Small Business – Page 4 – The Burns Firm – Advisors of Complex Financial Matters

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 [...]

Using a Noncompete Agreement When Buying a Business

May 17th, 2022|Categories: Accountant, Accounting, Burns Firm, Business, Buying a Business, CPA, CPA Dallas, Dallas CPA, Dallas tx accountant, Due Diligence, M&A, Merger & Acquisition, Sell Business, Selling a Business, Services, Small Business, Tax, The Burns Firm|Tags: asset purchases, buy a business, Buying a business, CPA Dallas, Dallas buying and selling, Dallas CPA, Dallas m&A, due diligence when buying a business, i want to buy a business, i want to sell my business, M&A expert, noncompete agreement when buying a business, sell your business, Selling a business, stock purchase treated as asset purchase, stock purchases, The Burns Firm, who can help me sell my business|

Noncompete agreements are commonly included in business purchase transactions to prevent the seller from competing against the buyer for the term of the noncompete agreement. These arrangements are also sometimes called [...]

Tax Issues When SELLING a Business With an Earnout

May 12th, 2022|Categories: Accountant, Accounting, Burns Firm, Business, Business Write-offs, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Due Diligence, M&A, Merger & Acquisition, Sell Business, Selling a Business, Services, Small Business, Tax Planning, tax write-offs, The Burns Firm|Tags: accountant near me, CPA Dallas, cpa near me, Dallas CPA, merger and acquisition, selling my business, tax issues when selling a business with an earnout, tax preparer near me, The Burns Firm, who can hel me sell my business|

When a business is sold or purchased, the transaction might involve an earnout provision. This is a contractual arrangement in which the seller receives additional payment in the future if certain [...]

Beware: Remote Work May Complicate Your Income Taxes

March 24th, 2022|Categories: Accountant, Accounting, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Employee Retention Tax Credit, Expenses, Services, Small Business, Tax, Tax Credits, Tax Deductions, Tax Preparation, Tax Return, The Burns Firm|Tags: convenience tax rule, CPA, CPA Dallas, CPA TExas, North Texas accountant, North Texas CPA, remote work may complicate your income tax return, rules for working from home, rules related to the taxation of remote workers, tax and remote workers, tax preparation in Dallas, tax preparer in DFW, tax preparer near me, tax rules relating to remote workers, The Burns Firm|

Remote work has become more common in recent years, and the COVID-19 pandemic has resulted in employers realizing that many jobs can be done from home. Some remote workers even work [...]

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 [...]

Take Advantage of Tax Breaks for Small Businesses

March 8th, 2022|Categories: Accounting, Burns Firm, Business, CPA, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, QBI, Services, Small Business, Tax, Tax Deductions, Tax Preparation, Tax Return, TCJA|Tags: 2022 tax breaks for business, Bonus depreciation, CPA Dallas, Dallas CPA, QBI deduction, Sec 179 depreciation deduction, Sec. 179 deductions, Sec. 179 limitations, tax, tax breaks for small businesses, tax preparer for business, The Burns Firm|

If you own a small or medium-sized business, it may be eligible for some significant tax breaks that aren't available for larger entities. Here are three examples to consider as you [...]

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 [...]

Due Diligence Considerations

February 8th, 2022|Categories: Accounting, Burns Firm, Business, Buying a Business, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Due Diligence, M&A, Merger & Acquisition, Sell Business, Selling a Business, Services, Small Business, The Burns Firm|Tags: Buying a business, due diligence, due diligence when buying or selling a business, M&A due diligence, merger & acquisition due diligence, sale of business due diligence, Selling a business, The Burns Firm, The Burns Firm M&A Advisors|

Buyers of businesses generally prefer to arrange for an asset purchase transaction, instead of purchasing an ownership interest in the target business entity. Why? The primary reason is to avoid exposure to liabilities — both [...]

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” [...]

Get ready for taxes: Here’s what’s new and what to consider when filing in 2022

January 25th, 2022|Categories: Accounting, Burns Firm, CARES Act, Child Tax Credit, Covid-19, COVID-Related Tax Relief Act (COVIDTRA), CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Donations, Estimated Tax, Estimated Tax Payments, Expenses, Gift Tax, IRS, Nanny Tax, Retirement, Services, Small Business, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, Tax Withholding, tax write-offs, Taxpayer Certainty and Disaster Tax Relief Act (TCDTRA), The Burns Firm, Withholding|Tags: 2022 tax, 2022 tax guidelines, 2022 taxes, accountant near me, cpa near me, IRS, North Texas accountant, tax accountant near me, tax filing, tax preparation, tax preparer near me|

Information from IRS.gov The IRS encourages taxpayers to get informed about topics related to filing their federal tax returns in 2022. These topics include special steps related to charitable contributions, [...]

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 [...]

How Are Court Awards and Out-of-Court Settlements Taxed?

January 4th, 2022|Categories: Burns Firm, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Services, Small Business, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: are court settlements taxed, court settlements and tax, CPA Dallas, Dallas CPA, IRS, The Burns Firm|

Awards and settlements are routinely provided for a variety of reasons. For example, a person could receive compensatory and punitive damage payments for personal injury, discrimination or harassment. Some of [...]

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 [...]