IRA – Page 3 – The Burns Firm – Advisors of Complex Financial Matters

Tax Consequences of Borrowing From a Retirement Plan

January 27th, 2022|Categories: Accounting, Burns Firm, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, IRA, Retirement, Retirement Plan, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, Tax Withholding, The Burns Firm|Tags: borrowing from a retirement plan, can I deduct interest expense from withdrawal, CPA Dallas, Dallas CPA, do I pay tax on money taken from my retirement plan, how much can I borrow from my qualified retirement plan, IRA, tax, tax on early withdrawal, The Burns Firm|

If your company has a qualified retirement plan or you have set one up in self-employment -- such as a 401(k), profit-sharing, or Keogh plan -- the participants might be allowed to borrow from their [...]

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 [...]

Should You Consider an Employer Roth 401(k) Account?

August 26th, 2021|Categories: Accounting, Burns Firm, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, IRA, Tax, Tax Credits, Tax Planning, Tax Preparation, Tax Return|Tags: accounting firm near me, CPA Dallas, cpa near me, IRA, should I consider a ROTH IRA, tax, The Burns Firm|

Nowadays, many employer retirement plans give employees the option of contributing to designated Roth accounts (DRAs). According to a 2020 survey, 75% of employer plans now offer DRAs, which are also [...]

Avoiding the 10% Penalty On Early IRA Withdrawals

April 15th, 2021|Categories: IRA, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning|Tags: are there exceptions to IRA penalty, can I withdrawal from my IRA, CPA Dallas, Dallas CPA, IRA early withdrawal penalties, North Dallas CPA, North Texas CPA, penalty-free withdrawals form an IRA, rules for withdrawal from IRA, tax on IRA withdrawal, tax preparer near me, The Burns Firm, will i get a penalty for early withdrawal frommy IRA|

For one reason or another, you may need to take some money out of an IRA before reaching retirement. You can withdraw money from an IRA at any time and [...]