Texas CPA – Page 3 – The Burns Firm – Advisors of Complex Financial Matters

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: cpa near me, Dallas CPA, hobby, Hobby Tax Rules, How to avoid the hobby loss rule, tax, tax advisor, Texas CPA, The Burns Firm, Turning A Hobby Into a Business, What is considered a Hobby?|

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: cpa near me, Dallas CPA, Sale of Vacation Home and Taxes, tax, tax advisor, Taxes on Sell of Appreciated Vacation Home, Texas CPA, The Burns Firm, vacation home|

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: business vehicle depreciation, Business Vehicle Expenses, cpa near me, Dallas CPA, Depreciation on Business Vehicle, sec 179, Sec. 179 Deduction vs. Bonus Depreciation, tax, tax advisor, Texas CPA, The Burns Firm|

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 [...]

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: cpa near me, Dallas CPA, Income in Respect of a Decedent, Inheritance, IRD, tax advisor, Tax on Inheritance money received, Texas CPA, The Burn Firm, What is IRD|

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. [...]

Is Your Income High Enough To Owe Two Extra Taxes?

September 27th, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, CPA, CPA Dallas, CPA in NOrth Texsa, CPA near 75248, CPA near 75252, CPA near me, CPA neasr 75248, CPA75248, CPADallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Medicare Tax, Net Investment Income Tax, NIIT, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Planning, Tax Preparation, tax preparer near me, Tax Return, The Burns Firm|Tags: 3.8 percent net investment income tax, 3.8% NIIT, accountant near me, additonal 0.9% medicare tax, CPA Dallas, cpa near me, Dallas CPA, do i need to pay more medicare tax, high-income tax payers, how much medicare tax do i owe, medicare tax, net investment income tax, North Texas CPA, tax, tax accountant near me, Texas CPA, The Burns Firm, will i be paying NIIT, will i pay more in medicare tax based on my income|

High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Here’s an overview of [...]

Smooth Sailing: Tips to Speed Processing and Avoid Hassles This Tax Season

February 22nd, 2022|Categories: Accounting, Burns Firm, Child Tax Credit, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Delinquent Tax, Dependent Care credits, Donations, Estimated Tax, Estimated Tax Payments, Expenses, Gift Tax, Healthcare & Retirement, Lifetime Learning Credit, Nanny Tax, Retirement, Scholarships, Services, Social Security, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, tax write-offs, Taxpayer Certainty and Disaster Tax Relief Act (TCDTRA), TCJA, The Burns Firm|Tags: 1099, 2021 tax year tips, CPA Dallas, Dallas CPA, form 1040 tax preparer, North Texas accountant, North Texas accounting firm, North Texas CPA, North Texas CPA firm, tax preparer near me, tax return preparation, tax tips, tax tips to avoid hassles this tax season, Texas CPA, The Burns Firm, W2|

The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips to help speed processing and avoid [...]

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 [...]

Taking Distributions From a Traditional IRA

December 15th, 2020|Categories: Accounting, Burns Firm, Services, Tax, Tax Deductions, Tax Planning|Tags: CPA Dallas, CPA in Dallas, Dallas accounting firms, early distribution, early distribution rules for retirement plan, IRA distribution and tax, IRA early distribution, north dallas accounting firm, required minimum distribution from IRA, tax, tax firm in Dallas, tax on taking distribution from an IRA early, Tax planning, Texas CPA, The Burns Firm|

Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals [...]

Financial Issues to Consider During and After a Divorce

April 4th, 2019|Categories: Accounting, Burns Firm, Services, Tax, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: Dallas CPA, dividing assets in a divorce, divorce and debt, divorce and financial issues, filing status, issues to keep in mind when divorcing, North Dallas CPA, tax, tax law, tax returns, tax rules and divorce, Texas CPA, The Burns Firm|

Divorce is one of the most traumatic events that can occur in a person's life. The emotional aspects of the break-up are difficult to handle, and the stress can be [...]

Handle with Care: The Nanny Tax Rules

March 28th, 2019|Categories: Accounting, Burns Firm, Tax, Tax Planning, Tax Preparation|Tags: CPA, Dallas CPA, employee or independent contractor, nanny, nanny tax, tax, tax rules, Texas CPA, The Burns Firm|

When you hire a nanny, housekeeper or other domestic worker, pay close attention to the tax rules. Over the years, there have been news stories about political appointees and others [...]