Deductions – Page 2 – The Burns Firm – Advisors of Complex Financial Matters

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 [...]

Pocket a Tax Break for Making Energy-Efficient Home Improvements

August 22nd, 2023|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Deductions, Energy-Efficient Improvements, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, Tax Return Filing, tax write-offs, The Burns Firm|Tags: CPA, CPA Dallas, cpa near me, Energy-Efficient tax breaks, Going Green to save on your tax return, IRS Tax Breaks, Max credit to claim each year for energy-efficient improvements, Qualified Energy0efficient improvements, tax, tax advisor, Tax Breaks for Energy-Efficient Home Improvements, tax deductions, tax savings, The Burns Firm|

An estimated 190 million Americans have recently been under heat advisory alerts, according to the National Weather Service. That may have spurred you to think about making your home [...]

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 [...]

When Can Seniors Deduct Medicare Premiums on Their Tax Returns?

July 11th, 2023|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Deductions, Elderly, Expenses, Medical Expenses, Medicare Premiums, Medicare Tax, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, Tax Return Filing, The Burns Firm|Tags: Are Medicare premiums a medical expense, Can I deduct my Medicare premiums on my tax return, CPA Dallas, cpa near me, Deducting Medicare payments, Deducting Medicare Premiums on Tax Return, Medicare, medicare premiums, tax, tax advisor, tax advisor near me, The Burns Firm|

If you’re 65 and older and have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be [...]

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 [...]

Protect the “Ordinary and Necessary” Advertising Expenses of Your Business

March 30th, 2023|Categories: Accountant, Accounting, Burns Firm, Business, Business Write-offs, C Corporation, CPA, CPA Dallas, CPA near me, Dallas CPA, Deductions, Expenses, Fringe Benefits, Partnership, S Corporation, Services, Small Business, Tax, Tax Advisor, Tax Credits, Tax Planning, Tax Preparation, Tax Return Filing, tax write-offs, TCJA, The Burns Firm|Tags: Advertising Expense, Business Advertising Expense, Business Expense, cpa near me, Ordinary and Necessary Advertising Expense, The Burns Firm|

Under tax law, businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new ones. This valuable tax deduction can help businesses cut [...]

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 [...]

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 [...]

Computer software costs: How does your business deduct them?

December 6th, 2022|Categories: Accountant, Accounting, Burns Firm, Business, Business Write-offs, CPA, CPA Dallas, CPA near me, CPADallas, Dallas CPA, Deductions, Services, Small Business, Tax, Tax Advisor, Tax Deductions, tax write-offs, The Burns Firm|Tags: business deductions, CPA Dallas, Deduct business expense, Software deductible for a business, tax deductions, The Burns Firm|

These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services or [...]