IRA

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 [...]

11 Exceptions to the 10% Penalty Tax on Early IRA Withdrawals

November 21st, 2023|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Early Withdrawal from IRA, IRA, Services, Tax, tax accountant, Tax Advisor, Tax Planning, The Burns Firm|Tags: , , , , , , , |

If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one before you’ve reached age 59½. For this [...]

Are you married and not earning compensation? You may be able to put money in an IRA

July 20th, 2023|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, IRA, Services, Tax, tax accountant, Tax Advisor, The Burns Firm|Tags: , , , , , , , , , , |

When one spouse in a married couple is not earning compensation, the couple may not be able to save as much as they need for a comfortable retirement. In [...]

Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty

February 7th, 2023|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Early Withdrawal from IRA, IRA, Retirement, Retirement Plan, Services, Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0), Tax, Tax Preparation, Tax Return, The Burns Firm|Tags: , , , , , , , , |

Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. What’s considered early? In general, it’s [...]

Avoiding the 10% Penalty On Early IRA Withdrawals

August 25th, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, IRA, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, tax preparer near me, Tax Return, The Burns Firm|Tags: , , , , , , , , , , , |

For one reason or another, you may need to take some money out of an IRA before reaching retirement.* You can withdraw money from an IRA at any time and [...]

IRA Charitable Donations: An Alternative to Taxable Required Distributions

May 31st, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Donations, IRA, Services, Tax, tax accountant, tax accountant near me, Tax Deductions, Tax Planning, The Burns Firm|Tags: , , , , , , , , , , , , , |

Are you a charitably minded individual who is also taking distributions from a traditional IRA? You may want to consider the tax advantages of making a cash donation to an [...]

Tax Consequences of Borrowing From a Retirement Plan

January 27th, 2022|Categories: Accounting, Burns Firm, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, IRA, Retirement, Retirement Plan, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, Tax Withholding, The Burns Firm|Tags: , , , , , , , , , |

If your company has a qualified retirement plan or you have set one up in self-employment -- such as a 401(k), profit-sharing, or Keogh plan -- the participants might be allowed to borrow from their [...]

Should You Consider an Employer Roth 401(k) Account?

August 26th, 2021|Categories: Accounting, Burns Firm, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, IRA, Tax, Tax Credits, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , |

Nowadays, many employer retirement plans give employees the option of contributing to designated Roth accounts (DRAs). According to a 2020 survey, 75% of employer plans now offer DRAs, which are also [...]

There’s Still Time to Make a 2017 IRA contributions

April 3rd, 2018|Categories: Accounting, Burns Firm, Tax, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , , , , , , |

Tax-advantaged retirement plans like IRAs allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. The deadline for 2017 contributions is April 17, 2018. Deductible [...]

The TCJA temporarily expands bonus depreciation

January 4th, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Exemptions, Law, Partnership, S Corporation, Sell Business, Selling a Business, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , , , , , , |

The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation. While most [...]

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