Tax Credits

Notify the IRS if You Change Your Address

August 5th, 2021|Categories: IRS, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, Tax Withholding, The Burns Firm|Tags: , , , , , , , |

It's important to notify the IRS if you move and change your address. Under tax law regulations, a taxpayer's last known address is the one that appears on the tax return you [...]

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: , , , , , , , , , |

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: , , , , , , , , |

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 [...]

Seniors May be Able to Write Off Medicare Premiums on Their Tax Returns

July 20th, 2021|Categories: Accounting, Burns Firm, CPA Dallas, Dallas CPA, Dallas tax return preparer, IRS, Medicare Premiums, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , , |

Are you age 65 and older and have basic Medicare insurance? You may need to pay additional premiums to get the level of coverage you want. The premiums can be [...]

Do You Owe the Nanny Tax?

July 13th, 2021|Categories: Burns Firm, Child Tax Credit, Dallas CPA, IRS, Nanny Tax, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, Tax Withholding, The Burns Firm|Tags: , , , , , , , , , , , |

The COVID-19 pandemic has changed the dynamics of many households. In most cases, schools stopped or limited in-person instruction, causing many children to engage in at-home learning. Some families moved disabled [...]

Retiring Soon? 4 Tax Issues You May Face

June 29th, 2021|Categories: Accounting, Burns Firm, Estimated Tax, Retirement Plan, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , , , , , |

If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and [...]

Many Parents Will Receive Advance Tax Credit Payments Beginning July 15

June 8th, 2021|Categories: Accounting, American Rescue Plan, American Rescue Plan Act, Burns Firm, Child Tax Credit, Covid-19, CPA Dallas, Dallas CPA, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , , , , , , , , , |

Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue [...]

Deductions for Self-Employed

June 3rd, 2021|Categories: Accounting, Burns Firm, Business, Services, Small Business, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation|Tags: , , , , , , , , , , , , , , , , , , |

If your business was forced to close due to the pandemic, you may be itching to get back in the game. Or maybe you're looking to fulfill a lifelong dream of [...]

Still Have Questions After You File Your Tax Return?

May 20th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, Dallas CPA, Estimated Tax, Estimated Tax Payments, IRS, IRS Forms, Partnership, Retirement Plan, S Corporation, Small Business, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: , , , , , , , , , , , , , , , |

Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers to three questions that [...]

Eligible Parents Will Begin Receiving Advance Child Tax Credits July 15

May 19th, 2021|Categories: Accounting, Child Tax Credit, CPA Dallas, Dallas CPA, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , , |

The 2021 advance child tax credit (CTC) payments, which were established under a recent law, will begin being made on July 15, 2021, the IRS announced. The tax agency also [...]

Vacation Home Usage Has Tax Implications

May 18th, 2021|Categories: Accounting, Burns Firm, CPA Dallas, Dallas CPA, IRS, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: , , , , , , , , , , , , , , , , , , , |

Do you own a vacation home that's classified as a rental property for tax purposes? Rental property owners may be tempted to use their rental properties for their personal "staycations" or [...]

Working in the Gig Economy Results in Tax Obligations

May 13th, 2021|Categories: Accounting, Contractor, Dallas CPA, Small Business, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: , , , , , , , , , , , , , , |

Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy had been growing, according to several reports. And reductions in working hours during the [...]

Providing Education Assistance to Employees? Follow These Rules

May 11th, 2021|Categories: Accounting, Burns Firm, CPA Dallas, Dallas CPA, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , |

Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year [...]

How Virtual Currency Transactions Affect Your Tax Situation

May 6th, 2021|Categories: Accounting, CPA Dallas, Dallas CPA, IRS, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm, Virtual Currency|Tags: , , , , , , , , , , , |

The IRS wants to know about any virtual currency transactions. However, many taxpayers are surprised to learn that Bitcoin and other forms of virtual currency are considered "property" for tax purposes, [...]

Go to Top