Partnership

Still Have Questions After You File Your Tax Return?

May 20th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, Dallas CPA, Estimated Tax, Estimated Tax Payments, IRS, IRS Forms, Partnership, Retirement Plan, S Corporation, Small Business, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: , , , , , , , , , , , , , , , |

Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers to three questions that [...]

Reminder: Estimated Tax Payments Are Due By April 15

April 8th, 2021|Categories: Accounting, Burns Firm, C Corporation, CPA Dallas, Dallas CPA, Estimated Tax, Estimated Tax Payments, IRS, Partnership, S Corporation, Services, Tax|Tags: , , , , , , , , , , , , |

Information provided by IRS.gov The Internal Revenue Service has issued a reminder to self-employed individuals, retirees, investors, businesses, corporations, and others who pay their taxes quarterly that the payment for [...]

Need a New Business Vehicle? Consider a Heavy SUV

April 1st, 2021|Categories: Accounting, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Credits, Tax Deductions, Tax Planning|Tags: , , , , , , , , , , , , , , , |

Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from [...]

Which Start-Up Costs Are Deductible for Federal Tax Purposes?

March 25th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax|Tags: , , , , , , , , |

Many people started businesses in 2020, and many others plan to launch new ventures in 2021. Entrepreneurs often have questions about whether business expenses for a start-up can be deducted in [...]

How Can Business Owners Lower Last Year’s Tax Bill?

March 2nd, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation|Tags: , , , , , , , , , , , , |

Good news! Business taxpayers may still be able to take actions to lower their federal income tax liabilities for 2020, as well as for future years. Consider these ideas before you [...]

Bad Debts: What Losses Can You Deduct and When?

February 23rd, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Deductions, Tax Planning, Tax Return|Tags: , , , , , , , , , , , |

Attempts to claim write-offs for bad debt losses have fueled controversies with the IRS for many years. Unfortunately, bad debt losses are increasingly common during the COVID-19 pandemic. Here's an overview [...]

Non-Compete Agreements: What Can They Accomplish?

February 9th, 2021|Categories: Accounting, Burns Firm, Business, Buying a Business, Merger & Acquisition, Partnership, Sell Business, Selling a Business, Services|Tags: , , , , , , , , , |

It may seem ironic that companies encourage innovation and brilliance while employees are on the payroll, but pull the plug on that ambition if they dare to leave. But non-compete agreements [...]

Ways to Fully Deduct Business-Related Meals

February 2nd, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Tax, Tax Credits, Tax Deductions|Tags: , , , , , , , , , , , , , , , |

Restaurants have struggled mightily during the COVID-19 pandemic. Thankfully, they're specifically targeted for a new tax relief measure found in the massive Consolidated Appropriations Act (CAA), which became law on December [...]

The New Form 1099-NEC and the Revised 1099-MISC are Due to Recipients Soon

January 26th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, IRS, IRS Forms, Partnership, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , , , , , , , |

There’s a new IRS form for business taxpayers that pay or receive certain types of nonemployee compensation and it must be furnished to most recipients by February 1, 2021. After sending [...]

One Reason to File Your 2020 Tax Return Early

January 21st, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Preparation, Tax Return|Tags: , , , , , , , , , , , , |

The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new law that [...]

Small Businesses: Cash In On Depreciation Tax Savers

December 17th, 2020|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Planning|Tags: , , , , , , , , , , , , , , , |

As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you [...]

Tax Responsibilities If Your Business Is closing Amid the Pandemic

December 3rd, 2020|Categories: Accounting, Burns Firm, Business, C Corporation, Covid-19, Partnership, S Corporation, Services, Tax|Tags: , , , , , , , , , , , , , , |

Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we can, including taking care of [...]

Tax Planning for a Small Business

December 1st, 2020|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Planning|Tags: , , , , , , , , , , , , |

Small business owners still have time to make tax planning moves to lower their 2020 federal income tax bills — and possibly lay the groundwork to save taxes in future years. [...]

Fraud Alert: Have You Heard About New Vishing Attacks?

November 19th, 2020|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax|Tags: , , , , , , , , , |

For years, businesses and individuals have had to worry about so-called "phishing" scams sent via email or text. These cyberattacks are designed to hook unsuspecting victims into revealing sensitive information. [...]

CARES Act Changes Rules for NOL Carrybacks and QIP

October 27th, 2020|Categories: Accounting, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions|Tags: , , , , , , , , |

Consider these two favorable federal income tax rule changes included in the Coronavirus Aid, Relief and Economic Security (CARES) Act when deciding whether to take advantage of first-year depreciation breaks [...]

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