CPA Dallas

Some Retirement Plan Benefits Will Increase for 2025

December 19th, 2024|Categories: 401K, Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, IRA, Retirement Plan, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , , , |

With the 2025 tax year almost here, there's news from the IRS about retirement savings. According to a recent announcement from the tax agency (Notice 2024-80), there will be [...]

Senior Tax-Saving Alert: Make Charitable Donations From Your IRA

December 3rd, 2024|Categories: Burns Firm, Charitable Contributions, Charitable Donations, CPA, CPA Dallas, CPA near me, Dallas CPA, Donations, IRA, Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0), Tax, Tax Advisor, Tax Deductions, Texas CPA, The Burns Firm|Tags: , , , , , , , , , |

If you’ve reached age 70½, you can make cash donations directly from your IRA to IRS-approved charities. These qualified charitable distributions (QCDs) may help you gain tax advantages. QCD [...]

From Flights to Meals: A Guide to Business Travel Tax Deductions

November 20th, 2024|Categories: Accountant, accountant near me, Bookkeeping for Business, Burns Firm, Business Deductions, Business Expense Deductions, Business Travel Deductions, Business Write-offs, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Deductions, Expenses, Record Keeping for Business, Recordkeeping for Travel Expense, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Texas CPA, The Burns Firm, Travel Expense, Travel Write-offs for Business|Tags: , , , , , , , , , , , |

As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel expenses are tax deductible can significantly affect [...]

Maximize Your Year-End Giving With Gifts That Offer Tax Benefits

October 22nd, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, CPADallas, Dallas CPA, Gift Tax, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Tax Planning, Texas CPA, The Burns Firm, Year-End Tax Planning|Tags: , , , , , , , , , , , |

As the end of the year approaches, many people start to think about their finances and tax strategies. One effective way to reduce potential estate taxes and show generosity [...]

Understanding your obligations: Does your business need to report employee health coverage?

October 8th, 2024|Categories: Accountant, Burns Firm, Business, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Employee, Employee Benefits, Healthcare & Retirement, Services, Small Business, Tax|Tags: , , , , , , , , , |

Employee health coverage is a significant part of many companies’ benefits packages. However, the administrative responsibilities that accompany offering health insurance can be complex. One crucial aspect is understanding [...]

It’s Time to Think About Today’s Favorable Gifts and Estate Tax Rules

September 25th, 2024|Categories: Accountant, Anti-Clawback Rule, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Estate Tax, Gift Tax, Services, Tax, Tax Advisor, TCJA, Texas CPA|Tags: , , , , , , , , , , |

The Tax Cuts and Jobs Act (TCJA) dramatically increased the unified federal gift and estate tax exemption from $5.49 million in 2017 to $13.61 million in 2024. If you're married, [...]

Tax-Smart Way to Hold Investment Real Estate

August 29th, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Investments, Real Estate, Tax, tax accountant, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , , |

Real estate can be an attractive long-term investment. But the legal entity you select to own property can have important tax implications. Here's why single-member limited liability companies (SMLLCs) are [...]

Business Website Expenses: How They’re Handled for Tax Purposes

August 29th, 2024|Categories: Accountant, Burns Firm, Business, Business Deductions, Business Expense Deductions, Business Write-offs, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Expenses, Sec. 179, Small Business, Tax, Tax Advisor, Tax Deductions, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , |

Most businesses have websites today. Despite their widespread use, the IRS hasn’t issued formal guidance on when website costs can be deducted. But there are established rules that generally apply [...]

How are Series EE Savings Bonds taxed?

August 20th, 2024|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Dallas tx accountant, Savings Bonds, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , |

Savings bonds are purchased by many Americans, often as a way to help fund college or show their patriotism. Series EE bonds, which replaced Series E bonds, were first [...]

Six Tax Issues to Consider If You’re Getting Divorced

August 15th, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, CPADallas, Dallas CPA, Dallas tx accountant, Divorce, Divorce CPA, Filing Status, Selling A Home, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Filing Status, Tax Planning, Tax Preparation, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , |

Divorce entails difficult personal issues, and taxes are probably the farthest thing from your mind. However, several tax concerns may need to be addressed to ensure that taxes are [...]

Do you owe estimated taxes? If so, when is the next one due?

August 8th, 2024|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA in NOrth Texsa, CPA near me, CPA Texas, Dallas CPA, Dallas tax return preparer, Estimated Tax, Estimated Tax Payments, Services, Tax, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , , |

Federal estimated tax payments are designed to ensure that certain individuals pay their fair share of taxes throughout the year. If you don’t have enough federal tax withheld from [...]

Watch Out for Unfavorable ‘Related Party’ Rules

July 11th, 2024|Categories: Accountant, Burns Firm, Business, Buying a Business, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Related Party Rules, Sell Business, Selling a Business, Services, Small Business, Tax, tax accountant near me, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , |

Beware of the tricky "related party" tax rules if you are considering buying or selling business assets or an ownership interest (corporate stock or a partnership or LLC interest).The Internal Revenue [...]

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: , , , , , , , , , , , , |

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, [...]

First-Year Depreciation Deductions under the TCJA

May 30th, 2024|Categories: Accountant, Business, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Depreciation, Tax, Tax Advisor, TCJA, The Burns Firm|Tags: , , , , , , , |

The Tax Cuts and Jobs Act (TCJA) included good news for taxpayers that use cars, SUVs, pickups and vans for business purposes. Specifically, it permanently liberalized the Section 179 first-year depreciation [...]

Bartering is a Taxable Transaction Even if No Cash is Exchanged

April 18th, 2024|Categories: Accountant, Bartering, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, The Burns Firm|Tags: , , , , , , , |

If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter or trade for goods and services. Bartering isn’t new [...]

Go to Top