Business Write-offs – Page 2 – The Burns Firm – Advisors of Complex Financial Matters

Taxation Issues in the Gig Economy

May 16th, 2023|Categories: Accountant, Accounting, Burns Firm, Business, Business Vehicle, Business Write-offs, Contractor, CPA, CPA Dallas, CPA near me, CPADallas, Dallas CPA, Gig Economy, Self-employed, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, Tax Return Filing, tax write-offs, The Burns Firm|Tags: Business miles, business write-offs, Employee vs Independent Contractor, Gig Economy and Tax, Gig Work and Tax, tax, tax advisor, Taxation and the Gig Economy, The Burns Firm|

Do you provide car rides through a mobile app, rent out your spare room using an online platform or repair computers for local businesses on demand? If so, you may [...]

4 Warning Signs of Financial Distress

April 7th, 2023|Categories: Accountant, Accounting, Burns Firm, Business, Business Write-offs, CPA, CPA Dallas, CPA near me, Dallas CPA, Services, Small Business, Tax, Tax Advisor, The Burns Firm|Tags: Business Failure, Business Loss, CPA Dallas, cpa near me, Failing Business, How Do I Turn My Business Around, Is My Business In Financial Distress, Is My Business in Trouble, tax advisor, The Burns Firm|

Financial problems rarely happen overnight. Early detection increases the chances of a successful turnaround. Here are four red flags to watch out for: Late financial statements. When financials are delayed, [...]

Protect the “Ordinary and Necessary” Advertising Expenses of Your Business

March 30th, 2023|Categories: Accountant, Accounting, Burns Firm, Business, Business Write-offs, C Corporation, CPA, CPA Dallas, CPA near me, Dallas CPA, Deductions, Expenses, Fringe Benefits, Partnership, S Corporation, Services, Small Business, Tax, Tax Advisor, Tax Credits, Tax Planning, Tax Preparation, Tax Return Filing, tax write-offs, TCJA, The Burns Firm|Tags: Advertising Expense, Business Advertising Expense, Business Expense, cpa near me, Ordinary and Necessary Advertising Expense, The Burns Firm|

Under tax law, businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new ones. This valuable tax deduction can help businesses cut [...]

Update on Deducting Business Meal and Entertainment Expenses

March 23rd, 2023|Categories: Accountant, Accounting, Business, Business Deductions, Business Write-offs, Corporation, CPA, CPA Dallas, CPA near me, Dallas CPA, Deductions, Expenses, Fringe Benefits, Meals & Entertainment Deductions, Partnership, S Corporation, Services, Small Business, Tax, tax accountant, Tax Advisor, Tax Return, tax season tips, TCJA, The Burns Firm|Tags: are business meals deductible, business deductions, Business Meals, CPA Dallas, cpa near me, Dallas CPA, Deductions for Business Meals and Entertainment, fringe benefits, Meals vs Entertainment, Meals While Traveling, tax, tax advisor, The Burns Firm|

The federal income tax treatment of business-related meal and entertainment expenses has been a moving target the last few years. If you're confused about what rules currently apply, you're not [...]

The Tax-Deductible Mileage Rate for Business Driving Increases for 2023

January 3rd, 2023|Categories: Accountant, Burns Firm, Business, Business Vehicle, Business Write-offs, CPA Dallas, CPA near me, Deductions, Tax, Tax Advisor, Tax Deductions, The Burns Firm|Tags: 2023 business mile rate, 2023 tax-deductible automobile miles, business miles I can deduct, CPA Dallas, cpa near me, tax-deductible mileage rate for business driving 2023, The Burns Firm|

The IRS has announced the 2023 optional standard mileage rates used to calculate the deductible costs of operating a vehicle for business, charitable, medical or moving purposes. Background: If you use [...]

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 [...]

Be a Hands-On Owner to Maximize Profits

October 6th, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, Business, Business Write-offs, Buying a Business, CPA, CPA Dallas, CPA near me, CPA neasr 75248, CPA75248, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Growing A Business, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Credits, Tax Preparation, tax preparer near me, Tax Return, The Burns Firm|Tags: be a hands-on owner, CPA 75248, CPA Dallas, cpa near me, Dallas CPA, guidelines for owning a business, how can a business owner maximize profit, owning a business, tax preparation, tax preparer near me, tips for owning a business, what do I need to know about owning a business|

Over the years, McDonald's has been able to sell hundreds of billions of hamburgers. The business started with a single drive-in burger stand started by two brothers in Southern California. [...]

Good News: IRS Boosts Standard Mileage Rates for Second Half of 2022

July 22nd, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, Business, Business Vehicle, Business Write-offs, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, IRS, Services, Small Business, Tax, tax write-offs, The Burns Firm|Tags: 2022 mileage rate, are my business miles driven deductibe, can i deduct business miles driven, CPA Dallas, Dallas CPA, deductible miles, do I qualify for standard mileage rate deduction, IRS boost mileage rate for remainder of 2022, irs increases standard mileage rate for qualified business drivers, mileage rate from IRS, tax, The Burns Firm|

The IRS recently announced it will be increasing the standard mileage rate for qualified business drivers for the second half of 2022. The adjustment reflects rising costs at the gas pumps [...]

Tax Issues When SELLING a Business With an Earnout

May 12th, 2022|Categories: Accountant, Accounting, Burns Firm, Business, Business Write-offs, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Due Diligence, M&A, Merger & Acquisition, Sell Business, Selling a Business, Services, Small Business, Tax Planning, tax write-offs, The Burns Firm|Tags: accountant near me, CPA Dallas, cpa near me, Dallas CPA, merger and acquisition, selling my business, tax issues when selling a business with an earnout, tax preparer near me, The Burns Firm, who can hel me sell my business|

When a business is sold or purchased, the transaction might involve an earnout provision. This is a contractual arrangement in which the seller receives additional payment in the future if certain [...]

Tips for Purchasing a New or Used Vehicle

February 18th, 2022|Categories: Accounting, Burns Firm, Business, Business Vehicle, Business Write-offs, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Expenses, LLC, Partnership, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Cuts, Tax Return, tax write-offs, The Burns Firm|Tags: car purchase, CPA Dallas, Dallas CPA, is it better to buy used or new vehicle, new car vs used car, should I purchase a new car or look into used, The Burns Firm, vehicle purchase|

The limited supply of new and used vehicles, along with other economic factors, has driven up prices in the auto market. The average price of new cars increased by 13% for the year [...]

How Fast Can You Write Off a Business Vehicle?

November 9th, 2021|Categories: Accounting, Burns Firm, Business, Business Vehicle, Business Write-offs, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, S Corporation, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, tax write-offs, The Burns Firm|Tags: business write-offs, can I write off business vehicle miles, can I write off miles driven for business, CPA Dallas, cpa near me, Dallas CPA, tax accountant near me, The Burns Firm, write-offs|

The federal income tax rules for depreciating vehicles used for business are complicated. And different rules apply to different categories of vehicles. Special limitations apply to vehicles that are classified as [...]