Tax Planning – Page 12 – The Burns Firm – Advisors of Complex Financial Matters

As the Economy Warms Up, Will You Be Ready?

June 1st, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Merger & Acquisition, Partnership, S Corporation, Sell Business, Selling a Business, Services, Small Business, Tax, Tax Planning|Tags: are you ready for a boom in the economy, CPA Dallas, Dallas CPA, rise in the economy, tax accountant, The Burns Firm, the economy and your taxes, the economy is ramping up|

Preparing for a surge in demand for your business's products and services doesn't mean you have to go out on a financial limb. But some contingency planning may be in order. [...]

Still Have Questions After You File Your Tax Return?

May 20th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, Dallas CPA, Estimated Tax, Estimated Tax Payments, IRS, IRS Forms, Partnership, Retirement Plan, S Corporation, Small Business, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: CPA Dallas, CPA North Texas, Dallas CPA, filing a tax return, i have a question regarding regarding my already filed tax return, IRS questions, tax accountant, tax accountant near me, tax accountant north dallas, tax accountant north texas, tax credits, tax deductions, tax questions for you, The Burns Firm, we answer tax related questions, who can I ask my questions to regarding my tax return|

Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers to three questions that [...]

Eligible Parents Will Begin Receiving Advance Child Tax Credits July 15

May 19th, 2021|Categories: Accounting, Child Tax Credit, CPA Dallas, Dallas CPA, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: 2021 child tax credit, 2021 CTC, am i eligible for the new child tax credit, child tax credit, CPA Dallas, CTC, Dallas CPA, does my child qualify me for the child tax credit, tax preparer near me, The Burns Firm, what is a child tax credit|

The 2021 advance child tax credit (CTC) payments, which were established under a recent law, will begin being made on July 15, 2021, the IRS announced. The tax agency also [...]

Vacation Home Usage Has Tax Implications

May 18th, 2021|Categories: Accounting, Burns Firm, CPA Dallas, Dallas CPA, IRS, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: accountant near me, can i calssify my vacation home as a rental, can i rent out my vacation home, CPA Dallas, cpa near me, Dallas CPA, does my vacation home have tax implications, how can I use my vacation home, is my vacation home classified as a rental property, marterial participation standard, PAL rules, personal residence vs rental property, personal residence vs vacation home, schedule e losses, small landlord exception, tax deductions, The Burns Firm, vacation home credits, what does the irs classify as a rental property, what does the irs classify as a vacation home|

Do you own a vacation home that's classified as a rental property for tax purposes? Rental property owners may be tempted to use their rental properties for their personal "staycations" or [...]

Working in the Gig Economy Results in Tax Obligations

May 13th, 2021|Categories: Accounting, Contractor, Dallas CPA, Small Business, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: am i a gig worker, CPA Dallas, cpa near me, Dallas CPA, do I need to pay tax on my gig income, do i pay tax on my tips, gig income, how should I pay my taxes if I am a musician, side gig and taxes, tax accountant near me, tax return preparer near me, The Burns Firm, what are the tax obligations if I am a gig worker, what is a gig worker, what records do i need to keep on my gig income|

Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy had been growing, according to several reports. And reductions in working hours during the [...]

Providing Education Assistance to Employees? Follow These Rules

May 11th, 2021|Categories: Accounting, Burns Firm, CPA Dallas, Dallas CPA, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: CPA Dallas, Dallas CPA, education assistance to employees, job-related education benefits, student loan repayment assistance, tax, tax return preparation. tax preparer ner me, The Burns Firm|

Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year [...]

How Virtual Currency Transactions Affect Your Tax Situation

May 6th, 2021|Categories: Accounting, CPA Dallas, Dallas CPA, IRS, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm, Virtual Currency|Tags: Callas CPA, CPA Dallas, do i ned to report bitcoin transactions, do i need to report bitcoin on my tax return, how do i keep track of virtual currency transactions for my taxes, how do I report cyrptocurrency, how do i report virtual currency, is virtual currency considered property, is virtual currency income, tax preparer near me, tax return preparation near me, The Burns Firm|

The IRS wants to know about any virtual currency transactions. However, many taxpayers are surprised to learn that Bitcoin and other forms of virtual currency are considered "property" for tax purposes, [...]

Trader Status Offers Significant Tax Benefits

May 4th, 2021|Categories: Accounting, Burns Firm, Business, Services, Tax, Tax Deductions, Tax Planning, Tax Return|Tags: CPA, CPA Dallas, cpa near me, Dallas, do I qualify for trader status for tx purposes, mark-to-market election on tax return, securities trader and tax return, tax accountant near me, tax preparer near me, The Burns Firm, trader status, Trader Status Offers Significant Tax Benefits, trading investments|

In January 2021, online day traders trapped institutional short sellers in a short squeeze by buying up shares of the video and computer game retailer GameStop. This episode brought attention to [...]

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 [...]

Need a New Business Vehicle? Consider a Heavy SUV

April 1st, 2021|Categories: Accounting, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Credits, Tax Deductions, Tax Planning|Tags: business depreciation, business vehicle depreciation, can I get a tax break if I buy an SUV for business use, CPA Dallas, cpa near me, CPA North Texas, Dallas CPA, depreciation of assets in my business, depreciation qualifiers, heavy sport utility vehicle for my business, IRS tax cuts, North Dallas tax accountant, tax accountant near me, tax credits, tax preparer near me, The Burns Firm|

Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from [...]

Retiring Soon? Recent Law Changes May Have an Impact on Your Retirement Savings

March 23rd, 2021|Categories: Accounting, Burns Firm, Retirement Plan, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation|Tags: can I keep contributing to my IRA after I retire, CPA Dallas, cpa near me, Dallas CPA, IRA and retirement, IRA contributions when you retire, IRA questions about retirement, minimum distribution age, Retirement, retirement advisor near me, tax, tax advisor Dallas Texas, tax advisor near me, Tax planning, tax preparation, tax return preparation near me, The Burns Firm|

If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently [...]

New Law: Parents and Other Eligible Americans to Receive Direct Payments

March 18th, 2021|Categories: Accounting, American Rescue Plan Act, Burns Firm, Child Tax Credit, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Return|Tags: child tax credit, CPA Dallas, Dallas CPA, do I qualify for the American Rescue Plan Act, tax preparation, tax preparer near me, tax return preparation, tax return preparer near me, what credits can i get on my tax return, what is the American rescue plan act|

The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the [...]

Estimated Tax Payments: The Deadline for the First 2021 Installment is Coming Up

March 16th, 2021|Categories: Accounting, Burns Firm, Estimated Tax, Services, Tax, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation|Tags: april 15 estimated tax payment deadline, CPA Dallas, cpa near me, Dallas CPA, due date for estimated tax payment, estimated tax payment deadline approaching, estimated tax payment schedule, how do I make an estimated tax payment, should I make an estimated tax payment, tax, tax preparation, tax preparation in Dallas, tax preparer near me, tax return preparer, when do i need to make estimated tax payments|

April 15 is not only the deadline for filing your 2020 tax return, it’s also the deadline for the first quarterly estimated tax payment for 2021, if you’re required to [...]

Navigate the Tax Rules for Boats and RVs

March 11th, 2021|Categories: Accounting, Burns Firm, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation|Tags: accounting firm near me, can I, CPA, CPA Dallas, CPA firm near me, Dalals, tax filing, tax firm near me, tax preparation, tax preparation for 2020, tax return preparation, tax rules relating to RVs and Boats, The Burns Firm, who can prepare my personal tax return near me|

Will you be cruising the waters on your boat or camping out in your RV this year? Besides the pleasure you can enjoy through your personal property, you may also be [...]

If You Run a Business From Home, You Could Qualify For Home Office Deductions

March 9th, 2021|Categories: Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: 2020 tax deductions, accountant near me, business deductions, cpa near me, home office tax deductions, run a business from home, tax preparer near me, tax prepartion, tax return deductions, tax return preparation, The Burns Firm, What are the home office deductions for tax year 2020, what can I deduct if I run a business from home, what can i deduct on my business tax return, what can i deduct on my personal tax return|

During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to [...]