tax accountant near me

How to Trim Your 2024 Taxes by Contributing to a Retirement Plan in 2025

March 4th, 2025|Categories: Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, IRA, Retirement, Retirement Plan, Roth 401K, Tax, tax accountant, tax accountant near me, Tax Advisor, Texas CPA, The Burns Firm, Traditional IRA|Tags: , , , , , , , , , , , , , |

Many types of retirement plans allow contributions to be made after year end. And last-minute retirement contributions can be a powerful strategy: You can lower your 2024 taxes while [...]

Can I Itemize Deductions On My Tax Return?

February 27th, 2025|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA in NOrth Texsa, CPA near me, CPA Texas, Dallas CPA, Deductions, Itemized Deductions, Medical Deductions, Medical Expenses, Mortgage Interest, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , , , |

You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they couldn’t be claimed because [...]

Reporting Digital Assets on Your 2024 Tax Return

February 19th, 2025|Categories: Accountant, Bitcoin, Burns Firm, CPA, CPA Dallas, CPA near me, Crypto, cryptocurrency, Dallas CPA, Digital Assets, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Return Preparer, Texas CPA, The Burns Firm, Virtual Currency|Tags: , , , , , , , , , , , , , , |

A current IRS hot button is federal income tax reporting of digital-asset transactions. The government is concerned that some taxpayers fail to report the results of digital-asset transactions on their federal [...]

Do You Know the Tax Consequences of Gambling

February 12th, 2025|Categories: Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Gambling Winnings, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Records, Tax Rules, Texas CPA, The Burns Firm|Tags: , , , , , , , , |

Gambling can be a fun pastime or a serious professional endeavor. Either way, winnings are taxable income. Yet, as recently reported by the Treasury Inspector General for Tax Administration (TIGTA), [...]

Federal Estate and Gift Tax Outlook 2025

February 11th, 2025|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Dallas tax return preparer, Estate Tax, Gift Tax, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Cuts and Jobs Act, TCJA, Texas CPA, The Burns Firm|Tags: , , , , , , , , |

The Tax Cuts and Jobs Act (TCJA) significantly increased the unified federal estate and gift tax exemption through the end of 2025. However, for 2026, it's currently scheduled to [...]

How Section 1231 Gains and Losses Affect Business Asset Sales

January 30th, 2025|Categories: 1231, Accountant, Accounting, Burns Firm, Business, Business Asset Sale, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Gains and Losses, Ordinary Gain, Ordinary Gains and Losses, Sale of Business, Section 1231, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Rules, The Burns Firm|Tags: , , , , , , , , , , , |

When selling business assets, understanding the tax implications is crucial. One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains [...]

Operating as a C corporation: Weigh the Benefits and Drawbacks

January 21st, 2025|Categories: Accountant, accountant near me, Burns Firm, Business, C Corporation, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Depreciation, Tax Filing Status, Texas CPA, The Burns Firm|Tags: , , , , , , , , , |

When deciding on the best structure for your business, one option to consider is a C corporation. This entity offers several advantages and disadvantages that may significantly affect your business [...]

Unlocking the Mystery of Taxes on Employer-Issued Nonqualified Stock Options

December 30th, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Stock, Stock Options, Tax, tax accountant, tax accountant near me, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , |

Employee stock options remain a potentially valuable asset for employees who receive them. For example, many Silicon Valley millionaires got rich (or semi-rich) from exercising stock options when they [...]

Some Retirement Plan Benefits Will Increase for 2025

December 19th, 2024|Categories: 401K, Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, IRA, Retirement Plan, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , , , |

With the 2025 tax year almost here, there's news from the IRS about retirement savings. According to a recent announcement from the tax agency (Notice 2024-80), there will be [...]

To Itemize or Not to Itemize?

December 12th, 2024|Categories: Accountant, accountant near me, Burns Firm, Charitable Contributions, Charitable Donations, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Deductions, Dependents, Medical Deductions, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Tax Return, Tax Return Filing, Tax Return Preparer, Tax Rules, tax write-offs, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , , |

With the tax year winding down, it's time to evaluate your personal tax situation. Will you claim the standard deduction or itemize deductions on your 2024 tax return? The [...]

Bunching Charitable Donations to Maximize Your Tax Benefits

December 10th, 2024|Categories: Accountant, Accounting, Burns Firm, Charitable Contributions, Charitable Donations, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Deductions, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , , , |

The Tax Cuts and Jobs Act (TCJA) virtually doubled the standard deduction through 2025. So fewer taxpayers are itemizing deductions these days. Instead, more people are claiming the standard deduction. [...]

Company Holiday Parties: Celebrate the Tax Breaks

November 26th, 2024|Categories: Accountant, Burns Firm, Business Deductions, Business Expense Deductions, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Deductions, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Tax Rules, Texas CPA, The Burns Firm|Tags: , , , , , , , , , |

Are the costs of holiday parties tax deductible? Despite a recent crackdown on business entertainment expense deductions, your company's holiday bash may still qualify for write-offs for the 2024 tax [...]

Get Tax Breaks for Energy-Saving Purchases This Year Because They May Disappear

November 21st, 2024|Categories: Accountant, accountant near me, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, CPADallas, Dallas CPA, Electric Vehicle, Electric Vehicle Credits, Energy-Efficient Improvements, EV Credits, EV's, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Credits, Tax Deductions, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , |

The Inflation Reduction Act (IRA), enacted in 2022, created several tax credits aimed at promoting clean energy. You may want to take advantage of them before it’s too late. On [...]

From Flights to Meals: A Guide to Business Travel Tax Deductions

November 20th, 2024|Categories: Accountant, accountant near me, Bookkeeping for Business, Burns Firm, Business Deductions, Business Expense Deductions, Business Travel Deductions, Business Write-offs, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Deductions, Expenses, Record Keeping for Business, Recordkeeping for Travel Expense, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Texas CPA, The Burns Firm, Travel Expense, Travel Write-offs for Business|Tags: , , , , , , , , , , , |

As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel expenses are tax deductible can significantly affect [...]

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