Dallas CPA

Do You Qualify as Head of Household

March 7th, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Filing Status, Head of Household, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Filing Status, Tax Preparation, Tax Return, Tax Return Filing, Tax Return Preparer, The Burns Firm|Tags: , , , , , , , , , |

The head of household (HOH) federal tax filing status is often misunderstood by taxpayers who might qualify, including single, divorced or legally separated parents, and taxpayers who support adult family [...]

Demystifying Personal Casualty Losses

March 5th, 2024|Categories: Accountant, Burns Firm, Casualty Loss, CPA, CPA Dallas, CPA near me, Dallas CPA, Deductions, Tax, Tax Advisor, Tax Deductions, Tax Preparation, Tax Return Preparer, tax write-offs, The Burns Firm|Tags: , , , , , , |

In recent years, many Americans have been the victims of natural disasters. If you're unfortunate enough to suffer a personal casualty loss, here are the federal income tax implications. Limited [...]

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 [...]

New Twists and Turns Taken By EV Credits

February 20th, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Electric Vehicle, Electric Vehicle Credits, EV, EV Credits, Tax, tax accountant, Tax Advisor, Tax Credits, Tax Preparation, Tax Return, Tax Return Preparer, The Burns Firm|Tags: , , , , , , , |

Did you buy an electric vehicle (EV) in 2023? Under the Inflation Reduction Act (IRA), passed late in 2022, you may be eligible for a new-and-improved tax credit, beginning on [...]

Get Ready for the 2023 Gift Tax Return Deadline

February 16th, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Form 709, Gift Tax, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Preparation, tax preparer near me, Tax Return, Tax Return Filing, Tax Return Preparer, The Burns Firm|Tags: , , , , , , , , , , |

Did you give large gifts to your children, grandchildren, or others last year? If so, it’s important to determine if you’re required to file a 2023 gift tax return. [...]

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 [...]

Filing jointly or separately as a married couple: What’s the difference?

February 8th, 2024|Categories: Accountant, accountant near me, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Estimated Tax, Estimated Tax Payments, Expenses, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Credits, Tax Deductions, Tax Filing Status, Tax Preparation, Tax Return, Tax Return Filing, Tax Withholding, tax write-offs, Taxable Income, The Burns Firm|Tags: , , , , , , , , , , , |

When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility for certain tax breaks [...]

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

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 Kiddie Tax Could Affect Your Children Until They’re Young Adults

January 23rd, 2024|Categories: Accountant, Accounting, Burns Firm, Child Tax Credit, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tx accountant, Kiddie Tax, Services, Tax, Tax Advisor, Tax Deductions, The Burns Firm|Tags: , , , , , , , |

The so-called “kiddie tax” can cause some of a child’s unearned income to be taxed at the parent’s higher marginal federal income tax rates instead of at the usually [...]

Tips for Reducing the Impact of NIIT

January 11th, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Net Investment Income Tax, NIIT, Services, Tax, tax accountant, Tax Advisor, Tax Law, Tax Planning, The Burns Firm|Tags: , , , , , , , , , |

The net investment income tax (NIIT) was enacted more than a decade ago. While repeal has been discussed more than once, it continues to ensnare a growing number of taxpayers. [...]

Court Awards and Out-of-Court Settlements May (or may not) Be Taxed

January 9th, 2024|Categories: Accountant, Burns Firm, Court Settlement Money, CPA, CPA Dallas, CPA near me, Dallas CPA, Services, Settlement Income, Tax, Tax Advisor, Taxable Income, The Burns Firm|Tags: , , , , , , , , |

Monetary awards and settlements are often provided for an array of reasons. For example, a person could receive compensatory and punitive damage payments for personal injury, discrimination or harassment. [...]

The IRS Has Announced Increased Retirement Plan Benefits for 2024

December 19th, 2023|Categories: Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, IRA, Retirement Plan, Tax, Tax Advisor, The Burns Firm|Tags: , , , , , , |

With the 2024 tax year right around the corner, there's good news coming from the IRS. According to a recent announcement from the tax agency (Notice 2023-75), there will be increases [...]

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 [...]

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