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

Buying Versus Leasing a Car

July 2nd, 2024|Categories: Burns Firm, Business Vehicle, Buying vs Leasing a Car, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Tax, Tax Deductions, tax write-offs, Texas CPA, The Burns Firm|Tags: Buying A Car, Buying vs Leasing a Car, cpa near me, Dallas CPA, Leasing a Car, Pros and Cans of Leasing a Car, Pros and Cons of buying a Car, Should I buy or lease my car, tax, tax advisor, Texas CPA, The Burns Firm|

Some people approach buying a car almost the way they approach marriage, "until death do us part." Others prefer to keep their options open, trading in every few years for [...]

Updated Guidance on Business Vehicle Depreciation

May 9th, 2024|Categories: Accountant, Bonus Depreciation, Burns Firm, Business, Business Expense Deductions, Business Vehicle, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Sec. 179, Services, Tax, Tax Advisor, Tax Basis, Tax Depreciation, The Burns Firm|Tags: business vehicle depreciation, Business Vehicle Expenses, cpa near me, Dallas CPA, Depreciation on Business Vehicle, sec 179, Sec. 179 Deduction vs. Bonus Depreciation, tax, tax advisor, Texas CPA, The Burns Firm|

The rules for deducting depreciation expenses on vehicles used for business purposes have been liberalized under current tax law, but they remain complicated. In addition, annual inflation adjustments make allowable depreciation [...]

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 [...]

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 [...]

Taxation Issues in the Gig Economy

May 16th, 2023|Categories: Accountant, Accounting, Burns Firm, Business, Business Vehicle, Business Write-offs, Contractor, CPA, CPA Dallas, CPA near me, CPADallas, Dallas CPA, Gig Economy, Self-employed, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, Tax Return Filing, tax write-offs, The Burns Firm|Tags: Business miles, business write-offs, Employee vs Independent Contractor, Gig Economy and Tax, Gig Work and Tax, tax, tax advisor, Taxation and the Gig Economy, The Burns Firm|

Do you provide car rides through a mobile app, rent out your spare room using an online platform or repair computers for local businesses on demand? If so, you may [...]

The Tax-Deductible Mileage Rate for Business Driving Increases for 2023

January 3rd, 2023|Categories: Accountant, Burns Firm, Business, Business Vehicle, Business Write-offs, CPA Dallas, CPA near me, Deductions, Tax, Tax Advisor, Tax Deductions, The Burns Firm|Tags: 2023 business mile rate, 2023 tax-deductible automobile miles, business miles I can deduct, CPA Dallas, cpa near me, tax-deductible mileage rate for business driving 2023, The Burns Firm|

The IRS has announced the 2023 optional standard mileage rates used to calculate the deductible costs of operating a vehicle for business, charitable, medical or moving purposes. Background: If you use [...]

Interested in an EV? How to Qualify for a Powerful Tax Credit

August 2nd, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, Business Vehicle, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Electric Vehicle, EV, Expenses, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Credits, Tax Cuts, Tax Deductions, The Burns Firm|Tags: CPA Dallas, cpa near me, Dallas CPA, Dallas CPA near me, electric vehicles, EVs, should I buy a EV, should I invest in an EV, tax, tax credit for electric car, tax credit for electric vehicle, tax credit for EV, tax credits, The Burns Firm|

Sales and registrations of electric vehicles (EVs) have increased dramatically in the U.S. in 2022, according to several sources. However, while they’re still a small percentage of the cars [...]

Good News: IRS Boosts Standard Mileage Rates for Second Half of 2022

July 22nd, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, Business, Business Vehicle, Business Write-offs, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, IRS, Services, Small Business, Tax, tax write-offs, The Burns Firm|Tags: 2022 mileage rate, are my business miles driven deductibe, can i deduct business miles driven, CPA Dallas, Dallas CPA, deductible miles, do I qualify for standard mileage rate deduction, IRS boost mileage rate for remainder of 2022, irs increases standard mileage rate for qualified business drivers, mileage rate from IRS, tax, The Burns Firm|

The IRS recently announced it will be increasing the standard mileage rate for qualified business drivers for the second half of 2022. The adjustment reflects rising costs at the gas pumps [...]

Tips for Purchasing a New or Used Vehicle

February 18th, 2022|Categories: Accounting, Burns Firm, Business, Business Vehicle, Business Write-offs, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Expenses, LLC, Partnership, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Cuts, Tax Return, tax write-offs, The Burns Firm|Tags: car purchase, CPA Dallas, Dallas CPA, is it better to buy used or new vehicle, new car vs used car, should I purchase a new car or look into used, The Burns Firm, vehicle purchase|

The limited supply of new and used vehicles, along with other economic factors, has driven up prices in the auto market. The average price of new cars increased by 13% for the year [...]

How Fast Can You Write Off a Business Vehicle?

November 9th, 2021|Categories: Accounting, Burns Firm, Business, Business Vehicle, Business Write-offs, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, S Corporation, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, tax write-offs, The Burns Firm|Tags: business write-offs, can I write off business vehicle miles, can I write off miles driven for business, CPA Dallas, cpa near me, Dallas CPA, tax accountant near me, The Burns Firm, write-offs|

The federal income tax rules for depreciating vehicles used for business are complicated. And different rules apply to different categories of vehicles. Special limitations apply to vehicles that are classified as [...]