Accounting – Page 12 – The Burns Firm – Advisors of Complex Financial Matters

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” [...]

Gig workers should understand their tax obligations

February 2nd, 2022|Categories: Accounting, Burns Firm, Contractor, CPA Dallas, Dallas CPA, Dallas tax return preparer, Tax, Tax Deductions, Tax Preparation, Tax Return, The Burns Firm|Tags: CPA Dallas, Dallas CPA, do i pay tax on tips from my gig, gig worker, tax paid by gig workers, The Burns Firm, what is a gig worker|

The number of people engaged in the “gig” or sharing economy has grown in recent years. In an August 2021 survey, the Pew Research Center found that 16% of Americans [...]

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 [...]

Tax Consequences of Borrowing From a Retirement Plan

January 27th, 2022|Categories: Accounting, Burns Firm, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, IRA, Retirement, Retirement Plan, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, Tax Withholding, The Burns Firm|Tags: borrowing from a retirement plan, can I deduct interest expense from withdrawal, CPA Dallas, Dallas CPA, do I pay tax on money taken from my retirement plan, how much can I borrow from my qualified retirement plan, IRA, tax, tax on early withdrawal, The Burns Firm|

If your company has a qualified retirement plan or you have set one up in self-employment -- such as a 401(k), profit-sharing, or Keogh plan -- the participants might be allowed to borrow from their [...]

Get ready for taxes: Here’s what’s new and what to consider when filing in 2022

January 25th, 2022|Categories: Accounting, Burns Firm, CARES Act, Child Tax Credit, Covid-19, COVID-Related Tax Relief Act (COVIDTRA), CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Donations, Estimated Tax, Estimated Tax Payments, Expenses, Gift Tax, IRS, Nanny Tax, Retirement, Services, Small Business, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, Tax Withholding, tax write-offs, Taxpayer Certainty and Disaster Tax Relief Act (TCDTRA), The Burns Firm, Withholding|Tags: 2022 tax, 2022 tax guidelines, 2022 taxes, accountant near me, cpa near me, IRS, North Texas accountant, tax accountant near me, tax filing, tax preparation, tax preparer near me|

Information from IRS.gov The IRS encourages taxpayers to get informed about topics related to filing their federal tax returns in 2022. These topics include special steps related to charitable contributions, [...]

Providing A Company Car? Here’s How Taxes Are Handled

January 20th, 2022|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Expenses, Partnership, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Deductions, Tax Preparation, Tax Return, The Burns Firm|Tags: CPA Dallas, Dallas CPA, expenses relating to company car, fringe benefit, how are taxes handled for a company car, how do I expense items relating to my company car, is a fringe benefit considered income, tax, tax deduction, tax expenses, tax on company car, The Burns Firm|

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as [...]

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 [...]

Close-Up on the Individual AMT

January 13th, 2022|Categories: Accounting, Alternative Minimum Tax, Burns Firm, CPA Dallas, Dallas CPA, Dallas tax return preparer, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: alternative minimum tax, AMT, AMT expert, AMT expert near me, CPA Dallas, Dallas CPA, SALT deductions, tax, tax preparer near me, tax pro near me, what is alternative minimum tax|

The individual alternative minimum tax (AMT) rules were made more taxpayer-friendly for 2018 through 2025 by the Tax Cuts and Jobs Act (TCJA). The odds that you'll owe the AMT for [...]

New Digital Asset Reporting Requirements Will Be Imposed In Coming Years

January 11th, 2022|Categories: Accounting, Burns Firm, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: CPA Dallas, cpa near me, Dallas CPA, digital asset reporting requirements, digital assets, tax, tax preparer near me, tax reporting, tax return preparation near me, The Burns Firm|

The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting [...]

Smart Reasons to Hire Your Spouse

January 6th, 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 Planning, The Burns Firm|Tags: can I save money by hiring my spouse, CPA Dallas, cpa near me, Dallas accountant near me, Dallas CPA, hiring workers, is it smart to hire a spouse, should I hire my spouse since there is a workforce shortage, should I hire my spouse to work for me, tax accountant near me, The Burns Firm, workforce shortage|

Many businesses are having trouble recruiting and retaining qualified workers today. Nearly 90% of employers reported difficulty filling open positions, according to a recent survey conducted by the Society for Human [...]

Businesses Can Deduct Startup Costs From Their Federal Taxes — Learn How

December 23rd, 2021|Categories: Accounting, Business, CPA Dallas, Dallas CPA, Dallas tax return preparer, IRS, Tax Credits, Tax Deductions, The Burns Firm|Tags: are business start-up costs deductible, business start-up cost, CPA Dallas, cpa near me, Dallas CPA, qualify business costs for deduction, The Burns Firm, what qualifies as a deduction for start of new business|

Courtesy of IRS.gov When starting a business, owners should treat all eligible costs incurred before beginning to operate the business as capital expenditures that are part of their basis in [...]

11 Sources of Tax-Free Income

December 21st, 2021|Categories: Accounting, Burns Firm, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Tax, Tax Cuts, Tax Deductions|Tags: are life insurance proceeds taxable, are qualified section 529 withdrawals taxable, CPA Dallas, cpa near me, Dallas CPA, Dallas CPA near me, do I have to pay tax on all my income, EIPs taxable, is a gift or inheritance taxable, is scholarship money taxable, qualified ROTH IRA withdrawal taxable, tax accountant Dallas, tax accountant near me, tax-free income, The Burns Firm, what are tax-free home sale gains, what is considered to be tax-free income|

There are still ways to earn income that is free from federal income tax. With the various tax changes that have taken effect in recent years, tax-free income opportunities are perhaps [...]

Businesses Can Show Appreciation — and Gain Tax Breaks — With Holiday Gifts and Parties

December 16th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Events, Gift Tax, Partnership, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, tax write-offs, The Burns Firm|Tags: are client related expenses during holidays tax deductible, are gifts to clients tax deductible, can I write off gifts to clients, can I wwrite off gifts to employees, CPA Dallas, cpa near me, Dallas CPA, Dallas CPA near me, fringe benefits, gifts to clients, is a business holiday party tax deductible, tax preparer near me, The Burns Firm, what gifts are tax deductible|

The holiday season is here. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties [...]

Buyer’s Side Due Diligence Checklist

December 9th, 2021|Categories: Accounting, Burns Firm, Business, Buying a Business, CPA Dallas, Dallas CPA, Dallas tax return preparer, Due Diligence, Growing A Business, Merger & Acquisition, Services, Small Business, The Burns Firm|Tags: Buying a business, CPA Dallas, due diligence, I need help in buying a business, is due diligence important if I am buying a business, M&A advisor, tax The Burns Firm, The Burns Firm M&A Advisors, what are the due diligence steps when buying a business|

The process of due diligence can be extremely complex in merger-and-acquisition transactions. The information uncovered can make or break a deal. If your business is considering a purchase and is only [...]

Small Business Advertising and Marketing Costs May Be Tax Deductible

December 9th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, IRS, Partnership, S Corporation, Services, Small Business, The Burns Firm|Tags: are advertising coset tax deductible, are business marketing cost deductible, CPA firm, cpa near me, Dallas CPA firm, tax accountant near me, The Burns Firm, what expenses are deductible on my tax return, what expenses are tax deductibe|

Information from IRS.gov Small Business Advertising and Marketing Costs May Be Tax Deductible The tax law allows businesses to deduct expenses that help them bring in new customers and keep [...]