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

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 [...]

Business Automobiles: How the Tax Depreciation Rules Work

October 19th, 2023|Categories: Accountant, accountant near me, Burns Firm, Business Automobile, Business Write-offs, CPA, CPA Dallas, CPA near me, Dallas CPA, Depreciation, Services, Tax, tax accountant, Tax Advisor, Tax Deductions, Tax Depreciation, Tax Planning, The Burns Firm|Tags: Business Automobiles, cpa near me, Dallas CPA, Dallas CPA firm, tax, tax advisor, tax depreciation rules for business automobiles, tax rules, The Burns Firm|

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

Be Sure Your Due Diligence Is Thorough

August 10th, 2023|Categories: Accountant, Accounting, Burns Firm, Business, Business Deductions, Business Write-offs, Buying a Business, Countdown to Transition, CPA, CPA Dallas, CPA near me, CPADallas, Dallas CPA, Deductions, Due Diligence, M&A, Merger & Acquisition, Sell Business, Selling a Business, Services, Tax Advisor, The Burns Firm|Tags: Buying a Business Due Diligence, due diligence, M&A, mergers & acquisitions, Selling a business, tax advisor, The Burns Firm|

Comprehensive due diligence is essential if your business plans to acquire or merge with another organization. Without one, complicated implications could arise with the potential to significantly affect the profits [...]

Keep These DOs and DON’Ts In Mind When Deducting Business Meal and Vehicle Expenses

June 29th, 2023|Categories: Accountant, Accounting, Burns Firm, Business, Business Deductions, Business Vehicle, Business Write-offs, CPA, CPA Dallas, CPA near me, Dallas CPA, Deductions, Employee Benefits, Expenses, Fringe Benefits, Meals & Entertainment Deductions, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Tax Planning, tax write-offs, The Burns Firm|Tags: business deductions, business expenses, Business Meal Deductions, Business miles, Business Vehicle Deductions, Can I deduct Business Meals, Can I Deduct the Expenses For My Business Vehicle, Can I write-Off Business Expenses, cpa near me, Dallas CPA, fringe benefits, tax advisor, Tax write-offs, The Burns Firm, What Business Expenses Are Decutible|

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records [...]

Being a Gig Worker Comes With Tax Consequences

June 27th, 2023|Categories: Accountant, Accounting, Burns Firm, Business Write-offs, Contractor, CPA, CPA Dallas, CPA near me, Dallas CPA, Gig Economy, Independent Contractor, Self-employed, Tax, Tax Advisor, Tax Preparation, Tax Return, Tax Return Filing, The Burns Firm|Tags: CPA Dallas, cpa near me, gig worker, Gigs, Independent contractor, Independent Contractor and Tax, Record-Keeping as a Gig Worker, Record-Keeping as a Independent Contractor, Sharing Economy, tax, tax advisor, Tax for Gig Work, Tax on Gig Work, tax preparation, The Burns Firm|

In recent years, many workers have become engaged in the “gig” economy. You may think of gig workers as those who deliver take-out restaurant meals, walk dogs and drive [...]

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 [...]