Business – Page 9 – The Burns Firm – Advisors of Complex Financial Matters

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 [...]

With Year-End Approaching, 3 Ideas That May Help Cut Your Tax Bill

December 7th, 2021|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 Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: CPA Dallas, Dallas CPA, defer income, how can I reduce my tax bill, Retirement contributions, Tax planning, tax planning for year end, The Burns Firm, year end tax planning|

If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may [...]

Feeling Generous at Year End? Strategies for Donating to Charity or Gifting to Loved Ones

December 2nd, 2021|Categories: Business, Charitable Donations, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Donations, IRS, Partnership, Services, Small Business, Tax, Tax Credits, Tax Cuts, Tax Deductions|Tags: are charitable donations tax deductible, can I deduct donations to charity, CPA Dallas, Dallas CPA, how do I know what donations are deducitble, tax accountant near me, The Burns Firm, what is deductible on my tax return|

As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved [...]

Taxability of PPP Loan Forgiveness

December 1st, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Partnership, PPP, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Cuts, Tax Planning|Tags: Covid-19 PPP loan, CPA Dallas, Dallas CPA, paycheck protection programm, PPP loan forgiveness, revenue procedure 2021-49, The Burns Firm, will my PPP loan be forgiven|

Businesses that received Paycheck Protection Program (PPP) loans can apply for forgiveness once all loan proceeds for which they are requesting forgiveness have been used. On November 18, 2021, the IRS [...]

Factor in Taxes If You’re Relocating to Another State in Retirement

November 30th, 2021|Categories: Accounting, Burns Firm, Business, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Dependent Care credits, if I support my parents financially can I claim them on tax return, Retirement, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: CPA Dallas, Dallas accountant, Dallas CPA, Dallas tax accountant, how do I establish domicile, how do I know if the state I live in has income tax, if I relocate to another State in retirement will my taxes change, retirement and tax, retiring in a new state, The Burns Firm, what state has estate tax|

Are you considering a move to another state when you retire? Perhaps you want to relocate to an area where your loved ones live or where the weather is more [...]

Get You Piece of the Depreciation Pie Now With a Cost Segregation Study

November 18th, 2021|Categories: Accounting, Burns Firm, Business, Cost Segregation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Services, The Burns Firm|Tags: classifying property, cost segregation, cost segregation study, CPA Dallas, cpa near me, Dallas CPA, depreciation, how to classify property into the appropriate asset class, should i have a cost segregation study done, The Burns Firm|

If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow [...]

How Much Does the IRS Let Delinquent Taxpayers Live On?

November 11th, 2021|Categories: Accounting, Burns Firm, Business, CPA Dallas, Dallas CPA, Dallas tax return preparer, Delinquent Tax, IRS, Services, Tax, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: CPA Dallas, Dallas CPA, delinquent taxpayer, help with IRS tax issues, how does the IRS determine how much I can pay on my back taxes each month, how much will the IRS allow me to live on if I am delinquent with paying my taxes, IRS tax issues, what are the basic amounts allowed by the IRS in calculating delinquent tax payment amounts, what are the IRS collections financial standards, what is the IRS allowable living standards|

The IRS uses "Collection Financial Standards" to help determine a taxpayer's ability to pay a delinquent tax liability. Allowable living expenses include those that meet the test of being necessary to provide for [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

Getting a Divorce? Be Aware of Tax Implications If You Own a Business

September 9th, 2021|Categories: Accounting, Burns Firm, Business, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Tax, Tax Deductions, Tax Preparation, The Burns Firm|Tags: CPA Dallas, Dallas CPA, getting a divorce and tax issues, tax, tax and divorce, tax implications and a divorce, Tax planning, what are tax issues i need to consider if I am getting a divorce|

If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets and in many cases, [...]