Donations – The Burns Firm – Advisors of Complex Financial Matters

If you gave to charity in 2023, check to see that you have substantiation

January 30th, 2024|Categories: Accountant, Burns Firm, Charitable Donations, CPA, CPA Dallas, CPA near me, Dallas CPA, Donations, Services, Tax, tax accountant near me, Tax Advisor, Tax Deductions, Tax Preparation, Tax Return Preparer, The Burns Firm|Tags: can I get tax credit for donating to charity, Charitable Contribution Guideline, charitable deduction, charitable donations, CPA Dallas, cpa near me, Deductible Donations, Donations, tax, tax advisor, The Burns Firm|

Did you donate to charity last year? Acknowledgment letters from the charities you gave to may have already shown up in your mailbox. But if you don’t receive such a [...]

What Can You Do to Lower Your 2023 Tax Obligation?

August 15th, 2023|Categories: Accountant, accountant near me, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Donations, Estimated Tax, Exemptions, Expenses, Services, Tax, tax accountant, tax accountant near me, Tax Deductions, Tax Filing Status, Tax Planning, Tax Preparation, Tax Return, Tax Return Filing, tax season tips, Tax Withholding, tax write-offs, Withholding|Tags: 2023 Tax, cpa near me, Dallas CPA, How do I lower my tax liability for 223, How to lower taxes I will pay for 2023, Lower Your Tax Liability, tax advisor, The Burns Firm, Ways to Lower My 2023 Tax Obligation|

It's hard to believe that 2023 is already half over. Although summer is a time for vacations and relaxing in the backyard, you can't afford to take a break from [...]

Year-end giving to charity or loved ones

December 1st, 2022|Categories: Accountant, Burns Firm, Charitable Donations, CPA Dallas, Dallas CPA, Donations, IRA, Tax, Tax Advisor, Tax Planning, The Burns Firm, Year-End Tax Planning|Tags: charitable donations from your IRA, CPA, Donating to Charilty, tax, tax-smart gifts, The Burns Firm, year-end giving, year-end giving to charity and family|

The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. [...]

IRA Charitable Donations: An Alternative to Taxable Required Distributions

May 31st, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Donations, IRA, Services, Tax, tax accountant, tax accountant near me, Tax Deductions, Tax Planning, The Burns Firm|Tags: Charitable donation, CPA Dallas, cpa near me, Dallas CPA, IRA, IRA contributions to charity, IRA distributions, IRA distributions to charily, IRSAtransfer IRA assets to charity transfer IRA assets to charity, qualified charitable donations from your IRA, tax, tax accountant near me, The Burns Firm, transfer IRA assets to charity|

Are you a charitably minded individual who is also taking distributions from a traditional IRA? You may want to consider the tax advantages of making a cash donation to an [...]

Valuable gifts to charity may require an appraisal

May 20th, 2022|Categories: Burns Firm, Charitable Donations, CPA, CPA Dallas, CPA near me, Dallas tax return preparer, Dallas tx accountant, Donations, Services, Tax, tax accountant, tax accountant near me, Tax Deductions, Tax Preparation, tax preparer near me, Tax Return, The Burns Firm|Tags: charitable contribution, CPA Dallas, cpa near me, Dallas CPA, Dallas CPA near me, do I need to have a charitable donation appraised, gifts to charity, gifts to charity and appraisal, North Dallas CPA, tax preparer near me, The Burns Firm|

If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right [...]

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 [...]

Did You Give to Charity in 2021 — Make Sure You Have Substantiation

March 1st, 2022|Categories: Accounting, Burns Firm, Charitable Donations, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Donations, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: are charitable donations tax deductible, Charitable donation, CPA Dallas, credits for giving, Dallas CPA, do I get tax credit for giving to charity, Donations, giving to charity, IRS substantiation requirements for donations, should I give to charity, tax, tax credits, tax deduction for charitable donation, The Burns Firm, what are requirements to deduct donations from tax return|

If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But what happens if you haven’t received such a [...]

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 [...]

Smooth Sailing: Tips to Speed Processing and Avoid Hassles This Tax Season

February 22nd, 2022|Categories: Accounting, Burns Firm, Child Tax Credit, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Delinquent Tax, Dependent Care credits, Donations, Estimated Tax, Estimated Tax Payments, Expenses, Gift Tax, Healthcare & Retirement, Lifetime Learning Credit, Nanny Tax, Retirement, Scholarships, Services, Social Security, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, tax write-offs, Taxpayer Certainty and Disaster Tax Relief Act (TCDTRA), TCJA, The Burns Firm|Tags: 1099, 2021 tax year tips, CPA Dallas, Dallas CPA, form 1040 tax preparer, North Texas accountant, North Texas accounting firm, North Texas CPA, North Texas CPA firm, tax preparer near me, tax return preparation, tax tips, tax tips to avoid hassles this tax season, Texas CPA, The Burns Firm, W2|

The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips to help speed processing and avoid [...]

How will revised tax limits affect your 2022 taxes?

February 10th, 2022|Categories: Accounting, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Donations, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Return, tax write-offs, The Burns Firm|Tags: CPA Dallas, cpa near me, Dallas CPA, do i need to withhold FICA on amounts paid to babysitter, how much can I contribute to an IRS for 2022, how much do I have to earn in 2022 before I can stop paying social security on my salary, revised tax limits for 2022, tax, tax preparer near me, The Burns Firm|

While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures [...]

Get ready for taxes: Here’s what’s new and what to consider when filing in 2022

January 25th, 2022|Categories: Accounting, Burns Firm, CARES Act, Child Tax Credit, Covid-19, COVID-Related Tax Relief Act (COVIDTRA), CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Donations, Estimated Tax, Estimated Tax Payments, Expenses, Gift Tax, IRS, Nanny Tax, Retirement, Services, Small Business, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, Tax Withholding, tax write-offs, Taxpayer Certainty and Disaster Tax Relief Act (TCDTRA), The Burns Firm, Withholding|Tags: 2022 tax, 2022 tax guidelines, 2022 taxes, accountant near me, cpa near me, IRS, North Texas accountant, tax accountant near me, tax filing, tax preparation, tax preparer near me|

Information from IRS.gov The IRS encourages taxpayers to get informed about topics related to filing their federal tax returns in 2022. These topics include special steps related to charitable contributions, [...]

Help Safeguard Your Personal Information By Filing Your 2021 Tax Return Early

January 18th, 2022|Categories: Accounting, Alternative Minimum Tax, American Opportunity Tax Credit, Burns Firm, Charitable Donations, Child Tax Credit, COVID-Related Tax Relief Act (COVIDTRA), CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Dependent Care credits, Donations, Employee Retention Tax Credit, Exemptions, Expenses, Gift Tax, Hobby, how do I know if my parent qualifies as my dependent, how do I report bitcoin transactions, how do i report virtual currency transactions, if I support my parents financially can I claim them on tax return, IRS, Medicare Premiums, Nanny Tax, Retirement, Scholarships, Services, Social Security, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Return, Tax Withholding, tax write-offs, Taxpayer Certainty and Disaster Tax Relief Act (TCDTRA), TCJA, The Burns Firm, Virtual Currency, Withholding|Tags: Allison Shike, CPA Dallas, Dallas CPA, Denis Burns, file 2021 tax return early, tax credits, tax deductions, tax preparation near me, tax preparer near me, tax preparer North Dallas, tax preparer North Texas, tax withholding, Texas CPA, The Burns Firm, when can I file my 2021 tax return|

The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being accepted.) Even if you typically don’t file until [...]

Feeling Generous at Year End? Strategies for Donating to Charity or Gifting to Loved Ones

December 2nd, 2021|Categories: Business, Charitable Donations, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Donations, IRS, Partnership, Services, Small Business, Tax, Tax Credits, Tax Cuts, Tax Deductions|Tags: are charitable donations tax deductible, can I deduct donations to charity, CPA Dallas, Dallas CPA, how do I know what donations are deducitble, tax accountant near me, The Burns Firm, what is deductible on my tax return|

As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved [...]