CPA Dallas

Installment Sales Can Be a Win-Win for Buyers and Sellers

March 21st, 2024|Categories: Accountant, accountant near me, Accounting, Burns Firm, Business, Buying a Business, Capital Gain, Capital Gains Tax, CPA, CPA Dallas, CPA near me, Dallas CPA, Installment Sale, M&A, Merger & Acquisition, Sell Business, Selling a Business, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Basis, Tax Planning, The Burns Firm|Tags: , , , , , , , , , , , |

For federal income tax purposes, an installment sale is when at least one payment of proceeds from an eligible sale is deferred until after the end of the tax year [...]

New Option for Unused Funds in a 529 College Savings Plan

February 29th, 2024|Categories: 529 Plan, Accountant, Burns Firm, College Savings Plan, CPA, CPA Dallas, CPA near me, Dallas CPA, Education, Education Expenses, Tax, tax accountant, Tax Advisor, The Burns Firm|Tags: , , , , , , , , , , |

With the high cost of college, many parents begin saving with 529 plans when their children are babies. Contributions to these plans aren’t tax deductible, but they grow tax [...]

Tax Breaks for Employer-Paid Education Expenses

February 27th, 2024|Categories: accountant near me, Burns Firm, Business, Business Deductions, Business Expense Deductions, Business Write-offs, CPA, CPA Dallas, CPA near me, Dallas CPA, Deductions, Education, Education Assistance Plan, Education Expenses, Employee Benefits, Employer-Paid Education Expenses, Sec. 127 Plan, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, The Burns Firm|Tags: , , , , , , , , , , , |

Is your business struggling with a shortage of skilled workers in today's tight labor market? One possible option is to invest in education programs to upskill your current employees. This [...]

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

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 [...]

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

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 [...]

If you gave to charity in 2023, check to see that you have substantiation

January 30th, 2024|Categories: Accountant, Burns Firm, Charitable Donations, CPA, CPA Dallas, CPA near me, Dallas CPA, Donations, Services, Tax, tax accountant near me, Tax Advisor, Tax Deductions, Tax Preparation, Tax Return Preparer, The Burns Firm|Tags: , , , , , , , , , , |

Did you donate to charity last year? Acknowledgment letters from the charities you gave to may have already shown up in your mailbox. But if you don’t receive such a [...]

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

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 [...]

Sweeten Your Lender Relationships With Strong Financial Reporting

January 4th, 2024|Categories: Accountant, Accounting, Burns Firm, Business, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tx accountant, Financial Statements, Loans, Services, Tax, The Burns Firm|Tags: , , , , , , , , , , , , |

No matter what the economy, applying for business credit is no cake walk. Sure, it might be a little easier when interest rates are lower, and lenders really want to [...]

Does Your Business Have to Comply with New Corporate Reporting Rules?

December 21st, 2023|Categories: Beneficial Ownership Information, BOI, Corporate Transparency Act, CPA, CPA near me, CTA Rules, Dallas CPA, Financial Crimes Enforcement Network, FinCEN, IRS Reporting Rules, Tax, Tax Advisor, The Burns Firm|Tags: , , , , , , , , , , , , |

Your business may soon have to comply with new reporting requirements that take effect on January 1, 2024. Under the Corporate Transparency Act (CTA), enacted in 2021, certain companies will [...]

The “Nanny Tax” Must Be Paid For Nannies and Other Household Workers

December 19th, 2023|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, household employees and tax, Household Worker, Nanny Tax, Services, Tax, tax accountant, Tax Advisor, The Burns Firm|Tags: , , , , , , , , , , |

You may have heard of the “nanny tax.” But if you don’t employ a nanny, you may think it doesn’t apply to you. Check again. Hiring a housekeeper, gardener [...]

Act Now to Leverage the Gift Tax Exclusion Before Year End

December 13th, 2023|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Gift Tax, Tax, tax accountant, Tax Advisor, Tax Planning, The Burns Firm|Tags: , , , , , , , , , , , , |

The gift tax exclusion is among the most valuable tools available to transfer assets to family and other loved ones without ending up with an unwelcome tax bill for the [...]

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

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, [...]

Casualty Loss Tax Deductions May Help Disaster Victims in Certain Cases

October 11th, 2023|Categories: Accountant, accountant near me, Accounting, Burns Firm, Casualty Loss, CPA, CPA Dallas, CPA near me, Dallas CPA, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Tax Planning, Tax Return, The Burns Firm|Tags: , , , , , , , , |

This year, many Americans have been victimized by wildfires, severe storms, flooding, tornadoes, and other disasters. No matter where you live, unexpected disasters may cause damage to your home [...]

What’s the Proper Tax Treatment for Intangible Assets?

October 3rd, 2023|Categories: Accountant, Accounting, Assets, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Intangible Assets, Services, Tax, Tax Advisor, Tax Law, The Burns Firm|Tags: , , , , , , , , |

Intangible assets have become increasingly vital to the value of many companies. While their benefits may be obvious to business owners, their tax treatment often isn't. Taxpayers may be surprised [...]

Investment Swings: What’s the Tax Impact?

September 19th, 2023|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Investments, Tax, tax accountant, Tax Advisor, The Burns Firm|Tags: , , , , , , , , |

If your investments have fluctuated wildly this year, you may have already recognized some significant gains and losses. But nothing is decided tax-wise until year end when the final [...]

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