tax write-offs – The Burns Firm – Advisors of Complex Financial Matters

Claiming Bad Debt Loss Deductions

April 17th, 2025|Categories: Accountant, Burns Firm, Business Deductions, Business Losses, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Debt, Deductions, Tax, tax accountant, Tax Advisor, tax write-offs, Texas CPA, The Burns Firm|Tags: Bad Debt Loss Deductions on Your Tax Return, Business Bad Debt Loss Deductions, cpa near me, Dallas CPA, tax, tax accountant, tax advisor, Texas CPA, The Burns Firm|

The issue of individual taxpayers deducting bad debt losses has historically been a source of tension with the IRS. Here's what you need to know to get the best [...]

Deduct a Loss From Making a Personal Loan to a Relative or Friend

April 3rd, 2025|Categories: Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Loans, Tax, tax accountant, tax accountant near me, Tax Advisor, tax write-offs, Texas CPA, The Burns Firm|Tags: cpa near me, Dallas CPA, Loan to Family at a Loss, Loans to Friends at a Loss, Personal Loan to Family, tax, tax advisor, Texas CPA, The Burns Firm|

Suppose your adult child or friend needs to borrow money. Maybe it’s to buy a first home or address a cash flow problem. You may want to help by [...]

To Itemize or Not to Itemize?

December 12th, 2024|Categories: Accountant, accountant near me, Burns Firm, Charitable Contributions, Charitable Donations, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Deductions, Dependents, Medical Deductions, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Tax Return, Tax Return Filing, Tax Return Preparer, Tax Rules, tax write-offs, Texas CPA, The Burns Firm|Tags: CPA, cpa near me, Dallas CPA, itemized deductions, Itemizing for 2024, Personal Tax and Itemizing, Should I Itemize My Deductions, tax, tax advisor, tax deductions, Texas CPA, The Burns Firm, What Can I Use for Itemized Deductions|

With the tax year winding down, it's time to evaluate your personal tax situation. Will you claim the standard deduction or itemize deductions on your 2024 tax return? The [...]

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 [...]

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: cpa near me, Dallas CPA, Home office, home office deductions, Home Office Expenses, tax, tax advisor, Tax Rules and Working From Home, The Burns Firm, Working From Home|

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 [...]

Buying Versus Leasing a Car

July 2nd, 2024|Categories: Burns Firm, Business Vehicle, Buying vs Leasing a Car, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Tax, Tax Deductions, tax write-offs, Texas CPA, The Burns Firm|Tags: Buying A Car, Buying vs Leasing a Car, cpa near me, Dallas CPA, Leasing a Car, Pros and Cans of Leasing a Car, Pros and Cons of buying a Car, Should I buy or lease my car, tax, tax advisor, Texas CPA, The Burns Firm|

Some people approach buying a car almost the way they approach marriage, "until death do us part." Others prefer to keep their options open, trading in every few years for [...]

Get to Know the Educator Expense Tax Deduction

June 25th, 2024|Categories: Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Education, Education Expenses, Educator Expense Tax Deduction, Expenses, Tax, Tax Advisor, Tax Credits, Tax Deductions, tax write-offs, Texas CPA, The Burns Firm|Tags: CPA Dallas, cpa near me, Dallas CPA, Educator, Educator Expense, Educator Expense Tax Deduction, tax, tax accountant, tax advisor, Tax Deduction for Educators, Teacher, Texas CPA, The Burns Firm|

Are you a teacher or other educator who often pays for classroom supplies out of your own pocket? Your main objective is to improve the learning experience of the kids, [...]

Taxes When You Sell an Appreciated Vacation Home

May 14th, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Sale of Vacation Home, Selling A Home, Services, Tax, tax accountant, Tax Advisor, tax write-offs, The Burns Firm, Vacation Home|Tags: cpa near me, Dallas CPA, Sale of Vacation Home and Taxes, tax, tax advisor, Taxes on Sell of Appreciated Vacation Home, Texas CPA, The Burns Firm, vacation home|

Vacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three scenarios to illustrate the federal [...]

Demystifying Personal Casualty Losses

March 5th, 2024|Categories: Accountant, Burns Firm, Casualty Loss, CPA, CPA Dallas, CPA near me, Dallas CPA, Deductions, Tax, Tax Advisor, Tax Deductions, Tax Preparation, Tax Return Preparer, tax write-offs, The Burns Firm|Tags: Can I Deduct Personal Casualty, cpa near me, Dallas CPA, Limited Deductions for Personal Casualty Losses, Personal Casualty Losses, tax advisor, The Burns Firm|

In recent years, many Americans have been the victims of natural disasters. If you're unfortunate enough to suffer a personal casualty loss, here are the federal income tax implications. Limited [...]

Tax Breaks for Vacation Home Rentals

February 13th, 2024|Categories: Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Tax, Tax Advisor, Tax Deductions, Tax Return, Tax Return Preparer, tax write-offs, The Burns Firm, Vacation Home|Tags: CPA Dallas, cpa near me, Dallas CPA, tax, tax accountant near me, tax advisor, Tax Breaks for Vacation Rentals, The Burns Firm, vacation home rental, Vacation Home Tax Breaks, Vacation Rentals|

Do you own a vacation home in the mountains or near the water where you can enjoy some much-needed rest and relaxation? If you rent it to tenants while you [...]

Filing jointly or separately as a married couple: What’s the difference?

February 8th, 2024|Categories: Accountant, accountant near me, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Estimated Tax, Estimated Tax Payments, Expenses, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Credits, Tax Deductions, Tax Filing Status, Tax Preparation, Tax Return, Tax Return Filing, Tax Withholding, tax write-offs, Taxable Income, The Burns Firm|Tags: cpa near me, Dallas CPA, How to determine the best filing status for me, Should I file my tax return jointly or separate, tax, tax accountant near me, tax advisor, tax filing, tax filing status, tax preparer near me, tax return, Tax Return Preparations|

When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility for certain tax breaks [...]

Can You Claim Your Parent as a Dependent?

February 1st, 2024|Categories: Accountant, Adult Dependent, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Deductions, Dependent Care credits, Dependents, Parent Dependent, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Tax Filing Status, Tax Planning, Tax Preparation, tax preparer near me, Tax Return, Tax Return Filing, Tax Return Preparer, tax write-offs, The Burns Firm|Tags: Can I Claim My Parent as a Dependent, Claiming Dependents on a Tax Return, CPA Dallas, cpa near me, Dependent Child Care, dependents, filing status, tax, tax advisor, tax deductions, The Burns Firm, Who is a Dependent?, who qualifies as a dependent|

If you pay over half the cost of supporting a parent, your parent is considered your dependent for federal income tax purposes. This treatment potentially entitles you to some significant tax [...]

Answers to Your Tax Season Questions

January 18th, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Expenses, Medical Deductions, Medical Expenses, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Credits, Tax Depreciation, Tax Filing Status, Tax Preparation, Tax Rates, Tax Return, Tax Return Filing, Tax Return Preparer, tax season tips, Tax Withholding, tax write-offs, Taxable Income, The Burns Firm, Wages, Withholding|Tags: 2023 Tax Preparation, 2023 Tax Return preparation, 2023 Tax Season, CPA, CPA Dallas, cpa near me, Questions about taxes, tax, tax advisor, tax preparation, Tax Questions, tax return preparer near me, The Burns Firm, W2s and 1099, What do I need to do for 2023 tax season, what documents are needed to prepare a tax return|

The IRS announced it will open the 2024 income tax return filing season on January 29. That’s when the tax agency will begin accepting and processing 2023 tax year [...]

Year-End Tax Planning Tips for Individuals

November 9th, 2023|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Tax, tax accountant, Tax Advisor, Tax Credits, Tax Cuts, Tax Deductions, Tax Depreciation, Tax Forms, Tax Penalty, Tax Planning, Tax Preparation, tax preparer near me, Tax Return, Tax Return Filing, Tax Withholding, tax write-offs, The Burns Firm, Year-End Tax Planning|Tags: 2023 Year-End Tax Planning, tax, tax advisor, Tax planning, The Burns Firm, year end tax planning|

As the holidays approach, it's time to consider tax planning moves that will help lower this year's tax bill, as well as set you up for tax savings in future [...]

The Tax Implications of Renting Out a Vacation Home

October 12th, 2023|Categories: Accountant, accountant near me, Accounting, Business, CPA, CPA Dallas, CPA near me, Dallas CPA, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, tax write-offs, The Burns Firm, Vacation Home|Tags: can i rent out my vacation home, CPA Dallas, cpa near me, Is vacation home rental money considered income, Renting my vacation home, tax, tax advisor, The Burns Firm, Vacation Home as Short-Term Rental, Vacation Home Income, Vacation Home Rental and Tax Implication, Vacation Homes|

Many Americans own a vacation home or aspire to purchase one. If you own a second home in a waterfront community, in the mountains or in a resort area, [...]