Tax Planning

Due Diligence Considerations for Sellers

June 10th, 2021|Categories: Accounting, Burns Firm, Business, Buying a Business, Due Diligence, Merger & Acquisition, Partnership, S Corporation, Sell Business, Selling a Business, Small Business, Tax, Tax Planning|Tags: , , , , , , , , , , , |

You may be able to structure the sale of a corporate business as a tax-free reorganization. However, to be totally tax-free, you generally must receive nothing but stock in the acquiring [...]

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 [...]

As the Economy Warms Up, Will You Be Ready?

June 1st, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Merger & Acquisition, Partnership, S Corporation, Sell Business, Selling a Business, Services, Small Business, Tax, Tax Planning|Tags: , , , , , , , |

Preparing for a surge in demand for your business's products and services doesn't mean you have to go out on a financial limb. But some contingency planning may be in order. [...]

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, [...]

Trader Status Offers Significant Tax Benefits

May 4th, 2021|Categories: Accounting, Burns Firm, Business, Services, Tax, Tax Deductions, Tax Planning, Tax Return|Tags: , , , , , , , , , , , , |

In January 2021, online day traders trapped institutional short sellers in a short squeeze by buying up shares of the video and computer game retailer GameStop. This episode brought attention to [...]

Avoiding the 10% Penalty On Early IRA Withdrawals

April 15th, 2021|Categories: IRA, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning|Tags: , , , , , , , , , , , , |

For one reason or another, you may need to take some money out of an IRA before reaching retirement. You can withdraw money from an IRA at any time and [...]

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 [...]

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