QBI – The Burns Firm – Advisors of Complex Financial Matters

Do you qualify for the QBI deduction? And can you do anything by year-end to help qualify?

December 28th, 2022|Categories: Accountant, Accounting, Burns Firm, Business, CPA, CPA Dallas, Dallas CPA, QBI, Services, Small Business, Tax, Tax Advisor, Tax Planning, The Burns Firm, Year-End Tax Planning|Tags: Business Owner and QBI, QBI, QBI deduction, qualified business income, tax, The Burns Firm, year end tax planning|

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or [...]

How to Maximize the QBI Deduction Amid the Pandemic

March 10th, 2022|Categories: Accountant, Accounting, Burns Firm, Business, C Corporation, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Partnership, QBI, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Deductions, Tax Preparation, The Burns Firm|Tags: can I take a QBI deduction, CPA Dallas, Dallas CPA, how do i know if i have qualified business income, QBI, QBI deduction, qualified business income, tax, tax deductions, The Burns Firm, what is a QBI deduction, what is a specified service trade or business, what is a SSTB|

Since the qualified business income (QBI) deduction first become available in 2018, things have changed dramatically, mainly due to the various effects of the COVID-19 pandemic. Possible tax rate increases, and [...]

Can You Claim the QBI Deduction for 2020?

March 4th, 2021|Categories: Accounting, Burns Firm, Business, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: accounting firm near me, can i claim QBI deduction, can I claim QBI on my business tax return, CPA Dallas, cpa near me, Dallas CPA, QBI, Tax planning, The Burns Firm, who can claim QBI deduction for 2020|

For tax years beginning in 2020, you can potentially claim a personal federal income tax deduction for up to 20% of qualified business income (QBI) from a so-called "pass-through" business, [...]

QBI Deduction Safe Harbor Rule for Rental Real Estate

February 10th, 2020|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: CPA, Dallas CPA, definition of rental real estate, QBI, safe harbor rule for real estate, tax, TCJA, The Burns Firm|

The Tax Cuts and Jobs Act (TCJA) introduced a new deduction for individuals, estates and trusts that own interests in so-called "pass-through" business entities for 2018 through 2025. The deduction can [...]

Close-up n the New QBI Deduction’s Wage Limit

July 31st, 2018|Categories: Accounting, Burns Firm, Business, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Return, TCJA|Tags: 2018 tax planning, Accounting, business, C corp, Close-up n the New QBI Deduction’s Wage Limit, deductions, IRS, New QBI Deductions, Planning, QBI, QBI wage limits, tax, Tax planning, tax return, The Burns Firm|

The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The [...]