Gift Tax – The Burns Firm – Advisors of Complex Financial Matters

Federal Estate and Gift Tax Outlook 2025

February 11th, 2025|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Dallas tax return preparer, Estate Tax, Gift Tax, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Cuts and Jobs Act, TCJA, Texas CPA, The Burns Firm|Tags: CPA Dallas, cpa near me, estate tax, gift tax, tax accountant near me, tax advisor, TCJA, Texas CPA, The Burns Firm|

The Tax Cuts and Jobs Act (TCJA) significantly increased the unified federal estate and gift tax exemption through the end of 2025. However, for 2026, it's currently scheduled to [...]

Maximize Your Year-End Giving With Gifts That Offer Tax Benefits

October 22nd, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, CPADallas, Dallas CPA, Gift Tax, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Tax Planning, Texas CPA, The Burns Firm, Year-End Tax Planning|Tags: CPA Dallas, cpa near me, Gifts to Family, Maximize Gift Giving, tax, tax advisor, Tax Benefits of Gift Giving, Tax planning, Texas CPA, The Burns Firm, year end tax planning, Year-End Gift Giving|

As the end of the year approaches, many people start to think about their finances and tax strategies. One effective way to reduce potential estate taxes and show generosity [...]

It’s Time to Think About Today’s Favorable Gifts and Estate Tax Rules

September 25th, 2024|Categories: Accountant, Anti-Clawback Rule, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Estate Tax, Gift Tax, Services, Tax, Tax Advisor, TCJA, Texas CPA|Tags: Anti-Clawback Rule, CPA Dallas, cpa near me, Dallas CPA, Estate Tax Rules, Gift Tax Rules, tax, tax advisor, TCJA, Texas CPA, The Burns Firm|

The Tax Cuts and Jobs Act (TCJA) dramatically increased the unified federal gift and estate tax exemption from $5.49 million in 2017 to $13.61 million in 2024. If you're married, [...]

6 Tax-Free Income Opportunities

September 24th, 2024|Categories: Accountant, Burns Firm, Business Stocks, College Savings Plan, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Gift Tax, Income Tax, Inheritance, IRA, Section 529, Tax, tax accountant, tax accountant near me, Tax Advisor, The Burns Firm|Tags: Are Business Stock gains tax-free, CPA, CPA neaer me, Dallas CPA, Gifts and Inheritance tax, Income, Roth IRAs, tax, tax advisor, tax-free income, Texas CPA, The Burns Firm|

Believe it or not, there are ways to collect tax-free income and gains. Here are some of the best opportunities to put money in your pocket without current federal [...]

Get Ready for the 2023 Gift Tax Return Deadline

February 16th, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Form 709, Gift Tax, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Preparation, tax preparer near me, Tax Return, Tax Return Filing, Tax Return Preparer, The Burns Firm|Tags: cpa near me, Dallas CPA, Form 709, gift tax, Gift Tax Return, tax, tax advisor, tax return preparer near me, The Burns Firm, What is the gift tax exclusion for 2023 tax year?, What is the gift tax exclusion for 224?|

Did you give large gifts to your children, grandchildren, or others last year? If so, it’s important to determine if you’re required to file a 2023 gift tax return. [...]

Act Now to Leverage the Gift Tax Exclusion Before Year End

December 13th, 2023|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Gift Tax, Tax, tax accountant, Tax Advisor, Tax Planning, The Burns Firm|Tags: 000, 2023 Annual Gift Tax Exclusion is $17, Annual Gifting, CPA Dallas, cpa near me, Dallas CPA, gift tax, Gift Tax Exclusion, How Much Can I Gift This Year, tax, tax advisor, The Burns Firm, What Will Gift Tax Exclusion Be in 2024|

The gift tax exclusion is among the most valuable tools available to transfer assets to family and other loved ones without ending up with an unwelcome tax bill for the [...]

Plan Now For Year-End Gifts With the Gift Tax Annual Exclusion

September 14th, 2023|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Gift Tax, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Planning, Year-End Tax Planning|Tags: Annual Exclusion for Gifts, CPA Dallas, cpa near me, gift tax, Gift Tax Annual Exclusion, Gift-Giving, tax, tax accountant, tax advisor, Taxable gifts, The Burns Firm, year end tax planning, year-end gifting|

Now that Labor Day has passed, the holidays are just around the corner. Many people may want to make gifts of cash or stock to their loved ones. By [...]

The 2022 Gift Tax Return Filing Deadline Is April 18

March 14th, 2023|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Gift Tax, Services, Tax, tax accountant, Tax Advisor, Tax Return, Tax Return Filing, The Burns Firm|Tags: CPA Dallas, cpa near me, Gift Tax Return, Gift Tax Return Filing, Gift Tax Return Filing Deadline, Gifting to Family, Gifts to Family, tax, tax advisor, The Burns Firm|

Did you give large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2022 gift tax return. [...]

Five Tax Implications of Divorce

July 15th, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Gift Tax, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, tax preparer near me, Tax Return, Tax Withholding, The Burns Firm|Tags: alimony or support payments in a divorce, business interests and divorce, child support and divorce, CPA Dallas, CPA with divorce experience, Dallas CPA, divorce and tax, pension benefits and a divorce, tax implications of divorce, tax preparer, The Burns Firm|

Are you in the early stages of divorce? In addition to the tough personal issues that you’re dealing with, several tax concerns need to be addressed to ensure that taxes [...]

Tax Season Filing Tips

May 24th, 2022|Categories: Accountant, Accounting, are social security benefits taxable, Burns Firm, Business, Corporation, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Delinquent Tax, Estimated Tax, Estimated Tax Payments, Exemptions, Expenses, Gift Tax, household employees and tax, Inheritance, Partnership, S Corporation, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, tax scams to be aware of, tax write-offs, The Burns Firm|

Did you know that tax return errors can delay refunds and increase audit risk? Before your tax return preparation appointment, make sure you've gathered all 2021 tax documents received, such [...]

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 [...]

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 [...]

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 [...]