The Burns Firm – Page 21 – The Burns Firm – Advisors of Complex Financial Matters

Tax Depreciation Rules for Business Automobiles

November 5th, 2021|Categories: Accounting, Burns Firm, Business, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Services, Small Business, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Return, Tax Withholding, The Burns Firm|Tags: are miles used for business a writeoff, can i writeoff miles on my automobile used for business, cents-per-mile vs actual expense, CPA Dallas, Dallas CPA, depreciation limits on business vehicle, depreciation on my car, depreciaton on auto use, how much can I write off for miles, miles used for business purpose, tax depreciation rules for business automobiles, tax on auto use, The Burns Firm, what are depreciation rules for my SUV and Pickup truck|

If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles [...]

The Tax Score of Winning

November 2nd, 2021|Categories: Accounting, Burns Firm, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Expenses, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: are bingo winnings taxable, are lottery winnings taxable, CPA Dallas, Dallas CPA, do i pay tax on my gambling earnings, if I win the lottery will i pay taxes on the money, tax, The Burns Firm, what earnings are taxable, what tax is due for money won gambling|

Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the [...]

Financing the Growth of Your Business

October 28th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Due Diligence, Growing A Business, LLC, Merger & Acquisition, Partnership, S Corporation, Small Business, Tax, Tax Planning, The Burns Firm|Tags: business growth, CPA Dallas, Dallas CPA, how do I finance the growth of my business, how do I grow my business, should I get a loan so I can grow my business, The Burns Firm, what loans can I get so I can grow my business|

Business activity ground to a halt in many areas during the pandemic. Fortunately, the Paycheck Protection Plan (PPP) program and other relief programs rescued many small enterprises from financial crisis. If [...]

ABLE Accounts May Help Disabled or Blind Family Members

October 21st, 2021|Categories: ABLE, Accounting, Burns Firm, CPA Dallas, Dallas CPA, Dallas tax return preparer, Services, Tax, Tax Credits, Tax Deductions, Tax Return|Tags: ABLE, ABLE accounts may help disabled or blind family members, CPA Dallas, cpa near me, Dallas CPA, do AB:E accounts impact Medicaid eligibility, tax preparer near me, The Burns Firm, what is an ABLE account, will ABLE accounts may help disabled or blind family members|

There may be a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re [...]

Lowdown on Federal Tax Proposals for Individuals and Businesses

October 19th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Gift Tax, IRS, Partnership, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Cuts, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: are the federal tax laws changing in 2022, changes to federal tax laws, changes to federal tax laws for businesses, changes to federal tax laws for individuals, corporate tax rate changes, CPA Dallas, Dallas CPA, gift tax laws, how will the tax law changes affect me, individual tax rate changes, long-term gains and dividends individual rate change, NIIT, tax accountant, tax CPA, tax preparer, tax rate changes, The Burns Firm|

The U.S. Department of Treasury released its "Green Book" in May entitled, "General Explanation of the Biden administration's Fiscal Year 2022 Revenue Proposals." It contains detailed information about President Biden's proposed [...]

Six Education Tax Breaks on the Books

October 14th, 2021|Categories: Accounting, American Opportunity Tax Credit, AOTC, Burns Firm, Dallas CPA, Dallas tax return preparer, Lifetime Learning Credit, LLC, Scholarships, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: american opportunity tax credit, AOTC, can i deduct books for school on my tax return, can i report expense for books on my tax return, can i report school expenses on tax return, CPA Dallas, cpa near me, Dallas CPA, Lifetime Learning credit, LLC, school expenses, tax breaks on books for school, tax preparer near me, The Burns Firm|

It costs a pretty penny to send a child to college or private school these days. But at least the federal tax code may provide some relief, within certain limits. Can [...]

Communication Is Critical During Mergers and Acquisitions

October 7th, 2021|Categories: Accounting, Burns Firm, Buying a Business, CPA Dallas, Dallas CPA, Dallas tx accountant, Merger & Acquisition, Sell Business, Selling a Business, Services, Small Business, Tax Planning, The Burns Firm|Tags: Dallas CPA, Dallas M&A firm, M&A, Merger & Acquisition firm near me, merger and acquisition firm near me, mergers and acquisitions, should I let my employees know I may sell my business, The Burns Firm|

Want to enter a market quickly, expand market share, or acquire an established brand? The first phrase that comes to mind is mergers & acquisitions. That can be a quick way [...]

How to Pay Retiree Health Costs Tax-Free

October 5th, 2021|Categories: Accounting, Burns Firm, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Healthcare & Retirement, Retirement, Retirement Plan, Tax, Tax Credits, Tax Planning, The Burns Firm|Tags: can retiree health costs be tax-free, cpa near me, Dallas CPA, health cost, how do I prevent paying tax on health costs, retiree health costs, tax preparer near me, The Burns Firm|

If you own a small business, you may have set up a defined benefit pension plan for you and your employees that will provide a specific amount of retirement income based [...]

Building Your Legacy

September 30th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Growing A Business, Merger & Acquisition, Partnership, Services, Small Business, Tax|Tags: business legacy, CPA Dallas, creating a legacy in my business, Dallas CPA, growing my business, How do I grow my business legacy, The Burns Firm|

The desire to leave a legacy may be the height of altruism for it's a gift to the future, the benefit of which you may never witness, nor ever feel it's [...]

Following Up on Coronavirus-Related Distributions from IRAs

September 28th, 2021|Categories: Burns Firm, Covid-19, COVID-Related Tax Relief Act (COVIDTRA), Dallas CPA, Dallas tax return preparer, Dallas tx accountant, IRA, Retirement Plan, Tax, Tax Deductions, The Burns Firm|Tags: contributing to your IRA, Coronavirus related IRA disstributions, Covid and IRA distributions, CPA Dallas, cpa near me, Dallas CPA, IRA distribution and coronavirus, IRA distribution and tax, IRA distributions taken during coronavirus, tax preparer near me, The Burns Firm|

If you were adversely affected by the COVID-19 pandemic, you may have taken a tax-favored coronavirus-related distribution (CVD) from a traditional IRA last year. This privilege was allowed under the CARES [...]

Selling a Home: Will You Owe Tax on the Profit?

September 21st, 2021|Categories: Accounting|Tags: can i deduct loss when i sell my home, CPA Dallas, cpa near me, Dallas CPA, gain above the exclusion amount when sell home, gain exclusion when selling a home, home sales and tax, if I sell my home will i have to pay tax on profits, NIIT, should i keep track of my basis on sell of home, tax on selling a home, tax preparer near me, tax return preparation, The Burns Firm|

Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose [...]

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 [...]

5 Possible Tax Aspects of a Parent Moving Into a Nursing Home

September 2nd, 2021|Categories: Accounting, Burns Firm, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Expenses, Healthcare & Retirement, how do I know if my parent qualifies as my dependent, if I support my parents financially can I claim them on tax return, Medicare Premiums, Services, Tax, Tax Credits, Tax Deductions, Tax Return, The Burns Firm|Tags: are medical expenses deducted, are nursing home expenses deductible, CPA Dallas, Dallas CPA, deductions on tax return, elderly and expenses, long-term medical care expenses, medical expense deductions, tax preparer near me, The Burns Firm, what expenses are deductible on my tax return|

If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications. Here are five. 1. Long-term [...]

The Deductibility of Corporate Expenses Covered By Officers or Shareholders

August 31st, 2021|Categories: Burns Firm, C Corporation, CPA Dallas, Dallas CPA, Expenses, Partnership, S Corporation, Services, Small Business, Tax, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, The Burns Firm|Tags: are corporate expenses deductible, can I deduct corporate expenses, can I get reimbursed for business expenses, CPA Dallas, Dallas tax preparer, expenses and tax, The Burns Firm, what expenses are deductible on a tax return|

Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer [...]