tax accountant

From Flights to Meals: A Guide to Business Travel Tax Deductions

November 20th, 2024|Categories: Accountant, accountant near me, Bookkeeping for Business, Burns Firm, Business Deductions, Business Expense Deductions, Business Travel Deductions, Business Write-offs, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Deductions, Expenses, Record Keeping for Business, Recordkeeping for Travel Expense, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Texas CPA, The Burns Firm, Travel Expense, Travel Write-offs for Business|Tags: , , , , , , , , , , , |

As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel expenses are tax deductible can significantly affect [...]

Tax Issues When Buying a Business With an Earnout

November 12th, 2024|Categories: Accountant, Burns Firm, Business Valuation, Buying a Business, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Earnouts, Selling a Business, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , |

If you're buying or selling a business, the transaction may involve an earnout provision. This is a contractual arrangement in which the seller receives additional payment in the future if [...]

R&E Capitalization Has Unintended Effect on Small Businesses

November 7th, 2024|Categories: CPA, CPA Dallas, CPA near me, CPADallas, Dallas CPA, R&E, Research & Experimentation, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Credits, Tax Deductions, Tax Planning, TCJA, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , |

The Tax Cuts and Jobs Act (TCJA) brought a significant, albeit delayed, change to the tax treatment of research and experimentation (R&E) costs under Internal Revenue Code Section 174. After [...]

Five Commonly Asked Financial Questions During Divorce

November 5th, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Divorce, Divorce CPA, Tax, tax accountant, tax accountant near me, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , |

Married people save money by sharing household expenses. But when divorce strikes, the couple's bills may suddenly double. You need to pay two electric bills, two mortgages and (hopefully) two [...]

You Don’t Have to be in Business to Deduct Certain Vehicle Expenses

October 31st, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Deductions, Services, Tax, tax accountant, Tax Advisor, Tax Deductions, Texas CPA, The Burns Firm, Vehicle Deductions, Vehicle Expenses|Tags: , , , , , , , , , |

When you think about tax deductions for vehicle-related expenses, business driving may come to mind. However, businesses aren’t the only taxpayers that can deduct driving expenses on their returns. [...]

The IRS has announced new federal income tax brackets and standard deductions for 2025

October 24th, 2024|Categories: Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, CPADallas, Dallas CPA, Federal Tax Bracket, IRS, Standard Deduction, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Bracket, Tax Planning, Tax Rates, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , |

Federal tax brackets for 2025 Federal income tax brackets show how much you owe on each part of your “taxable income,” which you calculate by subtracting the greater of the [...]

Maximize Your Year-End Giving With Gifts That Offer Tax Benefits

October 22nd, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, CPADallas, Dallas CPA, Gift Tax, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Tax Planning, Texas CPA, The Burns Firm, Year-End Tax Planning|Tags: , , , , , , , , , , , |

As the end of the year approaches, many people start to think about their finances and tax strategies. One effective way to reduce potential estate taxes and show generosity [...]

Understanding the $7,500 Federal Tax Credit for Buying an Electric Vehicle

October 3rd, 2024|Categories: Accountant, Burns Firm, Clean Vehicle Tax Credit, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Electric Vehicle, Electric Vehicle Credits, EV, EV Credits, EV's, Tax, tax accountant, Tax Advisor, Tax Credits, Tax Deductions, Tax Law, Tax Rules, Texas CPA, The Burns Firm|Tags: , , , , , , , , , |

Electric vehicles (EVs) have become increasingly popular. According to Kelley Blue Book estimates, the EV share of the vehicle market in the U.S. was 7.6% in 2023, up from [...]

Make year-end tax planning moves before it’s too late!

October 1st, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Planning, Texas CPA, The Burns Firm, Year-End Tax Planning|Tags: , , , , , , , , |

With the arrival of fall, it’s an ideal time to begin implementing strategies that could reduce your tax burden for both this year and next. One of the first [...]

Is your Home Office a Tax Haven? Here are the Rules for Deductions

September 26th, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Deductions, Home Office Deduction, Tax, tax accountant, Tax Advisor, Tax Deductions, tax write-offs, Texas CPA, The Burns Firm|Tags: , , , , , , , , , |

Working from home has become increasingly common. The U.S. Bureau of Labor Statistics (BLS) reports that about one out of five workers conducts business from home for pay. The [...]

Possible Expiration of Key TCJA Provisions Could Affect Individual Taxpayers

September 25th, 2024|Categories: Accountant, Burns Firm, CPA, CPA near me, CPA Texas, Dallas CPA, Ordinary Income, Qualified Dividends, Short-Term Capital Gains, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Planning, TCJA, Texas CPA|Tags: , , , , , , , , , , , |

The Tax Cuts and Jobs Act (TCJA) made sweeping changes to the federal tax rules for individual taxpayers. Many of these provisions are scheduled to expire at the end of [...]

6 Tax-Free Income Opportunities

September 24th, 2024|Categories: Accountant, Burns Firm, Business Stocks, College Savings Plan, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Gift Tax, Income Tax, Inheritance, IRA, Section 529, Tax, tax accountant, tax accountant near me, Tax Advisor, The Burns Firm|Tags: , , , , , , , , , , , |

Believe it or not, there are ways to collect tax-free income and gains. Here are some of the best opportunities to put money in your pocket without current federal [...]

Are You Liable for Two Additional Taxes on Your Income?

September 19th, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Income Tax, Medicare Tax, Net Investment Income Tax, NIIT, Tax, tax accountant, tax accountant near me, Tax Advisor, Taxable Income, Texas CPA, The Burns Firm|Tags: , , , , , , , , , |

Having a high income may mean you owe two extra taxes: the 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. [...]

Are You Unfairly Burdened By a Spouse’s Tax Errors? You May Qualify for “Innocent Spouse Relief”

September 17th, 2024|Categories: Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Injured Spouse Relief, Innocent Spouse, Innocent Spouse Relief, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Return Filing, Tax Return Preparer, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , |

Navigating the complexities of tax law can be difficult, especially when faced with an unexpected tax bill due to the errors of a spouse or ex-spouse. The reason for [...]

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: , , , , , , , , , , , |

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 [...]

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