S Corporation – Page 2 – The Burns Firm – Advisors of Complex Financial Matters

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 [...]

Small Business Advertising and Marketing Costs May Be Tax Deductible

December 9th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, IRS, Partnership, S Corporation, Services, Small Business, The Burns Firm|Tags: are advertising coset tax deductible, are business marketing cost deductible, CPA firm, cpa near me, Dallas CPA firm, tax accountant near me, The Burns Firm, what expenses are deductible on my tax return, what expenses are tax deductibe|

Information from IRS.gov Small Business Advertising and Marketing Costs May Be Tax Deductible The tax law allows businesses to deduct expenses that help them bring in new customers and keep [...]

With Year-End Approaching, 3 Ideas That May Help Cut Your Tax Bill

December 7th, 2021|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 Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: CPA Dallas, Dallas CPA, defer income, how can I reduce my tax bill, Retirement contributions, Tax planning, tax planning for year end, The Burns Firm, year end tax planning|

If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may [...]

Taxability of PPP Loan Forgiveness

December 1st, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Partnership, PPP, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Cuts, Tax Planning|Tags: Covid-19 PPP loan, CPA Dallas, Dallas CPA, paycheck protection programm, PPP loan forgiveness, revenue procedure 2021-49, The Burns Firm, will my PPP loan be forgiven|

Businesses that received Paycheck Protection Program (PPP) loans can apply for forgiveness once all loan proceeds for which they are requesting forgiveness have been used. On November 18, 2021, the IRS [...]

How Fast Can You Write Off a Business Vehicle?

November 9th, 2021|Categories: Accounting, Burns Firm, Business, Business Vehicle, Business Write-offs, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, S Corporation, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, tax write-offs, The Burns Firm|Tags: business write-offs, can I write off business vehicle miles, can I write off miles driven for business, CPA Dallas, cpa near me, Dallas CPA, tax accountant near me, The Burns Firm, write-offs|

The federal income tax rules for depreciating vehicles used for business are complicated. And different rules apply to different categories of vehicles. Special limitations apply to vehicles that are classified as [...]

Financing the Growth of Your Business

October 28th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Due Diligence, Growing A Business, LLC, Merger & Acquisition, Partnership, S Corporation, Small Business, Tax, Tax Planning, The Burns Firm|Tags: business growth, CPA Dallas, Dallas CPA, how do I finance the growth of my business, how do I grow my business, should I get a loan so I can grow my business, The Burns Firm, what loans can I get so I can grow my business|

Business activity ground to a halt in many areas during the pandemic. Fortunately, the Paycheck Protection Plan (PPP) program and other relief programs rescued many small enterprises from financial crisis. If [...]

Lowdown on Federal Tax Proposals for Individuals and Businesses

October 19th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Gift Tax, IRS, Partnership, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Cuts, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: are the federal tax laws changing in 2022, changes to federal tax laws, changes to federal tax laws for businesses, changes to federal tax laws for individuals, corporate tax rate changes, CPA Dallas, Dallas CPA, gift tax laws, how will the tax law changes affect me, individual tax rate changes, long-term gains and dividends individual rate change, NIIT, tax accountant, tax CPA, tax preparer, tax rate changes, The Burns Firm|

The U.S. Department of Treasury released its "Green Book" in May entitled, "General Explanation of the Biden administration's Fiscal Year 2022 Revenue Proposals." It contains detailed information about President Biden's proposed [...]

You Can Only Claim A Casualty Loss Tax Deduction in Certain Situations

September 14th, 2021|Categories: Accounting, Burns Firm, Business, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Partnership, S Corporation, Services, Small Business, Tax, Tax Deductions, Tax Preparation, Tax Return, The Burns Firm|Tags: can I deduct a loss on my tax return, can I deduct damage caused by a hurricane, can I deduct hurricane loss on tax return, casualty loss tax deduction, CPA Dallas, cpa near me, Dallas CPA, loss and damage deductions, tax deductions, tax preparer near me, The Burns Firm|

In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your home [...]

The Deductibility of Corporate Expenses Covered By Officers or Shareholders

August 31st, 2021|Categories: Burns Firm, C Corporation, CPA Dallas, Dallas CPA, Expenses, Partnership, S Corporation, Services, Small Business, Tax, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, The Burns Firm|Tags: are corporate expenses deductible, can I deduct corporate expenses, can I get reimbursed for business expenses, CPA Dallas, Dallas tax preparer, expenses and tax, The Burns Firm, what expenses are deductible on a tax return|

Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer [...]

IRS Audits May Be Increasing, So Be Prepared

August 3rd, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, IRS, IRS Audit, Partnership, S Corporation, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, Tax Withholding, The Burns Firm|Tags: CPA Dallas, Dallas CPA, how do I prepare for my IRS audit, how do I respond to an IRS audit, I need help with a IRS audit, IRS audit, The Burns Firm, who can help me with an IRS audit, why is the IRS auditing me, why is the IRS auditing my tax return|

The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage [...]

Eligible Businesses: Claim the Employee Retention Tax Credit

July 22nd, 2021|Categories: Accounting, Employee Retention Tax Credit, ERTC, IRS, Partnership, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Cuts, Tax Withholding, TCJA, The Burns Firm|Tags: CPA Dallas, Dallas CPA, does my business qualify for the employee retention tax credit, does my business qualify for the ERTC, ERTC, tax credits for businesses, tax credits for my business, The Burns Firm, what tax credita are available for my business|

The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a [...]

Hiring Minor Children This Summer? Reap Tax and Nontax Benefits

June 16th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Partnership, S Corporation, Services, Tax, The Burns Firm|Tags: can I hire a minor to work for me, CPA Dallas, Dallas CPA, do I get a tax break for hiring a minor, how do I report a minor working for me, how does my business save in tax if I hire a minor, summer jobs for minors, tax, The Burns Firm, what records do I need to keep on a minor employee|

If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with [...]

Due Diligence Considerations for Sellers

June 10th, 2021|Categories: Accounting, Burns Firm, Business, Buying a Business, Due Diligence, Merger & Acquisition, Partnership, S Corporation, Sell Business, Selling a Business, Small Business, Tax, Tax Planning|Tags: CPA for the sell of my business, do I need a CPA when I sell my business, do I need due diligence if I am buying a company, due diligence, due diligence for seller, how do I sell my business, M&A, merger and acquisition, The Burns Firm, The Burns Firm M&A Advisors, what is due diligence, what is seller due diligence|

You may be able to structure the sale of a corporate business as a tax-free reorganization. However, to be totally tax-free, you generally must receive nothing but stock in the acquiring [...]