CPA Dallas

Can You Qualify For A Medical Expense Tax Deduction?

January 12th, 2021|Categories: Accounting, Burns Firm, Tax Credits, Tax Cuts, Tax Deductions|Tags: , , , , , , , |

You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for many people to qualify. [...]

Energy-Related Tax Breaks Are Extended in the New Law

January 11th, 2021|Categories: Accounting, Burns Firm, Tax, Tax Credits|Tags: , , , , , , , , , , |

The massive economic stimulus and government spending law, which was signed on December 27, 2020, extends several energy-related tax breaks. Before the Consolidated Appropriations Act (CAA) was signed, these federal income [...]

Appropriations Law Adds Some Business Tax Breaks and Extends Others

January 7th, 2021|Categories: Accounting, Burns Firm, Consolidated Appropriations Act of 2021 (CAA), COVID-Related Tax Relief Act (COVIDTRA), PPP, Tax, Taxpayer Certainty and Disaster Tax Relief Act (TCDTRA)|Tags: , , , , , , , , , , |

President Trump signed the Consolidated Appropriations Act (CAA) into law on December 27, 2020. The legislation adds a few new tax breaks for businesses and extends a bevy of other business [...]

New Law Includes Favorable Changes for Individuals

January 5th, 2021|Categories: Accounting, Burns Firm, Consolidated Appropriations Act of 2021 (CAA), Coronavirus, Covid-19, COVID-Related Tax Relief Act (COVIDTRA), Tax, Taxpayer Certainty and Disaster Tax Relief Act (TCDTRA)|Tags: , , , , , , , , , , , |

The massive COVID-19 relief bill signed by President Trump on December 27, 2020, contains a variety of tax breaks and authorizes direct payments to eligible individuals (see right-hand box). The law [...]

The COVID-19 relief law: What’s in it for you?

January 5th, 2021|Categories: Accounting, Burns Firm, Coronavirus, Covid-19, Law, PPP, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions|Tags: , , , , , , , , , , , |

The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated [...]

Private Equity: Taking Companies to the Next Level

December 17th, 2020|Categories: Accounting, Burns Firm, Business, Buying a Business, Merger & Acquisition, Sell Business, Selling a Business, Tax|Tags: , , , , , , , , , , |

The number of mergers and acquisitions has continued to be strong in recent years, and private equity has remained as one of the driving forces. With private equity capital looking [...]

FAQs About Tax-Free Disaster Relief Payments During the COVID-19 Crisis

December 16th, 2020|Categories: Accounting, Burns Firm, Coronavirus, Covid-19, Services, Tax|Tags: , , , , , , , , , , , |

Many people are struggling to make ends meet during the COVID-19 pandemic. Fortunately, some individuals qualify for federal-income-tax-free disaster relief and disaster mitigation payments paid by some employers under Internal Revenue [...]

Taking Distributions From a Traditional IRA

December 15th, 2020|Categories: Accounting, Burns Firm, Services, Tax, Tax Deductions, Tax Planning|Tags: , , , , , , , , , , , , , , |

Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals [...]

How Series EE Savings Bonds Are Taxed

December 15th, 2020|Categories: Accounting, Burns Firm, Services, Tax, Tax Deductions|Tags: , , , , , , , , , , , , |

Many people have Series EE savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself and put [...]

Divorcing Couples Should Understand These 4 Tax Issues

December 10th, 2020|Categories: Accounting, Burns Firm, Services, Tax|Tags: , , , , , , , , , , , |

When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some people find divorce to be an even [...]

16 Sweet Cost-Cutting Measures for Small Businesses to Consider

December 8th, 2020|Categories: Accounting, Burns Firm, Business, Services, Tax, Tax Planning|Tags: , , , , , , , , |

Many small business owners are looking forward to the end of 2020. It's been a year of significant hardship and stress. But staying afloat remains a daunting challenge in 2021. Here [...]

Tax Responsibilities If Your Business Is closing Amid the Pandemic

December 3rd, 2020|Categories: Accounting, Burns Firm, Business, C Corporation, Covid-19, Partnership, S Corporation, Services, Tax|Tags: , , , , , , , , , , , , , , |

Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we can, including taking care of [...]

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