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

To Itemize or Not to Itemize?

December 12th, 2024|Categories: Accountant, accountant near me, Burns Firm, Charitable Contributions, Charitable Donations, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Deductions, Dependents, Medical Deductions, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Tax Return, Tax Return Filing, Tax Return Preparer, Tax Rules, tax write-offs, Texas CPA, The Burns Firm|Tags: CPA, cpa near me, Dallas CPA, itemized deductions, Itemizing for 2024, Personal Tax and Itemizing, Should I Itemize My Deductions, tax, tax advisor, tax deductions, Texas CPA, The Burns Firm, What Can I Use for Itemized Deductions|

With the tax year winding down, it's time to evaluate your personal tax situation. Will you claim the standard deduction or itemize deductions on your 2024 tax return? The [...]

You Don’t Have to be in Business to Deduct Certain Vehicle Expenses

October 31st, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Deductions, Services, Tax, tax accountant, Tax Advisor, Tax Deductions, Texas CPA, The Burns Firm, Vehicle Deductions, Vehicle Expenses|Tags: cpa near me, Dallas CPA, tax, tax advisor, tax deductions, tax return deductions, Texas CPA, The Burns Fir, Vehicle Deductions, Vehicle Expenses|

When you think about tax deductions for vehicle-related expenses, business driving may come to mind. However, businesses aren’t the only taxpayers that can deduct driving expenses on their returns. [...]

You May Be Entitled to Tax Breaks If Caring For An Elderly Relative

June 13th, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Dependent Care Credit, Dependent Care credits, Dependents, Elderly, Tax, Tax Advisor, Tax Credits, Tax Deductions, Texas CPA, The Burns Firm|Tags: Caring for Elderly Relative, cpa near me, Dallas CPA, Dependent Care Tax Credit, Elderly Care, Medical Expense Deduction, Nonchild Dependent Credit, tax, tax advisor, tax benefits for elderly care, Tax Break if Caring for Elderly Relative, tax deductions, Texas CPA, The Burns Firm|

There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing the person to receive [...]

Dos and Don’ts for Business Expense Deductions

February 6th, 2024|Categories: Accountant, Accounting, Burns Firm, Business, Business Automobile, Business Deductions, Business Expense Deductions, Business Vehicle, Business Write-offs, Client Gifts, CPA, CPA Dallas, CPA near me, CPADallas, Dallas CPA, Dallas tx accountant, Deductions, Entertainment Deductions, Expenses, Meals & Entertainment Deductions, Services, Tax, tax accountant, Tax Advisor, Tax Deductions, The Burns Firm|Tags: are client gifts deductible, business deductions, Business Expense Deductions, business expenses, Client Gifts, cpa near me, Dallas CPA, deductions, Meal and Entertainment Deductions, tax, tax deductions, The Burns Firm, Vehicle Expense Deduction, What Can I Deduct for Business Expenses|

As tax season heats up, companies of all kinds and sizes will be on the hunt for ways to reduce their tax bills. One of the most common ways is [...]

Can You Claim Your Parent as a Dependent?

February 1st, 2024|Categories: Accountant, Adult Dependent, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Deductions, Dependent Care credits, Dependents, Parent Dependent, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Tax Filing Status, Tax Planning, Tax Preparation, tax preparer near me, Tax Return, Tax Return Filing, Tax Return Preparer, tax write-offs, The Burns Firm|Tags: Can I Claim My Parent as a Dependent, Claiming Dependents on a Tax Return, CPA Dallas, cpa near me, Dependent Child Care, dependents, filing status, tax, tax advisor, tax deductions, The Burns Firm, Who is a Dependent?, who qualifies as a dependent|

If you pay over half the cost of supporting a parent, your parent is considered your dependent for federal income tax purposes. This treatment potentially entitles you to some significant tax [...]

Pocket a Tax Break for Making Energy-Efficient Home Improvements

August 22nd, 2023|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Deductions, Energy-Efficient Improvements, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, Tax Return Filing, tax write-offs, The Burns Firm|Tags: CPA, CPA Dallas, cpa near me, Energy-Efficient tax breaks, Going Green to save on your tax return, IRS Tax Breaks, Max credit to claim each year for energy-efficient improvements, Qualified Energy0efficient improvements, tax, tax advisor, Tax Breaks for Energy-Efficient Home Improvements, tax deductions, tax savings, The Burns Firm|

An estimated 190 million Americans have recently been under heat advisory alerts, according to the National Weather Service. That may have spurred you to think about making your home [...]

Computer software costs: How does your business deduct them?

December 6th, 2022|Categories: Accountant, Accounting, Burns Firm, Business, Business Write-offs, CPA, CPA Dallas, CPA near me, CPADallas, Dallas CPA, Deductions, Services, Small Business, Tax, Tax Advisor, Tax Deductions, tax write-offs, The Burns Firm|Tags: business deductions, CPA Dallas, Deduct business expense, Software deductible for a business, tax deductions, The Burns Firm|

These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services 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 [...]

Defer Tax With a Like-Kind Exchange

February 8th, 2022|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Partnership, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Preparation, Tax Return, TCJA, The Burns Firm|Tags: 1031 deductions, 1031 expert near me, 1031s, CPA Dallas, cpa near me, Dallas CPA, like-kind exchange, Like-kind exchanges, tax accountant near me, tax deductions|

Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” [...]

There’s a Deduction For Student Loan Interest … But Do You Qualify For It?

February 1st, 2022|Categories: Accounting, Burns Firm, CPA Dallas, Dallas CPA, Dallas tax return preparer, Expenses, Services, Tax, Tax Credits, Tax Deductions, The Burns Firm|Tags: accountant in north dallas, accountant in North Texas, CPA Dallas, Dallas accountant, Dallas CPA, student loan interest. can i deduct student loan interest on my tax return, tax, tax credits, tax deductions, tax preparer near me|

If you’re paying back college loans for yourself or your children, you may wonder if you can deduct the interest you pay on the loans. The answer is yes, subject [...]

Help Safeguard Your Personal Information By Filing Your 2021 Tax Return Early

January 18th, 2022|Categories: Accounting, Alternative Minimum Tax, American Opportunity Tax Credit, Burns Firm, Charitable Donations, Child Tax Credit, COVID-Related Tax Relief Act (COVIDTRA), CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Dependent Care credits, Donations, Employee Retention Tax Credit, Exemptions, Expenses, Gift Tax, Hobby, how do I know if my parent qualifies as my dependent, how do I report bitcoin transactions, how do i report virtual currency transactions, if I support my parents financially can I claim them on tax return, IRS, Medicare Premiums, Nanny Tax, Retirement, Scholarships, Services, Social Security, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Return, Tax Withholding, tax write-offs, Taxpayer Certainty and Disaster Tax Relief Act (TCDTRA), TCJA, The Burns Firm, Virtual Currency, Withholding|Tags: Allison Shike, CPA Dallas, Dallas CPA, Denis Burns, file 2021 tax return early, tax credits, tax deductions, tax preparation near me, tax preparer near me, tax preparer North Dallas, tax preparer North Texas, tax withholding, Texas CPA, The Burns Firm, when can I file my 2021 tax return|

The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being accepted.) Even if you typically don’t file until [...]

Navigating the Tax Landscape When Donating Works of Art to Charity

November 9th, 2021|Categories: Accounting, Charitable Donations, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Tax, Tax Credits, Tax Deductions, Tax Planning|Tags: art donations, can i deduct a charitable donation of art, CPA Dallas, credit for donating art to charity, Dallas CPA, donating art to charity, donating to charity, tax deductions, tax donations, tax preparer near me, The Burns Firm|

If you own a valuable piece of art, or other property, you may wonder how much of a tax deduction you could get by donating it to charity. The answer [...]

Let’s Dig into the Details of the Home-Sale Gain Exlcusion

September 22nd, 2021|Categories: Accounting, Burns Firm, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Exemptions, Services, Tax, Tax Credits, Tax Deductions, Tax Planning|Tags: accountant near me, CPA Dallas, cpa near me, Dallas CPA, home sale gain exclusion details, sell of home exclusions, tax credits, tax deductions, tax exclusions|

Before you sell your home, consider the tax consequences. There are some subtle nuances to the home-sale gain exclusion. (See "Home-Sale Gain Exclusion: Timing Counts" at right.) Here are some scenarios that you [...]

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 — [...]

You Can Only Claim A Casualty Loss Tax Deduction in Certain Situations

September 14th, 2021|Categories: Accounting, Burns Firm, Business, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Partnership, S Corporation, Services, Small Business, Tax, Tax Deductions, Tax Preparation, Tax Return, The Burns Firm|Tags: can I deduct a loss on my tax return, can I deduct damage caused by a hurricane, can I deduct hurricane loss on tax return, casualty loss tax deduction, CPA Dallas, cpa near me, Dallas CPA, loss and damage deductions, tax deductions, tax preparer near me, The Burns Firm|

In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your home [...]