tax breaks – The Burns Firm – Advisors of Complex Financial Matters

10 Tax Breaks to Consider on Extended Returns

September 5th, 2024|Categories: 1031 Like-Kind Exchange, Accountant, Burns Firm, Charitable Donations, Child Tax Credit, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Deductions, Education, Education Expenses, EV Credits, Higher Education Credits, Home Energy Credits, Home Office Deduction, Medical Deductions, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Credits, Tax Planning, Tax Preparation, Tax Return Preparer, Texas CPA, The Burns Firm|Tags: 1031 like-kind exchange, Charitable Gifts, CPA, cpa near me, Dallas CPA, Family Tax Credits, Higher Education Credits, Home Energy Credits, home office deductions, medical deductions, tax, tax advisor, tax breaks, Texas CPA, The Burns Firm|

If you requested an extension for your 2023 federal income tax return, you have until six months from the original due date — October 15, 2024, to be exact — [...]

What Can Your Small Business Do Now to Lower Taxes for 2024?

August 13th, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Small Business, Tax, Tax Advisor, Tax Depreciation, Tax Planning, Tax Rules, Taxable Income, Texas CPA, The Burns Firm|Tags: accounting methods for small business, CPA, CPA Dallas The Burns Firm, cpa near me, Dallas CPA, How to Lower Taxes for 2024, North Texas CPA, Small Business and Taxes, tax, tax advisor, tax breaks, Texas CPA, The Burns Firm, What Can Your Small Business Do Now to Lower Taxes for 2024?|

Summer is a good time to take stock of how your small business is doing this year and consider options for reducing your 2024 federal income tax bill. Thankfully, it [...]

Adopting a Child? Bring Home a Tax Break Too

November 22nd, 2022|Categories: Accountant, Accounting, Adoption, Burns Firm, Child Tax Credit, CPA, CPA Dallas, CPA75248, CPADallas, Dallas CPA, Kiddie Tax, Tax, Tax Advisor, Tax Deductions, Tax Preparation, The Burns Firm|Tags: Adopt a Child, Adoption, CPA Dallas, Qualified Expense when Adopting, Tax Break when you adopt, tax breaks, The Burns Firm|

Two tax benefits are available to offset the expenses of adopting a child. In 2022, adoptive parents may be able to claim a credit against their federal tax for [...]

Three Tax Breaks for Small Businesses

August 16th, 2022|Categories: Accountant, accountant near me, Accounting, Business, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Expenses, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, tax preparer near me, Tax Return, tax season tips, Tax Withholding, tax write-offs, The Burns Firm, Year-End Tax Planning|Tags: CPA Dallas, cpa near me, Dallas CPA, Dallas CPA near me, QBI deduction, small business, small business tax breaks, tax breaks, tax breaks for my small business, tax breaks for small business 2022, tax preparer near me, The Burns Firm, what is a QBI deduction|

Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. QBI deduction For [...]

Home-Sale Gain Exclusion

September 21st, 2021|Categories: Accounting, Burns Firm, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Tax, Tax Credits, Tax Deductions, Tax Planning|Tags: accountant near me, can I get a tax break for selling my home, CPA Dallas, cpa near me, Dallas CPA, home sale gain exclusions, home sale tax, tax breaks, tax credits, tax deductions, The Burns Firm|

In many areas, residential real estate markets have surged, and some are still surging. In these sellers' markets, big home-sale gains are likely. That's great news if you're a seller — [...]

Educate Yourself About the Revised Tax Benefits for Higher Education

January 19th, 2021|Categories: Accounting, Burns Firm, Tax, Tax Credits, Tax Cuts, Tax Return|Tags: accounting firm in Dallas, accounting firm near me, can i deduct education expense on my tax return, CPA Dallas, CPA firm in Dallas, cpa near me, education credits, help with preparing my tax return, tax, tax breaks, tax breaks for higher education, tax preparation, tax preparer in Dallas, tax return preparation, The Burns Firm|

Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher [...]

Back-to-School Tax Breaks on the Books

September 10th, 2020|Categories: Accounting, Burns Firm, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: CPA Dallas, Dallas CPA, education tax breaks, higher education tax credits, tax, tax break on books, tax breaks, tax credits, tax preparation, tax return preparer, The Burns Firm, tuition and fee deduction|

Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, parents may be eligible for certain tax [...]

New Law Provides a Variety of Tax Breaks to Businesses and Employers

January 29th, 2020|Categories: Accounting, Burns Firm, Business, C Corporation, Law, Partnership, S Corporation, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: CPA Dallas, new tax break for businesses, tax, tax 401K, tax breaks, tax credit for paid family leave, The Burns Firm|

While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. [...]

Plug In Tax Savings for Electric Vehicles

May 9th, 2019|Categories: Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: 2019 tax breaks, CPA, Dallas CPA, tax, tax breaks, tax breaks for electric cars, tax breaks for electric vehicles, tax credits, The Burns Firm|

While the number of plug-in electric vehicles (EVs) is still small compared with other cars on the road, it’s growing — especially in certain parts of the country. If you’re [...]

Depreciation-related Breaks on Business Real Estate: What You Need to Know When You File Your 2018 Return

January 31st, 2019|Categories: Accounting, Burns Firm, Business, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: Accounting, CPA, depreciation related tax breaks, tax, tax breaks, tax credits, tax filing, tax return preparation, TCJA, The Burns Firm|

Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) [...]

A Refresher on Major Tax Law Changes for Small-Business Owners

January 8th, 2019|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: business taxes, CPA, deductions, preparing for 2019, tax, tax breaks, tax filing, Tax law changes, tax law changes for small businesses, Tax planning, tax return preparation, TCJA, The Burns Firm|

The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. [...]

Back-to-School Time Means a Tax Break for Teachers

September 4th, 2018|Categories: Accounting, Tax, Tax Credits, Tax Planning, Tax Preparation, Tax Return|Tags: back to school teacher credits, tax, tax breaks, tax credits, Tax planning, tax preparation, tax return preparation, teacher credits, The Burns Firm|

When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special [...]