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Business Valuation Issues in Divorce

March 9th, 2023|Categories: Accountant, Accounting, Burns Firm, Business, Business Valuation, CPA, CPA Dallas, CPA near me, Dallas CPA, Divorce, Services, Small Business, Tax, tax accountant, Tax Advisor, The Burns Firm|Tags: , , , , , , |

In a divorce, when either or both spouses own a closely held business, the dissolution of the marriage becomes more complex. There are several questions to consider: Should the couple [...]

Get a Head Start on College Savings

February 28th, 2023|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Education, Scholarships, Services, Tax Advisor, Tax Planning, The Burns Firm|Tags: , , , , , , , , , , |

The Brookings Institution estimates parents will spend about $310,605 to raise a child born in 2015 until the age of 17. This figure is adjusted for future projected inflation but [...]

Child Tax Credit: The Rules Keep Changing But It’s Still Valuable

February 16th, 2023|Categories: Accountant, Accounting, Burns Firm, Child Tax Credit, CPA, CPA Dallas, CPA near me, CTC, Kiddie Tax, Services, Tax, Tax Advisor, Tax Credits, The Burns Firm|Tags: , , , , , , , |

If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). The rules and credit amounts have changed significantly over the last six [...]

Tax Planning Can Reduce Adoption Costs

February 14th, 2023|Categories: Accountant, Adoption, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Services, Tax, Tax Advisor, Tax Credits, Tax Planning, The Burns Firm|Tags: , , , , , , , , , |

Adoptions plummeted during the COVID pandemic, but the adoption rate is slowly rebounding. If you're among those considering adopting a child, you need to know about the various tax breaks that [...]

Have employees who receive tips? Here are the tax implications

February 9th, 2023|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Gig Economy, Services, Tax, tax accountant, Tax Advisor, The Burns Firm, Tips|Tags: , , , , , , , , |

Many businesses in certain industries employ individuals who receive tips as part of their compensation. These businesses include restaurants, hotels and salons. Tip definition Tips are optional payments that customers [...]

Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty

February 7th, 2023|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Early Withdrawal from IRA, IRA, Retirement, Retirement Plan, Services, Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0), Tax, Tax Preparation, Tax Return, The Burns Firm|Tags: , , , , , , , , |

Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. What’s considered early? In general, it’s [...]

What’s Happened with My Tax-Free Transportation Fringe Benefits?

February 2nd, 2023|Categories: Accountant, Burns Firm, CPA Dallas, CPA near me, Dallas CPA, Fringe Benefits, Services, Tax, Tax Credits, Tax Planning, The Burns Firm|Tags: , , , , , , , , |

Over the years, Congress has established some nice tax breaks for transportation-related employee fringe benefits to encourage taxpayers to be more ecology-minded when commuting to work. But, the Tax Cuts [...]

Tax-Saving Ways to Help Pay for College — Once Your Child Starts Attending

January 31st, 2023|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Education, Services, Tax, Tax Advisor, Tax Deductions, Tax Return, The Burns Firm|Tags: , , , , , , |

If you have a child or grandchild in college — congratulations! To help pay for the expenses, many parents and grandparents saved for years in tax-favored accounts, such as [...]

Employers Should Be Wary of ERC Claims That Are Too Good to Be True

January 26th, 2023|Categories: Accountant, accountant near me, Accounting, Burns Firm, Business, CPA, CPA Dallas, CPA near me, Dallas CPA, ERC, Services, Small Business, Tax, tax accountant near me, Tax Advisor, The Burns Firm|Tags: , , , , , |

The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is [...]

Why You Might Want to File Early and Answers to Other Tax Season Questions

January 24th, 2023|Categories: Accountant, accountant near me, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Preparation, Tax Return, The Burns Firm|Tags: , , , , , , , , , , , |

The IRS announced it opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting and processing 2022 tax year returns. Even [...]

Renting to a Relative? Watch Out For Tax Traps

January 12th, 2023|Categories: Accountant, Accounting, Burns Firm, CPA, CPA near me, Dallas CPA, Rental Property, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, The Burns Firm|Tags: , , , , , , , |

If you own a home and rent it to a relative, you may be surprised to find out there could be tax consequences. Quick rundown of the rules Renting [...]

A Dozen Ways the SECURE 2.0 Law Helps Individuals and Employees

December 29th, 2022|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, IRA, IRS, SECURE Act, Services, Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0), Tax, Tax Advisor, The Burns Firm|Tags: , , , , , , |

In the waning hours of the 117th Congress, a large government funding bill was passed that includes many provisions that will help Americans save more for retirement. The Setting Every Community Up [...]

Do you qualify for the QBI deduction? And can you do anything by year-end to help qualify?

December 28th, 2022|Categories: Accountant, Accounting, Burns Firm, Business, CPA, CPA Dallas, Dallas CPA, QBI, Services, Small Business, Tax, Tax Advisor, Tax Planning, The Burns Firm, Year-End Tax Planning|Tags: , , , , , , |

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or [...]

How Much Does the IRS Let Delinquent Taxpayers Live On?

December 15th, 2022|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPADallas, Dallas CPA, Delinquent Tax, IRS, Services, Tax, Tax Advisor, The Burns Firm|Tags: , , , , , |

The IRS uses "Collection Financial Standards" to help determine a taxpayer's ability to pay a delinquent tax liability. Allowable living expenses include those that meet the test of being necessary to provide for [...]

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