North Texas CPA firm – The Burns Firm – Advisors of Complex Financial Matters

Smooth Sailing: Tips to Speed Processing and Avoid Hassles This Tax Season

February 22nd, 2022|Categories: Accounting, Burns Firm, Child Tax Credit, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Delinquent Tax, Dependent Care credits, Donations, Estimated Tax, Estimated Tax Payments, Expenses, Gift Tax, Healthcare & Retirement, Lifetime Learning Credit, Nanny Tax, Retirement, Scholarships, Services, Social Security, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, tax write-offs, Taxpayer Certainty and Disaster Tax Relief Act (TCDTRA), TCJA, The Burns Firm|Tags: 1099, 2021 tax year tips, CPA Dallas, Dallas CPA, form 1040 tax preparer, North Texas accountant, North Texas accounting firm, North Texas CPA, North Texas CPA firm, tax preparer near me, tax return preparation, tax tips, tax tips to avoid hassles this tax season, Texas CPA, The Burns Firm, W2|

The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips to help speed processing and avoid [...]

Hobby-Related Loss Deductions Are Disallowed, but Don’t Give Up Hope

April 22nd, 2021|Categories: Accounting, Hobby, Tax, Tax Credits, Tax Deductions, Tax Return|Tags: can i deduct hobby-related expenses, CPA Dallas, cpa near me, Dallas CPA, deduct loss for small busines, hobby, hobby-related loss deductions are disallowed, if I profit from my hobby is it a small business, is my hobby a small business, North Texas CPA firm, small business and not a hobby, tax and my hobby, tax firm near me, tax preparer near me, The Burns Firm|

Let's say you have an unincorporated sideline activity that you think of as a business, including an activity involving horses. If you have a net loss (deductible expenses exceed revenue) on [...]

Home Sales: How to determine your “Basis”

April 13th, 2021|Categories: Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Preparation|Tags: basis on sale of home, CPA Dallas, CPA firm, CPA firm in Dallas, CPA in North Texas, Dallas CPA firm, home sales and basis, how to determine basis on the sale of myu home, I need a CPA near me, North Dallas tax preparer, North Texas CPA firm, sale of home basis, tax basis on sale of home, tax preparation for 2020, tax preparer near me, tax return preparation, The Burns Firm|

The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to determine your “basis.” How it [...]

Employers Have Questions and Concerns About Deferring Employees’ Social Security Taxes

September 24th, 2020|Categories: Accounting, Burns Firm, Business, Tax Credits, Tax Deductions, Tax Planning|Tags: CPA Dallas, Dallas CPA, deferral basics on social security, deferring employee social security taxes, employer can defer withholding, employer guidance on social security tax, North Texas CPA firm, social security, social security tax, tax, tax accoutnant, tax preparation, tax return preparation, The Burns Firm|

The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. The three-page guidance [...]