Inheritance – The Burns Firm – Advisors of Complex Financial Matters

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 [...]

Watch out for “income in respect of a decedent” issues when receiving an inheritance

April 30th, 2024|Categories: Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, CPADallas, Dallas CPA, Income in Respect of a Decedent, Inheritance, IRD, Tax, Tax Advisor, Texas CPA, The Burns Firm|Tags: cpa near me, Dallas CPA, Income in Respect of a Decedent, Inheritance, IRD, tax advisor, Tax on Inheritance money received, Texas CPA, The Burn Firm, What is IRD|

Most people are genuinely appreciative of inheritances, and who wouldn’t enjoy some unexpected money? But in some cases, it may turn out to be too good to be true. [...]

Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis”

August 3rd, 2023|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Inheritance, Services, Stepped-up Basis, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Planning, The Burns Firm|Tags: cpa near me, Estate planning, Inherited Assets and Tax, stepped-up basis, tax advisor, Tax planning, Tax. Tax on Inheritance, The Burns Firm|

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. How do the rules work? Under the [...]

There’s a Favorable “Stepped-Up Basis” If You Inherit Property

May 4th, 2023|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Inheritance, Services, Tax, Tax Advisor, Tax Basis, Tax Deductions, Tax Planning, Tax Preparation, tax preparer near me, The Burns Firm|Tags: cpa near me, Property Inheritance, Stepped-Up Tax Basis, tax, tax advisor, Tax Basis, Tax basis on inherited property, The Burns Firm|

A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an individual gets in property that he or she [...]

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 [...]

Inheriting Money? Be Aware of “Income in Respect of a Decedent” Issues

April 5th, 2022|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Inheritance, Services, Tax, Tax Planning, Tax Preparation, Tax Return|Tags: CPA Dallas, Dallas CPA, incomein respect of decedent, inheriting money, IRD deduciton, IRS, is an inheritance considered income, respect of decedent issues, tax, tax on inheritance, tax preparer near 75248, tax preparer near me|

Once a relatively obscure concept, “income in respect of a decedent” (IRD) may create a surprising tax bill for those who inherit certain types of property, such as IRAs or [...]