Business Deductions – The Burns Firm – Advisors of Complex Financial Matters

Business Website Expenses: How They’re Handled for Tax Purposes

August 29th, 2024|Categories: Accountant, Burns Firm, Business, Business Deductions, Business Expense Deductions, Business Write-offs, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Expenses, Sec. 179, Small Business, Tax, Tax Advisor, Tax Deductions, Texas CPA, The Burns Firm|Tags: business expenses, CPA Dallas, cpa near me, Dallas CPA, expenses, Sec. 179 deductions, tax, tax advisor, Texas CPA, The Burns Firm, Website Expenses|

Most businesses have websites today. Despite their widespread use, the IRS hasn’t issued formal guidance on when website costs can be deducted. But there are established rules that generally apply [...]

Tax Breaks for Employer-Paid Education Expenses

February 27th, 2024|Categories: accountant near me, Burns Firm, Business, Business Deductions, Business Expense Deductions, Business Write-offs, CPA, CPA Dallas, CPA near me, Dallas CPA, Deductions, Education, Education Assistance Plan, Education Expenses, Employee Benefits, Employer-Paid Education Expenses, Sec. 127 Plan, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, The Burns Firm|Tags: CPA Dallas, cpa near me, Dallas CPA, Educational Assistance Plans, Employer Deductions, Employer-Paid Education Expenses, Reimbursement for Job-Related Qualified Education Expenses, Sec. 127, tax, tax advisor, Tax Break for Employer-Paid Education Expenses, The Burns Firm|

Is your business struggling with a shortage of skilled workers in today's tight labor market? One possible option is to invest in education programs to upskill your current employees. This [...]

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: Business Travel, Business Travel with Spouse, Business Travel Write-off Guidelines, business write-offs, tax advisor, The Burns Firm, Travel Expense Write-offs, Write-off Business Travel, write-offs|

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: are client gifts deductible, business deductions, Business Expense Deductions, business expenses, Client Gifts, cpa near me, Dallas CPA, deductions, Meal and Entertainment Deductions, tax, tax deductions, The Burns Firm, Vehicle Expense Deduction, What Can I Deduct for Business Expenses|

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 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: business deductions, business expenses, Business Mileage Rate 2024, Cent-Per_Mile Rate 2024, Record Keeping for Business Expenses, tax, tax advisor, The Burns Firm|

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 [...]

Be Sure Your Due Diligence Is Thorough

August 10th, 2023|Categories: Accountant, Accounting, Burns Firm, Business, Business Deductions, Business Write-offs, Buying a Business, Countdown to Transition, CPA, CPA Dallas, CPA near me, CPADallas, Dallas CPA, Deductions, Due Diligence, M&A, Merger & Acquisition, Sell Business, Selling a Business, Services, Tax Advisor, The Burns Firm|Tags: Buying a Business Due Diligence, due diligence, M&A, mergers & acquisitions, Selling a business, tax advisor, The Burns Firm|

Comprehensive due diligence is essential if your business plans to acquire or merge with another organization. Without one, complicated implications could arise with the potential to significantly affect the profits [...]

Keep These DOs and DON’Ts In Mind When Deducting Business Meal and Vehicle Expenses

June 29th, 2023|Categories: Accountant, Accounting, Burns Firm, Business, Business Deductions, Business Vehicle, Business Write-offs, CPA, CPA Dallas, CPA near me, Dallas CPA, Deductions, Employee Benefits, Expenses, Fringe Benefits, Meals & Entertainment Deductions, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Tax Planning, tax write-offs, The Burns Firm|Tags: business deductions, business expenses, Business Meal Deductions, Business miles, Business Vehicle Deductions, Can I deduct Business Meals, Can I Deduct the Expenses For My Business Vehicle, Can I write-Off Business Expenses, cpa near me, Dallas CPA, fringe benefits, tax advisor, Tax write-offs, The Burns Firm, What Business Expenses Are Decutible|

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records [...]

Update on Deducting Business Meal and Entertainment Expenses

March 23rd, 2023|Categories: Accountant, Accounting, Business, Business Deductions, Business Write-offs, Corporation, CPA, CPA Dallas, CPA near me, Dallas CPA, Deductions, Expenses, Fringe Benefits, Meals & Entertainment Deductions, Partnership, S Corporation, Services, Small Business, Tax, tax accountant, Tax Advisor, Tax Return, tax season tips, TCJA, The Burns Firm|Tags: are business meals deductible, business deductions, Business Meals, CPA Dallas, cpa near me, Dallas CPA, Deductions for Business Meals and Entertainment, fringe benefits, Meals vs Entertainment, Meals While Traveling, tax, tax advisor, The Burns Firm|

The federal income tax treatment of business-related meal and entertainment expenses has been a moving target the last few years. If you're confused about what rules currently apply, you're not [...]