Dallas tax return preparer – Page 9 – The Burns Firm – Advisors of Complex Financial Matters

The Tax Score of Winning

November 2nd, 2021|Categories: Accounting, Burns Firm, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Expenses, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: are bingo winnings taxable, are lottery winnings taxable, CPA Dallas, Dallas CPA, do i pay tax on my gambling earnings, if I win the lottery will i pay taxes on the money, tax, The Burns Firm, what earnings are taxable, what tax is due for money won gambling|

Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the [...]

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 [...]

ABLE Accounts May Help Disabled or Blind Family Members

October 21st, 2021|Categories: ABLE, Accounting, Burns Firm, CPA Dallas, Dallas CPA, Dallas tax return preparer, Services, Tax, Tax Credits, Tax Deductions, Tax Return|Tags: ABLE, ABLE accounts may help disabled or blind family members, CPA Dallas, cpa near me, Dallas CPA, do AB:E accounts impact Medicaid eligibility, tax preparer near me, The Burns Firm, what is an ABLE account, will ABLE accounts may help disabled or blind family members|

There may be a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re [...]

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 [...]

Six Education Tax Breaks on the Books

October 14th, 2021|Categories: Accounting, American Opportunity Tax Credit, AOTC, Burns Firm, Dallas CPA, Dallas tax return preparer, Lifetime Learning Credit, LLC, Scholarships, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: american opportunity tax credit, AOTC, can i deduct books for school on my tax return, can i report expense for books on my tax return, can i report school expenses on tax return, CPA Dallas, cpa near me, Dallas CPA, Lifetime Learning credit, LLC, school expenses, tax breaks on books for school, tax preparer near me, The Burns Firm|

It costs a pretty penny to send a child to college or private school these days. But at least the federal tax code may provide some relief, within certain limits. Can [...]

Vacation Home: How Is Your Tax Bill Affected If You Rent It Out?

October 12th, 2021|Categories: Burns Firm, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Tax, Tax Credits, Tax Planning, Tax Preparation, Tax Return|Tags: can I claim gambling losses on my tax return, CPA Dallas, cpa near me, Dallas accounting firm, Dallas CPA, how is my tax affected if I rent out my vacation home, North Dallas tax preparer, tax on vacation homes, tax preparer near me, vacation home, vacation home and tax|

If you’re fortunate enough to own a vacation home, you may want to rent it out for part of the year. What are the tax consequences? The tax treatment can [...]

Do Not Take Tax Chances on Gambling

October 12th, 2021|Categories: Accounting, CPA Dallas, Dallas CPA, Dallas tax return preparer, Tax, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: accountant near me, accounting firm near me, are gambling winnings taxable, CPA Dallas, cpa near me, Dallas CPA, do I have to pay tax on my gambling winnings, do i need to report gambling winnings on my tax return, how do I keep record of my gambling winnings, how do I report my gambling winnings on my tax return, paying tax on what I win at a casino, tax and gambling, tax preparer near me, tax return preparation|

At the slots or online, remember to keep records. Gambling at the casino or the racetrack can be entertaining for many people. If you're one of them, you should obviously risk [...]

How to Pay Retiree Health Costs Tax-Free

October 5th, 2021|Categories: Accounting, Burns Firm, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Healthcare & Retirement, Retirement, Retirement Plan, Tax, Tax Credits, Tax Planning, The Burns Firm|Tags: can retiree health costs be tax-free, cpa near me, Dallas CPA, health cost, how do I prevent paying tax on health costs, retiree health costs, tax preparer near me, The Burns Firm|

If you own a small business, you may have set up a defined benefit pension plan for you and your employees that will provide a specific amount of retirement income based [...]

Following Up on Coronavirus-Related Distributions from IRAs

September 28th, 2021|Categories: Burns Firm, Covid-19, COVID-Related Tax Relief Act (COVIDTRA), Dallas CPA, Dallas tax return preparer, Dallas tx accountant, IRA, Retirement Plan, Tax, Tax Deductions, The Burns Firm|Tags: contributing to your IRA, Coronavirus related IRA disstributions, Covid and IRA distributions, CPA Dallas, cpa near me, Dallas CPA, IRA distribution and coronavirus, IRA distribution and tax, IRA distributions taken during coronavirus, tax preparer near me, The Burns Firm|

If you were adversely affected by the COVID-19 pandemic, you may have taken a tax-favored coronavirus-related distribution (CVD) from a traditional IRA last year. This privilege was allowed under the CARES [...]

Let’s Dig into the Details of the Home-Sale Gain Exlcusion

September 22nd, 2021|Categories: Accounting, Burns Firm, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Exemptions, Services, Tax, Tax Credits, Tax Deductions, Tax Planning|Tags: accountant near me, CPA Dallas, cpa near me, Dallas CPA, home sale gain exclusion details, sell of home exclusions, tax credits, tax deductions, tax exclusions|

Before you sell your home, consider the tax consequences. There are some subtle nuances to the home-sale gain exclusion. (See "Home-Sale Gain Exclusion: Timing Counts" at right.) Here are some scenarios that you [...]

Home-Sale Gain Exclusion

September 21st, 2021|Categories: Accounting, Burns Firm, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Tax, Tax Credits, Tax Deductions, Tax Planning|Tags: accountant near me, can I get a tax break for selling my home, CPA Dallas, cpa near me, Dallas CPA, home sale gain exclusions, home sale tax, tax breaks, tax credits, tax deductions, The Burns Firm|

In many areas, residential real estate markets have surged, and some are still surging. In these sellers' markets, big home-sale gains are likely. That's great news if you're a seller — [...]

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, [...]

Scholarships Are Usually Tax Free But May Result in Taxable Income

September 7th, 2021|Categories: Accounting, Burns Firm, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, IRS, Scholarships, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: CPA Dallas, Dallas CPA, do I pay tax on money received as a scholarship, do I report scholarship money on my tax return, how do I treat scholarship money as tax-free, is scholarship money tax free, scholarship money, tax, tax preparer near me|

If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax free for students at elementary, [...]

5 Possible Tax Aspects of a Parent Moving Into a Nursing Home

September 2nd, 2021|Categories: Accounting, Burns Firm, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Expenses, Healthcare & Retirement, how do I know if my parent qualifies as my dependent, if I support my parents financially can I claim them on tax return, Medicare Premiums, Services, Tax, Tax Credits, Tax Deductions, Tax Return, The Burns Firm|Tags: are medical expenses deducted, are nursing home expenses deductible, CPA Dallas, Dallas CPA, deductions on tax return, elderly and expenses, long-term medical care expenses, medical expense deductions, tax preparer near me, The Burns Firm, what expenses are deductible on my tax return|

If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications. Here are five. 1. Long-term [...]