for a merger, accounting firm who works with mergers, CPA who works with mergers, Dallas CPA, expand corporate business with a tax-free merger, M&A, Merger, merger and acquisitions, North Dallas CPA, planning for a merger, tax, Tax planning, tax-free merger, The Burns Firm|

If a corporate business is seeking to quickly expand, it may be considering one of these options: Gaining control over another corporation's business (the target) indirectly via a merger transaction [...]