Tax Rules – The Burns Firm – Advisors of Complex Financial Matters

Is Your Money-Losing Activity a Hobby or a Business?

October 15th, 2024|Categories: Accountant, Burns Firm, Business, Business Deductions, Business Write-offs, CPA, CPA near me, CPA Texas, Dallas CPA, Deductions, Hobby, Hobby Loss Rules, Services, Small Business, Tax, Tax Advisor, Tax Deductions, Tax Rules, tax write-offs, TCJA, Texas CPA|Tags: CPA, cpa near me, expenses, Expenses from Hobby, hobby, How to Determine if Your Hobby is a Business, Is Your Hobby a Business, tax, tax advisor, tax rules, TCJA tax rules, The Burns Firm|

Let’s say you have an unincorporated sideline activity that you consider a business. Perhaps you offer photography services, create custom artwork or sell handmade items online. Will the IRS agree [...]

Unlock Your Child’s Potential By Investing in a 529 Plan

October 10th, 2024|Categories: 529 Plan, Accountant, Burns Firm, College Savings Plan, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Education, Section 529, Services, Tax, Tax Advisor, Tax Rules, Texas CPA, The Burns Firm|Tags: 529 plan, College Saving Program, cpa near me, Dallas CPA, Qualified Tuition Program, tax, tax advisor, Tax-Free Distribution from College Saving Plan, Tax-Free Tuition Plans, Texas CPA, The Burns Firm|

If you have a child or grandchild planning to attend college, you’ve probably heard about qualified tuition programs, also known as 529 plans. These plans, named for the Internal Revenue Code [...]

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: Clean Vehicle Tax Credit, CPA, cpa near me, Dallas CPA, electric vehicles, EV Tax Credit, tax advisor, tax credits, Texas CPA, The Burns Firm|

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 [...]

What Can Your Small Business Do Now to Lower Taxes for 2024?

August 13th, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Small Business, Tax, Tax Advisor, Tax Depreciation, Tax Planning, Tax Rules, Taxable Income, Texas CPA, The Burns Firm|Tags: accounting methods for small business, CPA, CPA Dallas The Burns Firm, cpa near me, Dallas CPA, How to Lower Taxes for 2024, North Texas CPA, Small Business and Taxes, tax, tax advisor, tax breaks, Texas CPA, The Burns Firm, What Can Your Small Business Do Now to Lower Taxes for 2024?|

Summer is a good time to take stock of how your small business is doing this year and consider options for reducing your 2024 federal income tax bill. Thankfully, it [...]

Transfer Pricing Rules for International Businesses

July 18th, 2024|Categories: Burns Firm, Business, CPA, CPA Dallas, CPA near me, CPA Texas, CPADallas, Dallas CPA, International Business, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Rules, Texas CPA, The Burns Firm, Transfer Pricing Rules|Tags: business, Business Transfer Pricing Rules, International Business Rules, tax, tax advisor, The Burns Firm, Transfer Pricing Rules for International Businesses|

If your business is expanding its geographical footprint beyond state or U.S. borders, it's important to understand the transfer pricing rules. In a nutshell, transfer pricing refers to cross-border pricing [...]

What Might Be Ahead As Many Tax Provisions Are Scheduled To Expire?

July 16th, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Tax, tax accountant, Tax Advisor, Tax Law, Tax Law Changes, Tax Planning, Tax Provisions, Tax Rules, TCJA, Texas CPA, The Burns Firm|Tags: Changes in Tax Provisions, CPA, cpa near me, Dallas CPA, tax, tax advisor, Tax Changes for 2026, TCJA, Texas CPA, The Burns Firm|

Buckle up, America: Major tax changes are on the horizon. The reason has to do with tax law and the upcoming elections. Our current situation The Tax Cuts and [...]