Business – Page 7 – The Burns Firm – Advisors of Complex Financial Matters

Things to Consider Once Your Tax Return Is Filed

April 26th, 2022|Categories: Accountant, Accounting, Burns Firm, Business, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Services, Tax, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, Tax Withholding, tax write-offs, The Burns Firm, Withholding, Year-End Tax Planning|Tags: can i amend my tax return, CPA Dallas, cpa near me, Dallas CPA, how do I check the status of my refund, how long do i need to keep my tax records, how long save tax documents once return is filed, howmuch does it cost to have a cpa prepare my tax return, i forgot to include some income on tax return can I amend it, tax filer near me, tax filing deadline, tax preparation near me, tax preparer near me, The Burns Firm, where is my refund|

The tax filing deadline for 2021 tax returns was April 18 this year. After your 2021 tax return has been successfully filed with the IRS, there may still be some [...]

2022 Q2 tax calendar: Key deadlines for businesses and other employers

April 19th, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, Business, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Quarterly Filings, Services, Tax, tax accountant, tax accountant near me|Tags: CPA Dallas, CPA Dallas The Burns Firm, Dallas CPA, filing deadlines, Q2 deadlines, Q2 filing deadlines, tax filing, tax preparation, tax preparer near me, The Burns Firm|

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. Keep in mind that this list isn’t all-inclusive, so [...]

The Election to Apply the Research Tax Credit Against Payroll Taxes

March 17th, 2022|Categories: Accountant, Accounting, Business, C Corporation, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Partnership, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Preparation, Tax Return, tax write-offs, The Burns Firm|Tags: business research credit, can i apply research tax credit against payroll taxes, CPA Dallas, Dallas CPA, do I get credit for research activities, tax, The Burns Firm|

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Claiming the credit involves complex [...]

How to Maximize the QBI Deduction Amid the Pandemic

March 10th, 2022|Categories: Accountant, Accounting, Burns Firm, Business, C Corporation, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Partnership, QBI, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Deductions, Tax Preparation, The Burns Firm|Tags: can I take a QBI deduction, CPA Dallas, Dallas CPA, how do i know if i have qualified business income, QBI, QBI deduction, qualified business income, tax, tax deductions, The Burns Firm, what is a QBI deduction, what is a specified service trade or business, what is a SSTB|

Since the qualified business income (QBI) deduction first become available in 2018, things have changed dramatically, mainly due to the various effects of the COVID-19 pandemic. Possible tax rate increases, and [...]

Take Advantage of Tax Breaks for Small Businesses

March 8th, 2022|Categories: Accounting, Burns Firm, Business, CPA, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, QBI, Services, Small Business, Tax, Tax Deductions, Tax Preparation, Tax Return, TCJA|Tags: 2022 tax breaks for business, Bonus depreciation, CPA Dallas, Dallas CPA, QBI deduction, Sec 179 depreciation deduction, Sec. 179 deductions, Sec. 179 limitations, tax, tax breaks for small businesses, tax preparer for business, The Burns Firm|

If you own a small or medium-sized business, it may be eligible for some significant tax breaks that aren't available for larger entities. Here are three examples to consider as you [...]

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 [...]

Navigating the Tax Angles for ETFs

February 10th, 2022|Categories: Burns Firm, Business, CPA Dallas, Dallas CPA, Dallas tax return preparer, ETF, exchange traded funds, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, The Burns Firm|Tags: CPA Dallas, cpa near me, Dallas CPA, ETFs, exchange traded funds, federal income tax treatment of ETF dividends, tax on ETFs, tax preparer near me, The Burns Firm|

Exchange traded funds (ETFs) are hot. Last year, $507.4 billion flowed into ETFs listed in the United States, according to Statista, a provider of market and consumer data. Net assets held [...]

Due Diligence Considerations

February 8th, 2022|Categories: Accounting, Burns Firm, Business, Buying a Business, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Due Diligence, M&A, Merger & Acquisition, Sell Business, Selling a Business, Services, Small Business, The Burns Firm|Tags: Buying a business, due diligence, due diligence when buying or selling a business, M&A due diligence, merger & acquisition due diligence, sale of business due diligence, Selling a business, The Burns Firm, The Burns Firm M&A Advisors|

Buyers of businesses generally prefer to arrange for an asset purchase transaction, instead of purchasing an ownership interest in the target business entity. Why? The primary reason is to avoid exposure to liabilities — both [...]

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” [...]

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 [...]

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 [...]

Important “To Do’s” All Taxpayers Should Do Before the Tax Year Ends

December 28th, 2021|Categories: Burns Firm, Business, CPA Dallas, Dallas CPA, Dallas tax return preparer, Estimated Tax, Estimated Tax Payments, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm, Year-End Tax Planning|Tags: can I get tax credit for donating to charity, CPA Dallas, cpa near me, Dallas CPA, donate to charity, Tax planning, tax preparer near me, The Burns Firm, what can I do to save on tax before year end, year end tax planning|

Information from IRS.gov Important “To Do’s” All Taxpayers Should Do Before the Tax Year Ends Donate to charity Taxpayers may be able to deduct donations to tax-exempt organizations on their [...]

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 [...]

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 [...]