Dallas CPA

Riding the Tax Break Train: Maximizing Employee Transportation Fringe Benefits

March 20th, 2025|Categories: Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Fringe Benefits, Tax, tax accountant, tax accountant near me, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , |

There are some nice tax breaks for transportation-related employee fringe benefits. If your employer offers these tax-favored fringes, you should probably take advantage of them by signing up. Here’s [...]

New ID Requirements for U.S. Travel

March 18th, 2025|Categories: Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Drivers License, ID Cards, Tax, Tax Advisor, Texas CPA, The Burns Firm, U.S. Passport|Tags: , , , , , , , , |

You may soon be unable to pass through security checkpoints at your local airport using your current form of identification, even if you're flying domestically. The crackdown is aimed [...]

Dispelling 10 Federal Tax Myths and Misconceptions

March 13th, 2025|Categories: Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Tax, tax accountant, tax accountant near me, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , |

In the complex world of federal taxes, myths and misconceptions can lead to costly mistakes and missed opportunities — especially for business owners and high-net-worth individuals. Here's a look [...]

The 2024 Gift Tax Return Deadline is Coming Up Soon

March 6th, 2025|Categories: Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Gift Tax, Tax, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , |

If you made significant gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2024 gift tax return. And in [...]

How to Trim Your 2024 Taxes by Contributing to a Retirement Plan in 2025

March 4th, 2025|Categories: Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, IRA, Retirement, Retirement Plan, Roth 401K, Tax, tax accountant, tax accountant near me, Tax Advisor, Texas CPA, The Burns Firm, Traditional IRA|Tags: , , , , , , , , , , , , , |

Many types of retirement plans allow contributions to be made after year end. And last-minute retirement contributions can be a powerful strategy: You can lower your 2024 taxes while [...]

Can I Itemize Deductions On My Tax Return?

February 27th, 2025|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA in NOrth Texsa, CPA near me, CPA Texas, Dallas CPA, Deductions, Itemized Deductions, Medical Deductions, Medical Expenses, Mortgage Interest, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , , , |

You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they couldn’t be claimed because [...]

A Deduction for Energy-Efficient Buildings Has Been Enhanced

February 25th, 2025|Categories: Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Energy-Efficient Building, Energy-Efficient Improvements, Green Building, Sec. 179, Sec.179D, Services, Tax, tax accountant, Tax Advisor, Tax Deductions, Texas CPA|Tags: , , , , , , , , , , , |

The Inflation Reduction Act (IRA), which was enacted in 2022, significantly enhanced the Section 179D deduction for energy-efficient commercial building improvements. The enhancements are for improvements placed in service [...]

Financial Relief for Families: The Benefits of the Child Tax Credit

February 20th, 2025|Categories: Burns Firm, Child Tax Credit, CPA, CPA Dallas, CPA near me, CPA Texas, CTC, Dallas CPA, Deductions, Tax, Tax Advisor, Tax Credits, Tax Cuts and Jobs Act, Tax Deductions, TCJA, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , |

The Child Tax Credit (CTC) has long been a valuable tax break for families with qualifying children. Whether you’re new to claiming the credit or you’ve benefited from it [...]

Reporting Digital Assets on Your 2024 Tax Return

February 19th, 2025|Categories: Accountant, Bitcoin, Burns Firm, CPA, CPA Dallas, CPA near me, Crypto, cryptocurrency, Dallas CPA, Digital Assets, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Return Preparer, Texas CPA, The Burns Firm, Virtual Currency|Tags: , , , , , , , , , , , , , , |

A current IRS hot button is federal income tax reporting of digital-asset transactions. The government is concerned that some taxpayers fail to report the results of digital-asset transactions on their federal [...]

Looking Ahead to 2025 Tax Limits as You Prepare to File Your 2024 Return

February 6th, 2025|Categories: 401K, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, IRA, Social Security, Tax, tax accountant, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , |

Chances are, you’re more concerned about your 2024 tax return right now than you are about your 2025 tax situation. That’s understandable because your 2024 individual tax return is [...]

Ready, Set, Fire: 8 Tax Deductions You Might Not Know About

February 5th, 2025|Categories: Accountant, Burns Firm, Casualty Loss, Charitable Contributions, Charitable Donations, CPA, CPA Dallas, CPA near me, CPADallas, Dallas CPA, Deductions, EV, EV Credits, Home Energy Credits, Home Improvement Deductions, Home Office Deduction, Medical Deductions, Medical Expenses, Mortgage Interest, Student Loan Interest, Tax, tax accountant, Tax Advisor, Tax Deductions, Tax Preparation, Tax Return, Texas CPA, The Burns Firm, Vehicle Deductions|Tags: , , , , , , , , , , , , , , |

Years ago, many taxpayers itemized deductions instead of claiming the standard deduction. But fewer taxpayers are itemizing today due to a bevy of changes in the Tax Cuts and Jobs [...]

Do You Have Questions About Taking IRA Withdrawals? We’ve Got Answers

February 4th, 2025|Categories: Accountant, accountant near me, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, CPADallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, IRA, Required Minimum Distribution, Retirement Plan, Tax, tax accountant, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , |

Once you reach age 73, tax law requires you to begin taking withdrawals — called Required Minimum Distributions (RMDs) — from your traditional IRA, SIMPLE IRA and SEP IRA. [...]

How Section 1231 Gains and Losses Affect Business Asset Sales

January 30th, 2025|Categories: 1231, Accountant, Accounting, Burns Firm, Business, Business Asset Sale, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Gains and Losses, Ordinary Gain, Ordinary Gains and Losses, Sale of Business, Section 1231, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Rules, The Burns Firm|Tags: , , , , , , , , , , , |

When selling business assets, understanding the tax implications is crucial. One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains [...]

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