Partnership – The Burns Firm – Advisors of Complex Financial Matters

Steps to Help Avert Sabotage by Former Employees

May 11th, 2023|Categories: Accountant, Accounting, Burns Firm, Business, C Corporation, CPA, CPA Dallas, CPA near me, CPADallas, Dallas CPA, Partnership, S Corporation, Small Business, Tax, Tax Advisor, The Burns Firm|Tags: CPA Dallas, cpa near me, How to Avert Sabotage by a Former Employee, How to Terminate an Employee, tax advisor, Terminating an Employee, The Burns Firm|

Termination can be painful, whether it's for cause or part of a business slump that you can't avoid. Employees who are fired or laid off often have negative feelings about [...]

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 [...]

Tax Law Changes that Could Affect Your Business Return

March 16th, 2023|Categories: Accountant, Burns Firm, Business, C Corporation, CPA, CPA Dallas, CPA near me, Dallas CPA, Partnership, S Corporation, Services, Small Business, Tax, tax accountant, Tax Advisor, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, Tax Return Filing, The Burns Firm|Tags: Business Federal Tax Filing, Business Tax Laws, Business Tax Return Filing, CPA Dallas, cpa near me, Dallas CPA, tax, Tax Law Changes That Affect Businesses, The Burns Firm|

Every tax season, business owners must familiarize themselves with tax law changes that went into effect for that tax year. Fortunately, businesses don't have to contend with sweeping changes for [...]

Let’s Be Reasonable about Owners’ Compensation

December 13th, 2022|Categories: Accountant, Burns Firm, Business, C Corporation, CPA, CPA Dallas, CPADallas, Dallas CPA, Partnership, S Corporation, Small Business, Tax, Tax Advisor, Tax Planning, The Burns Firm, Year-End Tax Planning|Tags: owner compensation, shareholder compensation, tax, The Burns Firm, year-end bonuses|

Is it possible to have too much of a good thing? The IRS thinks so, at least in the context of compensation paid to business owners. If an owner's compensation is [...]

Due Diligence Checklist for Sellers

September 29th, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, Business, Buying a Business, C Corporation, Corporation, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Due Diligence, LLC, M&A, Merger & Acquisition, Partnership, Sell Business, Selling a Business, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Credits, Tax Deductions, The Burns Firm|

When it comes to due diligence procedures, much attention is focused on those who want to buy a business. But sellers must also conduct due diligence investigations and it's important [...]

2022 Q3 tax calendar: Key deadlines for businesses and other employers

June 28th, 2022|Categories: Accountant, Accounting, Burns Firm, Business, C Corporation, Corporation, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, LLC, Partnership, Quarterly Filings, S Corporation, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Return, The Burns Firm|Tags: CPA Dallas, Dallas CPA, deadlines for businesses in Q3, Q3 filing requirements, Q3 tax calendar, tax, tax preparer near me, tax-related deadlines, The Burns Firm|

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may [...]

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 [...]

The Election to Apply the Research Tax Credit Against Payroll Taxes

March 17th, 2022|Categories: Accountant, Accounting, Business, C Corporation, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Partnership, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Preparation, Tax Return, tax write-offs, The Burns Firm|Tags: business research credit, can i apply research tax credit against payroll taxes, CPA Dallas, Dallas CPA, do I get credit for research activities, tax, The Burns Firm|

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Claiming the credit involves complex [...]

How to Maximize the QBI Deduction Amid the Pandemic

March 10th, 2022|Categories: Accountant, Accounting, Burns Firm, Business, C Corporation, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Partnership, QBI, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Deductions, Tax Preparation, The Burns Firm|Tags: can I take a QBI deduction, CPA Dallas, Dallas CPA, how do i know if i have qualified business income, QBI, QBI deduction, qualified business income, tax, tax deductions, The Burns Firm, what is a QBI deduction, what is a specified service trade or business, what is a SSTB|

Since the qualified business income (QBI) deduction first become available in 2018, things have changed dramatically, mainly due to the various effects of the COVID-19 pandemic. Possible tax rate increases, and [...]

Tips for Purchasing a New or Used Vehicle

February 18th, 2022|Categories: Accounting, Burns Firm, Business, Business Vehicle, Business Write-offs, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Expenses, LLC, Partnership, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Cuts, Tax Return, tax write-offs, The Burns Firm|Tags: car purchase, CPA Dallas, Dallas CPA, is it better to buy used or new vehicle, new car vs used car, should I purchase a new car or look into used, The Burns Firm, vehicle purchase|

The limited supply of new and used vehicles, along with other economic factors, has driven up prices in the auto market. The average price of new cars increased by 13% for the year [...]

Defer Tax With a Like-Kind Exchange

February 8th, 2022|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Partnership, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Preparation, Tax Return, TCJA, The Burns Firm|Tags: 1031 deductions, 1031 expert near me, 1031s, CPA Dallas, cpa near me, Dallas CPA, like-kind exchange, Like-kind exchanges, tax accountant near me, tax deductions|

Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” [...]

Providing A Company Car? Here’s How Taxes Are Handled

January 20th, 2022|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Expenses, Partnership, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Deductions, Tax Preparation, Tax Return, The Burns Firm|Tags: CPA Dallas, Dallas CPA, expenses relating to company car, fringe benefit, how are taxes handled for a company car, how do I expense items relating to my company car, is a fringe benefit considered income, tax, tax deduction, tax expenses, tax on company car, The Burns Firm|

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as [...]

Smart Reasons to Hire Your Spouse

January 6th, 2022|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Partnership, S Corporation, Services, Small Business, Tax Planning, The Burns Firm|Tags: can I save money by hiring my spouse, CPA Dallas, cpa near me, Dallas accountant near me, Dallas CPA, hiring workers, is it smart to hire a spouse, should I hire my spouse since there is a workforce shortage, should I hire my spouse to work for me, tax accountant near me, The Burns Firm, workforce shortage|

Many businesses are having trouble recruiting and retaining qualified workers today. Nearly 90% of employers reported difficulty filling open positions, according to a recent survey conducted by the Society for Human [...]

Businesses Can Show Appreciation — and Gain Tax Breaks — With Holiday Gifts and Parties

December 16th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Events, Gift Tax, Partnership, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, tax write-offs, The Burns Firm|Tags: are client related expenses during holidays tax deductible, are gifts to clients tax deductible, can I write off gifts to clients, can I wwrite off gifts to employees, CPA Dallas, cpa near me, Dallas CPA, Dallas CPA near me, fringe benefits, gifts to clients, is a business holiday party tax deductible, tax preparer near me, The Burns Firm, what gifts are tax deductible|

The holiday season is here. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties [...]