Tax Advisor

Why Now Might Be a Good Time for a Gift

June 5th, 2025|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Gift Tax, Tax, tax accountant, Tax Advisor, TCJA, Texas CPA, The Burns Firm|Tags: , , , , , , , , |

The current federal gift tax regime is favorable by historical standards. The Tax Cuts and Jobs Act (TCJA) significantly increased the unified exemption for 2018 through 2025 with annual inflation [...]

The Advantages of a Living Trust for Your Estate Plan

June 3rd, 2025|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Estate Planning, Estate Tax, Living Trust, Tax, tax accountant, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , |

Do you believe you don’t need to worry about estate planning because of the current federal estate tax exemption ($13.99 million per individual or $27.98 million for married couples in [...]

Digital Assets and Taxes: What You Need to Know

May 29th, 2025|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Crypto, cryptocurrency, Dallas CPA, Digital Assets, Tax, tax accountant, Tax Advisor, Texas CPA, The Burns Firm, Wash Sale Rule|Tags: , , , , , , , , , , , , , , , |

As the use of digital assets like cryptocurrencies continues to grow, so does the IRS’s scrutiny of how taxpayers report these transactions on their federal income tax returns. The [...]

8 Life Events that May Change Your Tax Situation

May 27th, 2025|Categories: Accountant, accountant near me, Adoption, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Divorce, Marriage and Tax Status, Retirement, Tax, tax accountant, Tax Advisor, Tax Filing Status, tax write-offs, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , , , , |

Life is full of changes, and many significant milestones can affect your tax situation in unforeseen ways. Whether you're getting married, welcoming a new child, starting a new job [...]

Hiring independent contractors? Make sure you’re doing it right

May 22nd, 2025|Categories: Accountant, Burns Firm, Contractor, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Employee vs Contractor, Independent Contractor, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Depreciation, Tax Withholding, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , , |

Many businesses turn to independent contractors to help manage costs, especially during times of staffing shortages and inflation. If you’re among them, ensuring these workers are properly classified for [...]

Business Owners: Is It Time to Transition Ownership to the Next Generation

May 20th, 2025|Categories: Accountant, accountant near me, Burns Firm, Business, Business Succession Planning, Business Valuation, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Tax, Tax Advisor, The Burns Firm, Transition Ownership of Business, Transitioning Your Business|Tags: , , , , , , , , , , , |

One of the upsides to owning a small business is the chance to provide a financial legacy for your family members to participate in after you exit the business. [...]

The Tax Rules for Legal Awards and Settlements: What Recipients Should Know

May 15th, 2025|Categories: Accountant, accountant near me, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Legal Awards and Settlements, Nontaxable Awards, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Law, Taxable Awards|Tags: , , , , , , , , , |

If you’ve recently received a settlement or award from a lawsuit, or you’re expecting one, you may be wondering how the IRS views this money. Will you need to pay [...]

Tax Advice for Recent College Grads

May 13th, 2025|Categories: American Opportunity Tax Credit, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Education, Education Expenses, Student Loan Interest, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Return, Tax Return Filing, Tax Return Preparer, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , |

New college graduates will face some of the harsh realities of adulthood, including paying taxes, filing their own tax returns and possibly coordinating with their parents to achieve the [...]

Still Have Tax Questions? You’re Not Alone

May 8th, 2025|Categories: Accountant, accountant near me, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Income Tax, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Filing Status, Tax Preparation, tax preparer near me, Tax Refund, Tax Support Documents, Texas CPA, The Burns Firm|Tags: , , , , , , , , , |

Even after your 2024 federal return is submitted, a few nagging questions often remain. Below are quick answers to five of the most common questions we hear each spring. [...]

The “Wash Sale” Rule: Don’t Let Losses Circle the Drain

May 6th, 2025|Categories: Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, The Burns Firm, Wash Sale Rule|Tags: , , , , , , , , |

Stock, mutual fund and ETF prices have bounced around lately. If you make what turns out to be an ill-fated investment in a taxable brokerage firm account, the good [...]

Explore SEP and SIMPLE retirement plans for your small business

May 1st, 2025|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Retirement, Retirement Plan, Savings Incentive Match Plan for Employees, SEP-IRA, Services, SIMPLE, SIMPLE IRA Plan, Simplified Employee Pension, Tax, tax accountant, tax accountant near me, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , , |

Suppose you’re thinking about setting up a retirement plan for yourself and your employees. However, you’re concerned about the financial commitment and administrative burdens involved. There are a couple [...]

Red Flags That Could Trigger an IRS Audit

April 24th, 2025|Categories: Accountant, Audit, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, IRS, IRS Audit, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, The Burns Firm|Tags: , , , , , , , |

Keeping up with ever-evolving tax laws can be challenging for individuals and small business owners. Because the IRS continuously refines its systems for detecting errors and inconsistencies, it's important [...]

What tax documents can you safely shred? And which ones should you keep?

April 22nd, 2025|Categories: Amended Tax Return, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Filing Status, Income Tax, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Filing Extension, Tax Filing Status, Tax Forms, Tax Preparation, tax preparer near me, Tax Records, Tax Return, Tax Return Filing, Tax Return Preparer, Tax Rules, Taxable Income, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , , , , |

Once your 2024 tax return is in the hands of the IRS, you may be tempted to clear out file cabinets and delete digital folders. But before reaching for [...]

Delinquent Taxpayers May Experience Passport Issues

April 17th, 2025|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Delinquent Tax, Tax, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , , |

Let's say a person is planning to take a plane trip out of the country. And further suppose that individual owes the federal government a fair amount of back taxes. [...]

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