CPA – Page 19 – The Burns Firm – Advisors of Complex Financial Matters

The Tax Mechanics Involved in the Sale of Trade or Business Property

May 10th, 2022|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Tax, tax accountant, tax accountant near me, Tax Cuts, The Burns Firm|Tags: CPA Dallas, cpa near me, CPA North Texas, Dallas CPA, Section 1245 property, Section1250 property, tax, tax accountant near me, tax involved in sale of trade or business property, The Burns Firm|

What are the tax consequences of selling property used in your trade or business? There are many rules that can potentially apply to the sale of business property. Thus, to [...]

May 5th, 2022|Categories: Accountant, Accounting, Burns Firm, Business, CPA, CPA Dallas, CPA near me, Dallas CPA, Tax, Tax Planning, The Burns Firm|Tags: benefit to having an HSA, CPA Dallas, cpa near me, Dallas CPA, HDHP minimum required deductibles, HSA, HSA benefits, HSA contribution limits, The Burns Firm, what are the qualifications for an HSA|

With Health Savings Accounts (HSAs), individuals and businesses buy less expensive health insurance policies with high deductibles. Contributions to the accounts are made on a pre-tax basis. The money can accumulate [...]

What are the tax implications of selling mutual fund shares?

May 3rd, 2022|Categories: Accountant, Accounting, Burns Firm, Business, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: can I sell mutual fund shares, CPA Dallas, cpa near me, Dallas CPA, do I get taxed from selling my mutual fund, how do I determine the basis of shares when selling mutual fund, how do I measure gain or loss when selling mutual funds, how do I sell mutual fund shares, mutual fund advise near me, selling mutual fund shares, tax accountant near me, tax and selling mutual fund, tax consequences of selling mutual fund shares, tax CPA near me, tax filing, tax preparer near me, The Burns Firm|

If you’re an investor in mutual funds or you’re interested in putting some money into them, you’re not alone. According to the Investment Company Institute, a survey found 58.7 million [...]

Things to Consider Once Your Tax Return Is Filed

April 26th, 2022|Categories: Accountant, Accounting, Burns Firm, Business, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Services, Tax, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, Tax Withholding, tax write-offs, The Burns Firm, Withholding, Year-End Tax Planning|Tags: can i amend my tax return, CPA Dallas, cpa near me, Dallas CPA, how do I check the status of my refund, how long do i need to keep my tax records, how long save tax documents once return is filed, howmuch does it cost to have a cpa prepare my tax return, i forgot to include some income on tax return can I amend it, tax filer near me, tax filing deadline, tax preparation near me, tax preparer near me, The Burns Firm, where is my refund|

The tax filing deadline for 2021 tax returns was April 18 this year. After your 2021 tax return has been successfully filed with the IRS, there may still be some [...]

Tax Rules of Renting Out a Vacation Property

April 21st, 2022|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Services, Tax, Tax Deductions, tax write-offs, The Burns Firm|Tags: can i calssify my vacation home as a rental, can I get a tax break for renting out my vacation home, CPA, CPA Dallas, cpa near me, Dallas CPA, how can I use my vacation home, personal residence vs vacation home, tax accountant near me, tax breaks for renting vacation home to others, tax on vacation homes, The Burns Firm, vacation home, vacation property as a rental|

Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out for part of the [...]

Lost Your Job? Here Are the Tax Aspects of an Employee Termination

April 14th, 2022|Categories: Accounting, Burns Firm, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Services, Tax, Tax Deductions, Tax Preparation, Tax Return, The Burns Firm|Tags: am I eligible for COBRA if i loose my job, CPA, CPA Dallas, Dallas CPA, do i get severance pay if I get fired, do i loose my retirement plan if I get fired, lost my job, North Dallas CPA, North texas tax preparer, tax accountant, tax and loosing job, tax preparer, tax preparer near me, tax return preparation near 75248, tax return preparation near me, what happens to my retirement plan if I get terminated|

Despite the robust job market, there are still some people losing their jobs. If you’re laid off or terminated from employment, taxes are probably the last thing on your mind. [...]

Bring Home a Tax Credit for Adoption

April 12th, 2022|Categories: Accountant, Accounting, Burns Firm, Child Tax Credit, CPA, CPA Dallas, Dallas tax return preparer, Dallas tx accountant, Dependent Care credits, Services, Tax, Tax Credits, Tax Deductions, Tax Preparation, Tax Return, The Burns Firm|Tags: adoption tax credit, child tax credit, CPA Dallas, cpa near me, Dallas CPA, do I get a tax credit if I adopt, tax credits, tax preparer near me, The Burns Firm, what expenses qualify for a deduction when I adopt|

When you adopt a child, you could bring home more than a bundle of joy. You may also be in line for a valuable tax credit. For 2022, a tax credit [...]

Inheriting Money? Be Aware of “Income in Respect of a Decedent” Issues

April 5th, 2022|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Inheritance, Services, Tax, Tax Planning, Tax Preparation, Tax Return|Tags: CPA Dallas, Dallas CPA, incomein respect of decedent, inheriting money, IRD deduciton, IRS, is an inheritance considered income, respect of decedent issues, tax, tax on inheritance, tax preparer near 75248, tax preparer near me|

Once a relatively obscure concept, “income in respect of a decedent” (IRD) may create a surprising tax bill for those who inherit certain types of property, such as IRAs or [...]

Beware: Remote Work May Complicate Your Income Taxes

March 24th, 2022|Categories: Accountant, Accounting, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Employee Retention Tax Credit, Expenses, Services, Small Business, Tax, Tax Credits, Tax Deductions, Tax Preparation, Tax Return, The Burns Firm|Tags: convenience tax rule, CPA, CPA Dallas, CPA TExas, North Texas accountant, North Texas CPA, remote work may complicate your income tax return, rules for working from home, rules related to the taxation of remote workers, tax and remote workers, tax preparation in Dallas, tax preparer in DFW, tax preparer near me, tax rules relating to remote workers, The Burns Firm|

Remote work has become more common in recent years, and the COVID-19 pandemic has resulted in employers realizing that many jobs can be done from home. Some remote workers even work [...]

The Election to Apply the Research Tax Credit Against Payroll Taxes

March 17th, 2022|Categories: Accountant, Accounting, Business, C Corporation, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Partnership, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Preparation, Tax Return, tax write-offs, The Burns Firm|Tags: business research credit, can i apply research tax credit against payroll taxes, CPA Dallas, Dallas CPA, do I get credit for research activities, tax, The Burns Firm|

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Claiming the credit involves complex [...]

How to Maximize the QBI Deduction Amid the Pandemic

March 10th, 2022|Categories: Accountant, Accounting, Burns Firm, Business, C Corporation, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Partnership, QBI, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Deductions, Tax Preparation, The Burns Firm|Tags: can I take a QBI deduction, CPA Dallas, Dallas CPA, how do i know if i have qualified business income, QBI, QBI deduction, qualified business income, tax, tax deductions, The Burns Firm, what is a QBI deduction, what is a specified service trade or business, what is a SSTB|

Since the qualified business income (QBI) deduction first become available in 2018, things have changed dramatically, mainly due to the various effects of the COVID-19 pandemic. Possible tax rate increases, and [...]

Take Advantage of Tax Breaks for Small Businesses

March 8th, 2022|Categories: Accounting, Burns Firm, Business, CPA, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, QBI, Services, Small Business, Tax, Tax Deductions, Tax Preparation, Tax Return, TCJA|Tags: 2022 tax breaks for business, Bonus depreciation, CPA Dallas, Dallas CPA, QBI deduction, Sec 179 depreciation deduction, Sec. 179 deductions, Sec. 179 limitations, tax, tax breaks for small businesses, tax preparer for business, The Burns Firm|

If you own a small or medium-sized business, it may be eligible for some significant tax breaks that aren't available for larger entities. Here are three examples to consider as you [...]

Are you ready for the 2021 gift tax return deadline?

March 8th, 2022|Categories: Accountant, Burns Firm, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Gift Tax, Services, Tax, Tax Preparation, Tax Return, The Burns Firm|Tags: 2021 taxes, CPA Dallas, Dallas CPA, do i need to file a gift tax return, do I need to prepare a gift tax return, gift tax eturn, gift tax return deadline, tax, The Burns Firm, what are the guidelines for needing to file a gift tax return, who can prepare a gift tax return|

If you made large gifts to your children, grandchildren, or other heirs last year, it’s important to determine whether you’re required to file a 2021 gift tax return. And in [...]

Married Couples Filing Separate Tax Returns: Why Would They Do It?

March 3rd, 2022|Categories: Accountant, Accounting, Burns Firm, Child Tax Credit, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Delinquent Tax, Donations, Services, Tax, Tax Credits, Tax Deductions, Tax Return, Tax Withholding, The Burns Firm, Withholding|Tags: CPA Dallas, Dallas CPA, filing form 1040, filing separate, how should I file my tax return, IRS issues and tax filing status, MFJ, should my husband and I file a joint tax return, tax preparer near me, tax return filing status, tax return preparation 75248|

If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation. In general, it depends on which filing [...]

Federal Tax News for Individuals

February 24th, 2022|Categories: Accountant, Accounting, Burns Firm, Child Tax Credit, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Dependent Care credits, Donations, Gift Tax, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Preparation, Tax Return, Tax Withholding, tax write-offs, Taxpayer Certainty and Disaster Tax Relief Act (TCDTRA), The Burns Firm|Tags: 2022 federal tax news for individuals, adjustments for people over 60 on tax return, Form 1040, IRS cost of living adjustments, tax credits, tax deductions for individuals, tax filing, tax filing status, tax updates|

Your status for filing a federal tax return generally depends on your marital status as of December 31. However, more than one filing status may apply in certain situations. If [...]