Retirement Plan

401 (k) Plan Catch-Up Contributions

April 8th, 2025|Categories: 401K, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Retirement, Retirement Plan, Roth 401K, Tax, tax accountant, tax accountant near me, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , , |

How big is your retirement nest egg? Too often, people sacrifice retirement savings to afford a bigger home, cover emergency expenses or pay for their children's education. But time [...]

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 [...]

Changes to Retirement Plans for 2022

December 14th, 2021|Categories: Burns Firm, IRS, Retirement, Retirement Plan, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: , , , , , , , , |

Information from IRS.gov Next year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to [...]

The Tax Impact of the TCJA on Estate Planning

July 3rd, 2018|Categories: Burns Firm, Tax, Tax Credits, Tax Planning, TCJA|Tags: , , , , , , , , , , , , , , , , , |

The massive changes the Tax Cuts and Jobs Act (TCJA) made to income taxes have garnered the most attention. But the new law also made major changes to gift and [...]

Factor in State and Local Taxes When Deciding Where to Live in Retirement

June 21st, 2018|Categories: Accounting, Burns Firm, Services, Tax, Tax Planning|Tags: , , , , , , , , , , |

Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision. Income, property and sales tax [...]

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 [...]

2 Tax Credits Just for Small Businesses May Reduce 2017 and 2018 Tax Bills

February 6th, 2018|Categories: ACA, Accounting, Burns Firm, Business, C Corporation, Exemptions, Partnership, Retirement Plan, S Corporation, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , , , , , , , , |

Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now [...]

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