Tax – Page 23 – The Burns Firm – Advisors of Complex Financial Matters

Taxpayers Should Check Withholding

June 15th, 2021|Categories: Accounting, Burns Firm, CPA Dallas, Dallas CPA, Services, Tax, Tax Deductions, Tax Return, Tax Withholding, The Burns Firm, Withholding|Tags: CPA Dallas, Dallas CPA, do I need to give my employer a new W4 if I want to change my withholding amount, how do I determine how much should be withheld from by pay, how much should I have withheld from my paycheck, how to calculate withholding amount, tax and withholding from pay, tax withholding, The Burns Firm, W4, W4 and withholding amount|

Info irs.gov Taxpayers should review their federal withholding each year to make sure they're not having too little or too much tax withheld. Employees, retirees and self-employed individuals can use [...]

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: CPA for the sell of my business, do I need a CPA when I sell my business, do I need due diligence if I am buying a company, due diligence, due diligence for seller, how do I sell my business, M&A, merger and acquisition, The Burns Firm, The Burns Firm M&A Advisors, what is due diligence, what is seller due diligence|

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: advance payment due date, advance tax credit payment, can I claim a child on my tax return, child tax credit, child tax credit and my tax return, child tax credit on my tax return, claiming children on tax return, CPA Dallas, Dallas CPA, do I qualify for advance payment for my child, how will I get my advance payment, tax accountant near me, tax preparer near me, tax return, The Burns Firm, what is a qualifying child, when will I get my advance payment for child tax credit, who can prepare my personal tax return|

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: are business meals deductible, can i deduct miles driven for business, CPA Dallas, cpa near me, Dallas CPA, do I have to pay self-employment tax, health insurance deduction on tax return, home office deductions, how much is self-employment tax, is business travel deductible, retirement plan contributions, tax, tax credits for self-employed, tax deductions, tax deductions for self-employed, tax preparer near me, The Burns Firm, what can I deduct on my return for my business, what credits can I take on my tax return if I am self-empolyed|

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: are you ready for a boom in the economy, CPA Dallas, Dallas CPA, rise in the economy, tax accountant, The Burns Firm, the economy and your taxes, the economy is ramping up|

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. [...]

The Importance of an EMail Disclaimer

May 27th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Litigation Services, Merger & Acquisition, Partnership, Sell Business, Selling a Business, Services, Small Business, Tax|Tags: CPA Dallas, Dallas CPA, do I need an email disclaimer, email disclaimers, is an email disclaimer needed on my emails, The Burns Firm|

Email is ubiquitous in the American workplace and along with its growth comes the risk of lawsuits that can cost your company a bundle. In most cases an employer is held [...]

Be Sure to Report Income From Tips on Your Tax Return

May 25th, 2021|Categories: Accounting, Burns Firm, Contractor, CPA Dallas, Dallas CPA, IRS, Tax, Tax Return, The Burns Firm|Tags: are tips taxable, CPA Dallas, Dallas CPA, do I have to pay tax on tips, do I include my tip money on my tax return, tax and tips, tax on tips, tax preparer near me, tax return preparation|

Information provided by IRS.gov Income received from any source, including tips, is taxable. Use the following guidelines to help report tip income. All tips that taxpayers receive are income and [...]

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: CPA Dallas, CPA North Texas, Dallas CPA, filing a tax return, i have a question regarding regarding my already filed tax return, IRS questions, tax accountant, tax accountant near me, tax accountant north dallas, tax accountant north texas, tax credits, tax deductions, tax questions for you, The Burns Firm, we answer tax related questions, who can I ask my questions to regarding my tax return|

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: 2021 child tax credit, 2021 CTC, am i eligible for the new child tax credit, child tax credit, CPA Dallas, CTC, Dallas CPA, does my child qualify me for the child tax credit, tax preparer near me, The Burns Firm, what is a child tax credit|

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: accountant near me, can i calssify my vacation home as a rental, can i rent out my vacation home, CPA Dallas, cpa near me, Dallas CPA, does my vacation home have tax implications, how can I use my vacation home, is my vacation home classified as a rental property, marterial participation standard, PAL rules, personal residence vs rental property, personal residence vs vacation home, schedule e losses, small landlord exception, tax deductions, The Burns Firm, vacation home credits, what does the irs classify as a rental property, what does the irs classify as a vacation home|

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: am i a gig worker, CPA Dallas, cpa near me, Dallas CPA, do I need to pay tax on my gig income, do i pay tax on my tips, gig income, how should I pay my taxes if I am a musician, side gig and taxes, tax accountant near me, tax return preparer near me, The Burns Firm, what are the tax obligations if I am a gig worker, what is a gig worker, what records do i need to keep on my gig income|

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: CPA Dallas, Dallas CPA, education assistance to employees, job-related education benefits, student loan repayment assistance, tax, tax return preparation. tax preparer ner me, The Burns Firm|

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: Callas CPA, CPA Dallas, do i ned to report bitcoin transactions, do i need to report bitcoin on my tax return, how do i keep track of virtual currency transactions for my taxes, how do I report cyrptocurrency, how do i report virtual currency, is virtual currency considered property, is virtual currency income, tax preparer near me, tax return preparation near me, The Burns Firm|

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: CPA, CPA Dallas, cpa near me, Dallas, do I qualify for trader status for tx purposes, mark-to-market election on tax return, securities trader and tax return, tax accountant near me, tax preparer near me, The Burns Firm, trader status, Trader Status Offers Significant Tax Benefits, trading investments|

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 [...]

Why It’s Important to Meet Tax Return Filing and Payment Deadlines

April 29th, 2021|Categories: Accounting, Burns Firm, CPA Dallas, Dallas CPA, Tax, Tax Preparation, Tax Return|Tags: 2020 tax return, CPA Dallas, Dallas CPA, do i need to pay my tax bill when i file my return, irs penalties, is there a failure to file penalty, is there a penalty for late payment to the irs, reasonable cause and the irs, tax, tax liability and my tax return, tax return preparation, The Burns Firm, what is the deadline for paying the irs, will i owe money to the irs, will the irs forgive penalties|

The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed [...]