tax advisor

Don’t Take a Personal Guarantee Lying Down

April 25th, 2023|Categories: Accountant, Accounting, Burns Firm, Business, Business Loan, CPA Dallas, CPA near me, Dallas CPA, Loans, Services, Small Business, Tax, tax accountant, Tax Advisor, The Burns Firm|Tags: , , , , , , , , , |

Most lenders require the owner of a small business to personally guarantee loans made to the company in question. This pledge indicates the owner's commitment and helps ensure that the [...]

Some Taxpayers Qualify for More Favorable “Head of Household” Tax Filing Status

April 18th, 2023|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Head of Household, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Filing Status, Tax Planning, Tax Preparation, Tax Return, Tax Return Filing, The Burns Firm|Tags: , , , , , , , |

When preparing your tax return, we’ll check one of the following statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Filing a return as [...]

Paperwork You Can Yoss After Filing Your Tax Return

April 11th, 2023|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Services, Tax, tax accountant, Tax Advisor, Tax Return, Tax Return Filing, Tax Support Documents, The Burns Firm|Tags: , , , , , , , , , , |

Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain records. You may have to [...]

4 Warning Signs of Financial Distress

April 7th, 2023|Categories: Accountant, Accounting, Burns Firm, Business, Business Write-offs, CPA, CPA Dallas, CPA near me, Dallas CPA, Services, Small Business, Tax, Tax Advisor, The Burns Firm|Tags: , , , , , , , , , |

Financial problems rarely happen overnight. Early detection increases the chances of a successful turnaround. Here are four red flags to watch out for: Late financial statements. When financials are delayed, [...]

Set a Realistic Price for Your Business

April 4th, 2023|Categories: Accountant, Accounting, Burns Firm, Business, Business Valuation, CPA, CPA Dallas, CPA near me, Dallas CPA, M&A, Merger & Acquisition, Sell Business, Selling a Business, Services, Small Business, Tax, Tax Advisor|Tags: , , , , , , , , , , |

As part of your exit strategy or your estate plan, let's say your team of advisors has helped you determine that selling your business will help you best achieve your [...]

Awarded Money in a Lawsuit or Settlement? It’s Only Tax-Free in Certain Circumstances

March 28th, 2023|Categories: Accountant, Burns Firm, CPA Dallas, CPA near me, Dallas CPA, Law, Litigation, Services, Tax, Tax Advisor, Tax Planning, The Burns Firm|Tags: , , , , , , , |

You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example, compensatory awards and judgments for “personal [...]

Update on Deducting Business Meal and Entertainment Expenses

March 23rd, 2023|Categories: Accountant, Accounting, Business, Business Deductions, Business Write-offs, Corporation, CPA, CPA Dallas, CPA near me, Dallas CPA, Deductions, Expenses, Fringe Benefits, Meals & Entertainment Deductions, Partnership, S Corporation, Services, Small Business, Tax, tax accountant, Tax Advisor, Tax Return, tax season tips, TCJA, The Burns Firm|Tags: , , , , , , , , , , , , |

The federal income tax treatment of business-related meal and entertainment expenses has been a moving target the last few years. If you're confused about what rules currently apply, you're not [...]

Two Important Tax Deadlines Are Coming Up — and They Don’t Involve Filing Your 2022 Tax Return

March 21st, 2023|Categories: 401K, Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Estimated Tax, Estimated Tax Payments, Retirement, Services, Tax, Tax Advisor, Tax Return, Tax Return Filing, The Burns Firm|Tags: , , , , , , , , |

April 18 is the deadline for filing your 2022 tax return. But a couple of other tax deadlines are coming up in April and they’re important for certain taxpayers: [...]

The 2022 Gift Tax Return Filing Deadline Is April 18

March 14th, 2023|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Gift Tax, Services, Tax, tax accountant, Tax Advisor, Tax Return, Tax Return Filing, The Burns Firm|Tags: , , , , , , , , , |

Did you give large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2022 gift tax return. [...]

Get a Head Start on College Savings

February 28th, 2023|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Education, Scholarships, Services, Tax Advisor, Tax Planning, The Burns Firm|Tags: , , , , , , , , , , |

The Brookings Institution estimates parents will spend about $310,605 to raise a child born in 2015 until the age of 17. This figure is adjusted for future projected inflation but [...]

There Still May Be Time to Make An IRA Contribution For Last Year

February 23rd, 2023|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, IRA, Retirement, Retirement Plan, Tax, Tax Advisor, The Burns Firm|Tags: , , , , , |

If you’re getting ready to file your 2022 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you’re [...]

Your 2022 Tax Bill May Ring in Higher

February 21st, 2023|Categories: Accountant, Burns Firm, Charitable Donations, Child Tax Credit, CPA, CPA Dallas, Dallas CPA, Dependent Care credits, Kiddie Tax, Tax, Tax Advisor, Tax Credits, Tax Deductions, The Burns Firm|Tags: , , , , , , , , , , , |

It's that time of year again: tax season. Temporary tax relief measures that were provided during the pandemic have expired, so the changes to the tax rules for 2022 are [...]

SECURE 2.0 Law May Make You More Secure in Retirement

January 19th, 2023|Categories: 401K, Accountant, accountant near me, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, IRA, Retirement, Retirement Plan, SECURE Act, Tax, Tax Advisor, The Burns Firm|Tags: , , , , , , , , , |

A new law was recently signed that will help Americans save more for retirement, although many of the provisions don’t kick in for a few years. The Setting Every [...]

Looking Ahead: 2023 Minimum Wage and Overtime Threshold Increases

January 17th, 2023|Categories: Accountant, accountant near me, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Minimum Wage, Tax, Tax Advisor, The Burns Firm|Tags: , , , , , , |

In 2023, many states and localities will increase their minimum wage amounts. In some areas, the amounts paid to tipped employees may also increase and overtime salary thresholds may also [...]

Are You Missing the Roth IRA Boat?

January 5th, 2023|Categories: 401K, Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, IRA, Retirement Plan, Self-employed, Tax, tax accountant, Tax Advisor, Tax Planning, The Burns Firm|Tags: , , , , , , , , , |

Many self-employed individuals are eligible to make annual contributions to Roth IRAs, despite having healthy earnings from their businesses. But some haven't yet taken advantage of this retirement saving strategy. [...]

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