Child Tax Credit – The Burns Firm – Advisors of Complex Financial Matters

Don’t Overlook the Child Care Tax Credit

April 16th, 2024|Categories: Accountant, Burns Firm, Child Tax Credit, CPA, CPA Dallas, CPA near me, Dallas CPA, Sec. 45F, Tax, tax accountant, Tax Advisor, Tax Credits, Tax Depreciation, Tax Preparation, Tax Return, Tax Return Filing, The Burns Firm|Tags: child tax credit, cpa near me, Dallas CPA, Sec. 45F credit, tax, tax accountant, tax advisor, tax credits, The Burns Firm|

For years, the tax code has offered an incentive for employers to provide child care to their employees in the form of the Section 45F child care tax credit. But [...]

The Kiddie Tax Could Affect Your Children Until They’re Young Adults

January 23rd, 2024|Categories: Accountant, Accounting, Burns Firm, Child Tax Credit, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tx accountant, Kiddie Tax, Services, Tax, Tax Advisor, Tax Deductions, The Burns Firm|Tags: cpa near me, Dallas CPA, Does the kiddie tax affect me, kiddie tax, Kiddie Tax Basics, tax, tax advisor, The Burns Firm|

The so-called “kiddie tax” can cause some of a child’s unearned income to be taxed at the parent’s higher marginal federal income tax rates instead of at the usually [...]

Your 2022 Tax Bill May Ring in Higher

February 21st, 2023|Categories: Accountant, Burns Firm, Charitable Donations, Child Tax Credit, CPA, CPA Dallas, Dallas CPA, Dependent Care credits, Kiddie Tax, Tax, Tax Advisor, Tax Credits, Tax Deductions, The Burns Firm|Tags: 2022 Tax Bill, Charitable Contribution Deduction for Non-Itemizers, Child and Dependent Care Assistance Credit, child tax credit, cpa near me, Dallas CPA, Employer-Provided Child Care Exclusion, Higher Tax Bill for 2022, Premium Tax Credits, tax advisor, tax credits, The Burns Firm|

It's that time of year again: tax season. Temporary tax relief measures that were provided during the pandemic have expired, so the changes to the tax rules for 2022 are [...]

Child Tax Credit: The Rules Keep Changing But It’s Still Valuable

February 16th, 2023|Categories: Accountant, Accounting, Burns Firm, Child Tax Credit, CPA, CPA Dallas, CPA near me, CTC, Kiddie Tax, Services, Tax, Tax Advisor, Tax Credits, The Burns Firm|Tags: child tax credit, cpa near me, CTC, CTC for Qualifying Child, Dallas CPA, tax, tax credit, The Burns Firm|

If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). The rules and credit amounts have changed significantly over the last six [...]

Adopting a Child? Bring Home a Tax Break Too

November 22nd, 2022|Categories: Accountant, Accounting, Adoption, Burns Firm, Child Tax Credit, CPA, CPA Dallas, CPA75248, CPADallas, Dallas CPA, Kiddie Tax, Tax, Tax Advisor, Tax Deductions, Tax Preparation, The Burns Firm|Tags: Adopt a Child, Adoption, CPA Dallas, Qualified Expense when Adopting, Tax Break when you adopt, tax breaks, The Burns Firm|

Two tax benefits are available to offset the expenses of adopting a child. In 2022, adoptive parents may be able to claim a credit against their federal tax for [...]

If You Are Caring for an Elderly Relative, You May Be Eligible for Tax Breaks

June 2nd, 2022|Categories: Accountant, Accounting, Burns Firm, Child Tax Credit, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Dependent Care credits, Tax, tax accountant, tax accountant near me, Tax Credits, Tax Deductions, tax preparer near me, tax write-offs, The Burns Firm|Tags: CPA Dallas, cpa near me, Dallas CPA, dependent care tax break, do I get a tax break for taking care of elderly parent, elder care, medical expense write off, taking care of elderly, tax accountant near me, tax benefits for elderly care, tax break for elder care, tax break for medical expenses, The Burns Firm|

Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax breaks. Here’s a rundown of some of them. [...]

Bring Home a Tax Credit for Adoption

April 12th, 2022|Categories: Accountant, Accounting, Burns Firm, Child Tax Credit, CPA, CPA Dallas, Dallas tax return preparer, Dallas tx accountant, Dependent Care credits, Services, Tax, Tax Credits, Tax Deductions, Tax Preparation, Tax Return, The Burns Firm|Tags: adoption tax credit, child tax credit, CPA Dallas, cpa near me, Dallas CPA, do I get a tax credit if I adopt, tax credits, tax preparer near me, The Burns Firm, what expenses qualify for a deduction when I adopt|

When you adopt a child, you could bring home more than a bundle of joy. You may also be in line for a valuable tax credit. For 2022, a tax credit [...]

Married Couples Filing Separate Tax Returns: Why Would They Do It?

March 3rd, 2022|Categories: Accountant, Accounting, Burns Firm, Child Tax Credit, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Delinquent Tax, Donations, Services, Tax, Tax Credits, Tax Deductions, Tax Return, Tax Withholding, The Burns Firm, Withholding|Tags: CPA Dallas, Dallas CPA, filing form 1040, filing separate, how should I file my tax return, IRS issues and tax filing status, MFJ, should my husband and I file a joint tax return, tax preparer near me, tax return filing status, tax return preparation 75248|

If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation. In general, it depends on which filing [...]

Federal Tax News for Individuals

February 24th, 2022|Categories: Accountant, Accounting, Burns Firm, Child Tax Credit, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Dependent Care credits, Donations, Gift Tax, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Preparation, Tax Return, Tax Withholding, tax write-offs, Taxpayer Certainty and Disaster Tax Relief Act (TCDTRA), The Burns Firm|Tags: 2022 federal tax news for individuals, adjustments for people over 60 on tax return, Form 1040, IRS cost of living adjustments, tax credits, tax deductions for individuals, tax filing, tax filing status, tax updates|

Your status for filing a federal tax return generally depends on your marital status as of December 31. However, more than one filing status may apply in certain situations. If [...]

Smooth Sailing: Tips to Speed Processing and Avoid Hassles This Tax Season

February 22nd, 2022|Categories: Accounting, Burns Firm, Child Tax Credit, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Delinquent Tax, Dependent Care credits, Donations, Estimated Tax, Estimated Tax Payments, Expenses, Gift Tax, Healthcare & Retirement, Lifetime Learning Credit, Nanny Tax, Retirement, Scholarships, Services, Social Security, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, tax write-offs, Taxpayer Certainty and Disaster Tax Relief Act (TCDTRA), TCJA, The Burns Firm|Tags: 1099, 2021 tax year tips, CPA Dallas, Dallas CPA, form 1040 tax preparer, North Texas accountant, North Texas accounting firm, North Texas CPA, North Texas CPA firm, tax preparer near me, tax return preparation, tax tips, tax tips to avoid hassles this tax season, Texas CPA, The Burns Firm, W2|

The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips to help speed processing and avoid [...]

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, [...]

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 [...]

Be Careful When Saving for Your Childs’ Education

November 16th, 2021|Categories: Accounting, Burns Firm, Child Tax Credit, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Dependent Care credits, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|

Here's a little-known secret for parents planning to send their children to college in the future: Some of the tax-saving moves you make now could hurt your student's chances for getting financial aid later. [...]

Qualifying for Tax Breaks for a Dependent Parent

August 12th, 2021|Categories: Burns Firm, Child Tax Credit, Dallas CPA, Dallas tax return preparer, Dependent Care credits, how do I know if my parent qualifies as my dependent, if I support my parents financially can I claim them on tax return, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation|Tags: can I claim my elderly parent on my tax return, can I claim my elderly parent on my tax return as a dependent, CPA Dallas, Dallas CPA, dependent care rules, family credit for non-child dependent, how do I know if my parent counts as my dependent, how do I know if my parent qualifies as a dependent, tax rules for dependent care, The Burns Firm, what qualifies as a dependent, who qualifies as a dependent|

For many families, the tables may turn, and adult children provide financial support for their parents. For example, you might have moved your in-laws from a long-term care facility into your [...]

Do You Owe the Nanny Tax?

July 13th, 2021|Categories: Burns Firm, Child Tax Credit, Dallas CPA, IRS, Nanny Tax, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, Tax Withholding, The Burns Firm|Tags: CPA Dallas, Dallas CPA, do I need to report my nanny's wages, do I wihthold FICA from money I pay my nanny, do I withhold tax on payments to th nanny, how do I know if I owe nanny tax, nanny tax, nanny tax rules, tax preparer in Dallas, tax preparer near me, The Burns Firm, what are the nanny tax rules|

The COVID-19 pandemic has changed the dynamics of many households. In most cases, schools stopped or limited in-person instruction, causing many children to engage in at-home learning. Some families moved disabled [...]