Dependents – The Burns Firm – Advisors of Complex Financial Matters

To Itemize or Not to Itemize?

December 12th, 2024|Categories: Accountant, accountant near me, Burns Firm, Charitable Contributions, Charitable Donations, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Deductions, Dependents, Medical Deductions, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Tax Return, Tax Return Filing, Tax Return Preparer, Tax Rules, tax write-offs, Texas CPA, The Burns Firm|Tags: CPA, cpa near me, Dallas CPA, itemized deductions, Itemizing for 2024, Personal Tax and Itemizing, Should I Itemize My Deductions, tax, tax advisor, tax deductions, Texas CPA, The Burns Firm, What Can I Use for Itemized Deductions|

With the tax year winding down, it's time to evaluate your personal tax situation. Will you claim the standard deduction or itemize deductions on your 2024 tax return? The [...]

You May Be Entitled to Tax Breaks If Caring For An Elderly Relative

June 13th, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Dependent Care Credit, Dependent Care credits, Dependents, Elderly, Tax, Tax Advisor, Tax Credits, Tax Deductions, Texas CPA, The Burns Firm|Tags: Caring for Elderly Relative, cpa near me, Dallas CPA, Dependent Care Tax Credit, Elderly Care, Medical Expense Deduction, Nonchild Dependent Credit, tax, tax advisor, tax benefits for elderly care, Tax Break if Caring for Elderly Relative, tax deductions, Texas CPA, The Burns Firm|

There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing the person to receive [...]

Can You Claim Your Parent as a Dependent?

February 1st, 2024|Categories: Accountant, Adult Dependent, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Deductions, Dependent Care credits, Dependents, Parent Dependent, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Tax Filing Status, Tax Planning, Tax Preparation, tax preparer near me, Tax Return, Tax Return Filing, Tax Return Preparer, tax write-offs, The Burns Firm|Tags: Can I Claim My Parent as a Dependent, Claiming Dependents on a Tax Return, CPA Dallas, cpa near me, Dependent Child Care, dependents, filing status, tax, tax advisor, tax deductions, The Burns Firm, Who is a Dependent?, who qualifies as a dependent|

If you pay over half the cost of supporting a parent, your parent is considered your dependent for federal income tax purposes. This treatment potentially entitles you to some significant tax [...]