CPA75248 – The Burns Firm – Advisors of Complex Financial Matters

Adopting a Child? Bring Home a Tax Break Too

November 22nd, 2022|Categories: Accountant, Accounting, Adoption, Burns Firm, Child Tax Credit, CPA, CPA Dallas, CPA75248, CPADallas, Dallas CPA, Kiddie Tax, Tax, Tax Advisor, Tax Deductions, Tax Preparation, The Burns Firm|Tags: Adopt a Child, Adoption, CPA Dallas, Qualified Expense when Adopting, Tax Break when you adopt, tax breaks, The Burns Firm|

Two tax benefits are available to offset the expenses of adopting a child. In 2022, adoptive parents may be able to claim a credit against their federal tax for [...]

Plan Now to Reduce AMT Exposure

November 17th, 2022|Categories: Accountant, accountant near me, Accounting, Alternative Minimum Tax, AMT, Burns Firm, CPA, CPA Dallas, CPA near me, CPA75248, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Credits, Tax Cuts, Tax Planning, Tax Preparation, tax preparer near me, Tax Return, TCJA, The Burns Firm|Tags: AMT exposure, CPA 75248, CPA Dallas, cpa near me, Dallas CPA, how do I reduce my AMT exposure, individual alternative minimum tax still in place, tax accountant near me, tax advisor near me, TCJA, The Burns Firm, what are risks of AMT|

First the bad news: Despite passage of the Tax Cuts and Jobs Act (TCJA), the individual alternative minimum tax (AMT) is still in place. But there's some good news: The [...]

Investing in the Future With a 529 Education Plan

November 1st, 2022|Categories: 529 Plan, Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA in NOrth Texsa, CPA near 75248, CPA near 75252, CPA near me, CPA neasr 75248, CPA75248, CPADallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Preparation, tax preparer near me, Tax Return, The Burns Firm|Tags: 529 plan, 529 plans, education saving plan 529, North Dallas CPA, North Texas CPA, saving for college with a 529 plan, tax preparer near me, The Burns Firm|

If you have a child or grandchild who’s going to attend college in the future, you’ve probably heard about qualified tuition programs, also known as 529 plans. These plans, [...]

Seller-paid points: Can homeowners deduct them?

October 18th, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, CPA, CPA Dallas, CPA in NOrth Texsa, CPA near 75248, CPA near 75252, CPA neasr 75248, CPA75248, CPADallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Planning, Tax Preparation, tax preparer near me, Tax Return, The Burns Firm|Tags: basics of points, can homeowner deduct seller-paid point, CPA Dallas, Dallas CPA, North Dallas CPA, North Texas CPA, paid points when purchasing a home, seller-paid point on home, taqx accountant near 75248, tax accountant near me, The Burns Firm, who pays the points when purchasing|

In its latest report, the National Association of Realtors (NAR) announced that July 2022 existing home sales were down but prices were up nationwide, compared with last year. “The [...]

How Will Inflation Affect Your 2023 Tax Bill

October 11th, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, CPA neasr 75248, CPA75248, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Planning, The Burns Firm|Tags: CPA 75248, CPA Dallas, CPA neaer me, Dallas CPA, how will inflation affect me, how will inflation affect your tax bill, inflation, inflation and tax, The Burns Firm|

Inflation has been surging this year. The July 2022 consumer price index (CPI) was up 8.5% year over year, according to the latest data from the U.S. Bureau of Labor [...]

Be a Hands-On Owner to Maximize Profits

October 6th, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, Business, Business Write-offs, Buying a Business, CPA, CPA Dallas, CPA near me, CPA neasr 75248, CPA75248, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Growing A Business, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Credits, Tax Preparation, tax preparer near me, Tax Return, The Burns Firm|Tags: be a hands-on owner, CPA 75248, CPA Dallas, cpa near me, Dallas CPA, guidelines for owning a business, how can a business owner maximize profit, owning a business, tax preparation, tax preparer near me, tips for owning a business, what do I need to know about owning a business|

Over the years, McDonald's has been able to sell hundreds of billions of hamburgers. The business started with a single drive-in burger stand started by two brothers in Southern California. [...]

Year-end Tax Planning Ideas for Individuals

October 4th, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, CPA, CPA Dallas, CPA in NOrth Texsa, CPA near 75248, CPA near 75252, CPA near me, CPA neasr 75248, CPA75248, CPADallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Estimated Tax, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Tax Planning, Tax Preparation, tax preparer near me, Tax Return, tax season tips, Tax Withholding, The Burns Firm, Year-End Tax Planning|Tags: CPA Dallas, cpa near me, Dallas CPA, how to prepare tax projections, North Dallas CPA, North Texas CPA, tax, tax accountant, tax accountant near me, Tax planning, tax preparer near me, tax projections 2022, tax projections for 2022, tax return preparation, The Burns Firm, year end tax planning|

Now that fall is officially here, it’s a good time to start taking steps that may lower your tax bill for this year and next. One of the first [...]

Is Your Income High Enough To Owe Two Extra Taxes?

September 27th, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, CPA, CPA Dallas, CPA in NOrth Texsa, CPA near 75248, CPA near 75252, CPA near me, CPA neasr 75248, CPA75248, CPADallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Medicare Tax, Net Investment Income Tax, NIIT, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Planning, Tax Preparation, tax preparer near me, Tax Return, The Burns Firm|Tags: 3.8 percent net investment income tax, 3.8% NIIT, accountant near me, additonal 0.9% medicare tax, CPA Dallas, cpa near me, Dallas CPA, do i need to pay more medicare tax, high-income tax payers, how much medicare tax do i owe, medicare tax, net investment income tax, North Texas CPA, tax, tax accountant near me, Texas CPA, The Burns Firm, will i be paying NIIT, will i pay more in medicare tax based on my income|

High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Here’s an overview of [...]

Self-employed? Build a Nest Egg With a Solo 401(k) Plan

September 15th, 2022|Categories: 401K, Accountant, accountant near me, Accounting, Burns Firm, CPA, CPA Dallas, CPA in NOrth Texsa, CPA near 75248, CPA near 75252, CPA near me, CPA neasr 75248, CPA75248, CPADallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Self-employed, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, The Burns Firm|Tags: accountant near me, CPA Dallas, Dallas CPA, pros and cons of solo 401K, retirement plans, self-employed retirement plan options, solo 401K, tax, tax accountant near me, Tax planning, The Burns Firm|

Do you own a successful small business with no employees and want to set up a retirement plan? Or do you want to upgrade from a SIMPLE IRA or [...]

Tax News for Individuals

September 13th, 2022|Categories: 401K, Accountant, accountant near me, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, CPA75248, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Delinquent Tax, Estimated Tax, Estimated Tax Payments, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Tax Preparation, tax preparer near me, Tax Return, tax season tips, Tax Withholding, The Burns Firm|Tags: 401K early withdraw, CARES Act. CPA Dallas, CPA 75248, CPA neaer me, CPA The Burns Firm, do I need to make estimated tax payments, early withdrawal penalty, estimated tax payments, individual tax, tax accountant near me, tax gap, tax items to be aware of for individuals, tax news for individuals, tax preparer near me, The Burns Firm, what is the tax gap, when do i need to make estimated tax payments|

If You Make Estimated Tax Payments, a Deadline Is Coming Up If you pay quarterly estimated taxes, circle this date on your calendar: September 15. That's the payment due [...]

The Inflation Reduction Act: what’s in it for you?

September 1st, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, CPA, CPA Dallas, CPA in NOrth Texsa, CPA near 75248, CPA near 75252, CPA near me, CPA neasr 75248, CPA75248, CPADallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Inflation Reduction Act, IRA, IRS, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Credits, Tax Planning, tax preparer near me, Tax Return, The Burns Firm|Tags: clean vehicle credit, clean-energy credit, CPA Dallas, CPA in North Texas, cpa near me, CPA near Richardson texas, CPA plano, credit for used clean vehicles, Dallas CPA, do i benefit from the inflation reduction act, do I get credit on my tax return for an electric vehicle, Inflation Reduction Act, Inflation Reduction Act (IRA), IRS, North Texas CPA, Plano CPA, Richardson CPA, tax accountant near me, The Burns Firm, what is a clean vehicle, what is clean energy, what is the inflation reduction act|

You may have heard that the Inflation Reduction Act (IRA) was signed into law recently. While experts have varying opinions about whether it will reduce inflation in the near [...]

The House and Senate Pass the Wide-Ranging Inflation Reduction Act

August 22nd, 2022|Categories: Accountant, Accounting, CPA Dallas, CPA in NOrth Texsa, CPA near me, CPA neasr 75248, CPA75248, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Inflation Reduction Act, IRS, Services, Tax, tax accountant, Tax Advisor, The Burns Firm|

Congress has passed the Inflation Reduction Act (IRA) and President Biden is expected to sign it into law. The $740 billion bill contains many tax breaks and raises revenue through a [...]