tax advisor

Pay Attention to the Tax Rules If You Turn a Hobby Into a Business

May 21st, 2024|Categories: Accountant, Accounting, Bookkeeping for Business, Burns Firm, Business, CPA, CPA Dallas, CPA near me, CPA Texas, Hobby, Hobby Loss Rules, Record Keeping for Business, Tax, tax accountant near me, Tax Advisor, The Burns Firm|Tags: , , , , , , , , , , |

Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d like to [...]

Taxes When You Sell an Appreciated Vacation Home

May 14th, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Sale of Vacation Home, Selling A Home, Services, Tax, tax accountant, Tax Advisor, tax write-offs, The Burns Firm, Vacation Home|Tags: , , , , , , , , |

Vacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three scenarios to illustrate the federal [...]

Updated Guidance on Business Vehicle Depreciation

May 9th, 2024|Categories: Accountant, Bonus Depreciation, Burns Firm, Business, Business Expense Deductions, Business Vehicle, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Sec. 179, Services, Tax, Tax Advisor, Tax Basis, Tax Depreciation, The Burns Firm|Tags: , , , , , , , , , , |

The rules for deducting depreciation expenses on vehicles used for business purposes have been liberalized under current tax law, but they remain complicated. In addition, annual inflation adjustments make allowable depreciation [...]

Ready, Set, Retire

May 7th, 2024|Categories: 401K, Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, IRA, Retirement, Retirement Plan, Tax, tax accountant, tax accountant near me, Tax Advisor, Taxable Income, Texas CPA, The Burns Firm|Tags: , , , , , , , |

Have you given any thought to your retirement? Even if you don't expect to retire anytime soon, the earlier you start planning how you'll transition from work to retirement, the [...]

Get Ready for Due Diligence Long Before a Sale or Merger

May 2nd, 2024|Categories: Accountant, accountant near me, Burns Firm, Business, CPA, CPA Dallas, CPA near me, Dallas CPA, Due Diligence, M&A, Merger & Acquisition, Sell Business, Selling a Business, Services, Small Business, Tax, Tax Advisor, The Burns Firm|Tags: , , , , , , , , , |

It may seem odd, but as soon as you start up a business, you should begin preparing the documentation needed to sell or merge with another enterprise. It may be years [...]

Watch out for “income in respect of a decedent” issues when receiving an inheritance

April 30th, 2024|Categories: Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, CPADallas, Dallas CPA, Income in Respect of a Decedent, Inheritance, IRD, Tax, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , , |

Most people are genuinely appreciative of inheritances, and who wouldn’t enjoy some unexpected money? But in some cases, it may turn out to be too good to be true. [...]

Delinquent Taxpayers May Experience Passport Issues

April 25th, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPADallas, Dallas CPA, Delinquent Tax, Tax, tax accountant, Tax Advisor, Tax Penalty, The Burns Firm|Tags: , , , , , , |

Let's say a person is planning to take a plane trip out of the country. And further suppose that individual owes the federal government a fair amount of back taxes. [...]

Don’t have a tax-favored retirement plan? Set one up now

April 23rd, 2024|Categories: 401K, Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPADallas, Dallas CPA, IRA, Retirement Plan, SEP-IRA, Services, Tax, Tax Advisor, The Burns Firm|Tags: , , , , , , , |

If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For [...]

Bartering is a Taxable Transaction Even if No Cash is Exchanged

April 18th, 2024|Categories: Accountant, Bartering, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, The Burns Firm|Tags: , , , , , , , |

If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter or trade for goods and services. Bartering isn’t new [...]

Don’t Overlook the Child Care Tax Credit

April 16th, 2024|Categories: Accountant, Burns Firm, Child Tax Credit, CPA, CPA Dallas, CPA near me, Dallas CPA, Sec. 45F, Tax, tax accountant, Tax Advisor, Tax Credits, Tax Depreciation, Tax Preparation, Tax Return, Tax Return Filing, The Burns Firm|Tags: , , , , , , , , |

For years, the tax code has offered an incentive for employers to provide child care to their employees in the form of the Section 45F child care tax credit. But [...]

Keep These 3 Items In Mind After You File Your Return

April 11th, 2024|Categories: Accountant, Amended Tax Return, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Filing Status, Tax Forms, Tax Planning, Tax Preparation, tax preparer near me, Tax Records, Tax Refund, Tax Return, Tax Return Filing, Tax Return Preparer, The Burns Firm|Tags: , , , , , , , , , |

The tax filing deadline for 2023 tax returns is April 15 this year. If you need more time, you can file for an extension until October 15. In either [...]

Uncovering Hidden Assets in a Divorce

April 9th, 2024|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Divorce, Forensic Accounting, Forensic CPA, Hidden Assets, Services, Tax, Tax Advisor, The Burns Firm|Tags: , , , , , , , , , |

These days, marriage can be a complex venture, and when it dissolves, sorting out the finances can be difficult. Even in amicable divorces, the financial entanglements can be complicated. And [...]

The tax deadline is almost here: File for an extension if you’re not ready

April 4th, 2024|Categories: Accountant, accountant near me, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Form 1040, Services, Tax, tax accountant, Tax Advisor, Tax Filing Status, Tax Preparation, tax preparer near me, Tax Return, Tax Return Filing, Tax Return Preparer, Tax Support Documents|Tags: , , , , , , , , , |

The April 15 tax filing deadline is right around the corner. However, you might not be ready to file. Sometimes, it’s not possible to gather your tax information by the [...]

Federal Tax News for Individuals

March 26th, 2024|Categories: 401K, Accountant, Adoption, Burns Firm, Charitable Donations, CPA, CPA Dallas, CPA near me, Dallas CPA, Tax, Tax Advisor, Tax Withholding, The Burns Firm, Withholding|Tags: , , , , , , , , , , , , |

New 401(k) contribution limits for 2024 In 2024, individuals will be able to contribute more to their 401(k) plans, up to $23,000. The same is true for 403(b) plans [...]

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