business deductions – The Burns Firm – Advisors of Complex Financial Matters

The Standard Business Mileage Rate Increased in 2025

January 28th, 2025|Categories: Accountant, Burns Firm, Business Deductions, Business Mileage Rate, Business Vehicle, Business Write-offs, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Deductions, IRS Business Mileage Rate, Tax, tax accountant, Tax Advisor, Texas CPA, The Burns Firm|Tags: 2025 Standard Business Mileage Rate, business deductions, Business miles, CPA, cpa near me, Dallas CPA, How to Calculate Business Mile Deduction in 2025, IRS Business Mileage Rate for 2025, Mileage Deduction, Reimbursement for Business Miles, tax advisor, Texas CPA, The Burns Firm|

The nationwide price of gas is slightly higher than it was a year ago and the 2025 optional standard mileage rate used to calculate the deductible cost of operating [...]

Business Owners Beware of the Limits on Deducting Losses

January 14th, 2025|Categories: Accountant, Bookkeeping for Business, Burns Firm, Business, Business Deductions, Business Expense Deductions, Business Travel Deductions, Business Write-offs, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Deductions, Expenses, Meals & Entertainment Deductions, Partnership, S Corporation, Services, Small Business, Tax, tax accountant, Tax Advisor, Tax Deductions, Texas CPA, The Burns Firm|Tags: Basis Limits for Partnerships and S Corporations, business deductions, Business Expense Deductions, cpa near me, Dallas CPA, Deducting Losses for your Business, tax accountant, tax advisor, The Burns Firm|

Even successful businesses occasionally incur losses. Start-ups and expanding businesses often have unprofitable years, and unexpected events like pandemics can knock companies that have been financially healthy for years for [...]

Dos and Don’ts for Business Expense Deductions

February 6th, 2024|Categories: Accountant, Accounting, Burns Firm, Business, Business Automobile, Business Deductions, Business Expense Deductions, Business Vehicle, Business Write-offs, Client Gifts, CPA, CPA Dallas, CPA near me, CPADallas, Dallas CPA, Dallas tx accountant, Deductions, Entertainment Deductions, Expenses, Meals & Entertainment Deductions, Services, Tax, tax accountant, Tax Advisor, Tax Deductions, The Burns Firm|Tags: are client gifts deductible, business deductions, Business Expense Deductions, business expenses, Client Gifts, cpa near me, Dallas CPA, deductions, Meal and Entertainment Deductions, tax, tax deductions, The Burns Firm, Vehicle Expense Deduction, What Can I Deduct for Business Expenses|

As tax season heats up, companies of all kinds and sizes will be on the hunt for ways to reduce their tax bills. One of the most common ways is [...]

The Standard Business Mileage Rate Will Be Going Up Slightly in 2024

January 4th, 2024|Categories: Accountant, Accounting, Burns Firm, Business, Business Automobile, Business Deductions, Business Vehicle, CPA, CPA Dallas, CPA near me, Dallas CPA, Deductions, Expenses, Services, Tax, tax accountant, Tax Advisor, Tax Deductions, The Burns Firm|Tags: business deductions, business expenses, Business Mileage Rate 2024, Cent-Per_Mile Rate 2024, Record Keeping for Business Expenses, tax, tax advisor, The Burns Firm|

The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up by 1.5 cents per mile in 2024. The IRS [...]

Keep These DOs and DON’Ts In Mind When Deducting Business Meal and Vehicle Expenses

June 29th, 2023|Categories: Accountant, Accounting, Burns Firm, Business, Business Deductions, Business Vehicle, Business Write-offs, CPA, CPA Dallas, CPA near me, Dallas CPA, Deductions, Employee Benefits, Expenses, Fringe Benefits, Meals & Entertainment Deductions, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Tax Planning, tax write-offs, The Burns Firm|Tags: business deductions, business expenses, Business Meal Deductions, Business miles, Business Vehicle Deductions, Can I deduct Business Meals, Can I Deduct the Expenses For My Business Vehicle, Can I write-Off Business Expenses, cpa near me, Dallas CPA, fringe benefits, tax advisor, Tax write-offs, The Burns Firm, What Business Expenses Are Decutible|

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records [...]

Update on Deducting Business Meal and Entertainment Expenses

March 23rd, 2023|Categories: Accountant, Accounting, Business, Business Deductions, Business Write-offs, Corporation, CPA, CPA Dallas, CPA near me, Dallas CPA, Deductions, Expenses, Fringe Benefits, Meals & Entertainment Deductions, Partnership, S Corporation, Services, Small Business, Tax, tax accountant, Tax Advisor, Tax Return, tax season tips, TCJA, The Burns Firm|Tags: are business meals deductible, business deductions, Business Meals, CPA Dallas, cpa near me, Dallas CPA, Deductions for Business Meals and Entertainment, fringe benefits, Meals vs Entertainment, Meals While Traveling, tax, tax advisor, The Burns Firm|

The federal income tax treatment of business-related meal and entertainment expenses has been a moving target the last few years. If you're confused about what rules currently apply, you're not [...]

Computer software costs: How does your business deduct them?

December 6th, 2022|Categories: Accountant, Accounting, Burns Firm, Business, Business Write-offs, CPA, CPA Dallas, CPA near me, CPADallas, Dallas CPA, Deductions, Services, Small Business, Tax, Tax Advisor, Tax Deductions, tax write-offs, The Burns Firm|Tags: business deductions, CPA Dallas, Deduct business expense, Software deductible for a business, tax deductions, The Burns Firm|

These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services or [...]

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: 2020 tax deductions, accountant near me, business deductions, cpa near me, home office tax deductions, run a business from home, tax preparer near me, tax prepartion, tax return deductions, tax return preparation, The Burns Firm, What are the home office deductions for tax year 2020, what can I deduct if I run a business from home, what can i deduct on my business tax return, what can i deduct on my personal tax return|

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 [...]

Beware of Deductions Claimed for Certain Business Expenses

December 19th, 2019|Categories: Accounting, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: business deductions, business expenses, CPA Dallas, entrepreneurs expenses on tax return, North Dallas CPA, tax, tax deductions, Tax planning, The Burns Firm, what business expenses are tax deductible|

To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business. A necessary expense [...]

Tax-Favored Employee Fringe Benefits: What’s the Right Mix for Your Business?

November 5th, 2019|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Return|Tags: business deductions, business write-offs, Dallas CPA, employee fringe benefits, tax, Tax planning, tax preparation, The Burns Firm|

Job applicants look at more than just wages when evaluating potential employers. They consider the whole compensation package, including fringe benefits and perks. These add-ons enable employers to cast a [...]