Self-employed – The Burns Firm – Advisors of Complex Financial Matters

Cash or accrual accounting: What’s best for tax purposes?

September 10th, 2024|Categories: Accountant, accountant near me, Accounting Methods, Accrual Accounting Method, Bookkeeping for Business, Burns Firm, Business, Cash Accounting Method, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Dallas tx accountant, Self-employed, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, Texas CPA, The Burns Firm|Tags: accounting methods, Accrual Accounting Methods, Best Accounting Method for My Business, Can My Business Switch Accounting Methods, Cash Accounting, Cash vs Accrual, CPA, cpa near me, Dallas CPA, tax advisor, Texas CPA, The Burns Firm|

Your businesses may have a choice between using the cash or accrual method of accounting for tax purposes. The cash method often provides significant tax benefits for those that [...]

Key 2024 Inflation-Adjusted Tax Parameters for Small Businesses and Their Owners

November 30th, 2023|Categories: Accountant, accountant near me, Accounting, Burns Firm, Business, CPA, CPA Dallas, CPA near me, Dallas CPA, Section 1231, Section 791, Self-employed, Services, Small Business, Tax, Tax Rates|Tags: 2024 Inflation Adjusted Tax Parameters for Small Business and Owners, cpa near me, Section 1231, Section 179 Deductions, Small Business Tax, tax, tax advisor, Tax Rates, The Burns Firm|

The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners. Rates and [...]

Being a Gig Worker Comes With Tax Consequences

June 27th, 2023|Categories: Accountant, Accounting, Burns Firm, Business Write-offs, Contractor, CPA, CPA Dallas, CPA near me, Dallas CPA, Gig Economy, Independent Contractor, Self-employed, Tax, Tax Advisor, Tax Preparation, Tax Return, Tax Return Filing, The Burns Firm|Tags: CPA Dallas, cpa near me, gig worker, Gigs, Independent contractor, Independent Contractor and Tax, Record-Keeping as a Gig Worker, Record-Keeping as a Independent Contractor, Sharing Economy, tax, tax advisor, Tax for Gig Work, Tax on Gig Work, tax preparation, The Burns Firm|

In recent years, many workers have become engaged in the “gig” economy. You may think of gig workers as those who deliver take-out restaurant meals, walk dogs and drive [...]

Taxation Issues in the Gig Economy

May 16th, 2023|Categories: Accountant, Accounting, Burns Firm, Business, Business Vehicle, Business Write-offs, Contractor, CPA, CPA Dallas, CPA near me, CPADallas, Dallas CPA, Gig Economy, Self-employed, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, Tax Return Filing, tax write-offs, The Burns Firm|Tags: Business miles, business write-offs, Employee vs Independent Contractor, Gig Economy and Tax, Gig Work and Tax, tax, tax advisor, Taxation and the Gig Economy, The Burns Firm|

Do you provide car rides through a mobile app, rent out your spare room using an online platform or repair computers for local businesses on demand? If so, you may [...]

Are You Missing the Roth IRA Boat?

January 5th, 2023|Categories: 401K, Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, IRA, Retirement Plan, Self-employed, Tax, tax accountant, Tax Advisor, Tax Planning, The Burns Firm|Tags: 401K, annual contribution to Roth IRA, cpa near me, Dallas CPA, ROTH IRA, Roth IRA and income restrictions, self-employed, tax, tax advisor, The Burns Firm|

Many self-employed individuals are eligible to make annual contributions to Roth IRAs, despite having healthy earnings from their businesses. But some haven't yet taken advantage of this retirement saving strategy. [...]

How Tax Reform Affects Divorce Settlements for Small Business Owners

October 20th, 2022|Categories: Accountant, accountant near me, Accounting, CPA, CPA Dallas, CPA in NOrth Texsa, CPA near 75248, CPA near 75252, CPA near me, CPA neasr 75248, CPADallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Self-employed, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Planning, Tax Preparation, tax preparer near me, Tax Return, The Burns Firm|Tags: business tax issues, child-related tax issues and divorce, CPA Dallas, CPA neaer 75248, cpa near me, Dallas CPA, how tax reform affects divorce settlements, investments and real estate when you get a divorce, North Dallas CPA, North Texas CPA, small business and tax consequences if divorced, small business owners and how divorce affects them, tax, tax accountant near me, tax adviser, tax advisor, tax and divorce, tax and divorce settlements, tax reform, tax treatment of alimony, The Burns Firm|

How does the Tax Cuts and Jobs Act (TCJA) affect divorce settlements? Changes in the new law may require divorcing individuals — especially those who own businesses and other investments [...]

2022 Q4 tax calendar: Key deadlines for businesses and other employers

September 22nd, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, Business, C Corporation, CPA, CPA Dallas, CPA in NOrth Texsa, CPA near 75248, CPA near 75252, CPA near me, CPA neasr 75248, CPADallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, S Corporation, Self-employed, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, The Burns Firm|Tags: 2022 tax filing deadlines, accountant near me, CPA Dallas, cpa near me, Dallas CPA, North Texas CPA, Q4, Q4 filing deadline, Q4 filing deadlines, tax accountant near 75248, tax accountant near me, tax advisor, tax filing, tax filing deadlines 2022, The Burns Firm|

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

Self-employed? Build a Nest Egg With a Solo 401(k) Plan

September 15th, 2022|Categories: 401K, Accountant, accountant near me, Accounting, Burns Firm, CPA, CPA Dallas, CPA in NOrth Texsa, CPA near 75248, CPA near 75252, CPA near me, CPA neasr 75248, CPA75248, CPADallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Self-employed, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, The Burns Firm|Tags: accountant near me, CPA Dallas, Dallas CPA, pros and cons of solo 401K, retirement plans, self-employed retirement plan options, solo 401K, tax, tax accountant near me, Tax planning, The Burns Firm|

Do you own a successful small business with no employees and want to set up a retirement plan? Or do you want to upgrade from a SIMPLE IRA or [...]