Tax Deductions

Home Sales: How to determine your “Basis”

April 13th, 2021|Categories: Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Preparation|Tags: , , , , , , , , , , , , , , , , |

The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to determine your “basis.” How it [...]

Who Qualifies for “Head of Household” Tax Filing Status?

April 6th, 2021|Categories: Accounting, CPA Dallas, Dallas CPA, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Preparation, Tax Return|Tags: , , , , , , , , , , , , , |

When you file your tax return, you must check one of the following filing statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Who qualifies [...]

Need a New Business Vehicle? Consider a Heavy SUV

April 1st, 2021|Categories: Accounting, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Credits, Tax Deductions, Tax Planning|Tags: , , , , , , , , , , , , , , , |

Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from [...]

Retiring Soon? Recent Law Changes May Have an Impact on Your Retirement Savings

March 23rd, 2021|Categories: Accounting, Burns Firm, Retirement Plan, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation|Tags: , , , , , , , , , , , , , , , , |

If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently [...]

New Law: Parents and Other Eligible Americans to Receive Direct Payments

March 18th, 2021|Categories: Accounting, American Rescue Plan Act, Burns Firm, Child Tax Credit, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Return|Tags: , , , , , , , , , |

The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the [...]

COVID-19 Relief: Overview of the New American Rescue Plan Act

March 18th, 2021|Categories: American Rescue Plan Act, Covid-19, COVID-Related Tax Relief Act (COVIDTRA), IRS, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Preparation|Tags: , , , , , , , , , , , |

The American Rescue Plan Act (ARPA) was signed into law on March 11, 2021. The new law will provide roughly $1.9 trillion in much-needed financial relief to individuals, businesses, not-for-profit organizations, [...]

Estimated Tax Payments: The Deadline for the First 2021 Installment is Coming Up

March 16th, 2021|Categories: Accounting, Burns Firm, Estimated Tax, Services, Tax, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation|Tags: , , , , , , , , , , , , , , |

April 15 is not only the deadline for filing your 2020 tax return, it’s also the deadline for the first quarterly estimated tax payment for 2021, if you’re required to [...]

4 Important Changes on Your 2020 Tax Return

March 11th, 2021|Categories: Accounting, Burns Firm, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Return|Tags: , , , , , , , , , , , , |

Tax season has started. Your tax professional is ready to prepare your 2020 federal and state returns — but are you ready? The pandemic has led to several changes to the [...]

Navigate the Tax Rules for Boats and RVs

March 11th, 2021|Categories: Accounting, Burns Firm, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation|Tags: , , , , , , , , , , , , , |

Will you be cruising the waters on your boat or camping out in your RV this year? Besides the pleasure you can enjoy through your personal property, you may also be [...]

If You Run a Business From Home, You Could Qualify For Home Office Deductions

March 9th, 2021|Categories: Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , , , , , , |

During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to [...]

Six Key Tax Breaks that Homeowners May Be Able to Claim

March 4th, 2021|Categories: Accounting, Burns Firm, Exemptions, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation|Tags: , , , , , , , , , |

The days of classic "tax shelters"— such as cattle breeding or oil drilling deals — are long gone. But at least one major tax shelter is still standing: Your home. [...]

Can You Claim the QBI Deduction for 2020?

March 4th, 2021|Categories: Accounting, Burns Firm, Business, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , |

For tax years beginning in 2020, you can potentially claim a personal federal income tax deduction for up to 20% of qualified business income (QBI) from a so-called "pass-through" business, [...]

How Can Business Owners Lower Last Year’s Tax Bill?

March 2nd, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation|Tags: , , , , , , , , , , , , |

Good news! Business taxpayers may still be able to take actions to lower their federal income tax liabilities for 2020, as well as for future years. Consider these ideas before you [...]

Did You Make Donations in 2020? There’s Still Time to Get Substantiation

February 25th, 2021|Categories: Accounting, Burns Firm, Charitable Donations, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation|Tags: , , , , , , , , , , , , , , , , , |

If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter [...]

Bad Debts: What Losses Can You Deduct and When?

February 23rd, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Deductions, Tax Planning, Tax Return|Tags: , , , , , , , , , , , |

Attempts to claim write-offs for bad debt losses have fueled controversies with the IRS for many years. Unfortunately, bad debt losses are increasingly common during the COVID-19 pandemic. Here's an overview [...]

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