Tax Return – Page 8 – The Burns Firm – Advisors of Complex Financial Matters

Providing A Company Car? Here’s How Taxes Are Handled

January 20th, 2022|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Expenses, Partnership, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Deductions, Tax Preparation, Tax Return, The Burns Firm|Tags: CPA Dallas, Dallas CPA, expenses relating to company car, fringe benefit, how are taxes handled for a company car, how do I expense items relating to my company car, is a fringe benefit considered income, tax, tax deduction, tax expenses, tax on company car, The Burns Firm|

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as [...]

Help Safeguard Your Personal Information By Filing Your 2021 Tax Return Early

January 18th, 2022|Categories: Accounting, Alternative Minimum Tax, American Opportunity Tax Credit, Burns Firm, Charitable Donations, Child Tax Credit, COVID-Related Tax Relief Act (COVIDTRA), CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Dependent Care credits, Donations, Employee Retention Tax Credit, Exemptions, Expenses, Gift Tax, Hobby, how do I know if my parent qualifies as my dependent, how do I report bitcoin transactions, how do i report virtual currency transactions, if I support my parents financially can I claim them on tax return, IRS, Medicare Premiums, Nanny Tax, Retirement, Scholarships, Services, Social Security, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Return, Tax Withholding, tax write-offs, Taxpayer Certainty and Disaster Tax Relief Act (TCDTRA), TCJA, The Burns Firm, Virtual Currency, Withholding|Tags: Allison Shike, CPA Dallas, Dallas CPA, Denis Burns, file 2021 tax return early, tax credits, tax deductions, tax preparation near me, tax preparer near me, tax preparer North Dallas, tax preparer North Texas, tax withholding, Texas CPA, The Burns Firm, when can I file my 2021 tax return|

The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being accepted.) Even if you typically don’t file until [...]

Close-Up on the Individual AMT

January 13th, 2022|Categories: Accounting, Alternative Minimum Tax, Burns Firm, CPA Dallas, Dallas CPA, Dallas tax return preparer, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: alternative minimum tax, AMT, AMT expert, AMT expert near me, CPA Dallas, Dallas CPA, SALT deductions, tax, tax preparer near me, tax pro near me, what is alternative minimum tax|

The individual alternative minimum tax (AMT) rules were made more taxpayer-friendly for 2018 through 2025 by the Tax Cuts and Jobs Act (TCJA). The odds that you'll owe the AMT for [...]

New Digital Asset Reporting Requirements Will Be Imposed In Coming Years

January 11th, 2022|Categories: Accounting, Burns Firm, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: CPA Dallas, cpa near me, Dallas CPA, digital asset reporting requirements, digital assets, tax, tax preparer near me, tax reporting, tax return preparation near me, The Burns Firm|

The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting [...]

How Are Court Awards and Out-of-Court Settlements Taxed?

January 4th, 2022|Categories: Burns Firm, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Services, Small Business, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: are court settlements taxed, court settlements and tax, CPA Dallas, Dallas CPA, IRS, The Burns Firm|

Awards and settlements are routinely provided for a variety of reasons. For example, a person could receive compensatory and punitive damage payments for personal injury, discrimination or harassment. Some of [...]

Important “To Do’s” All Taxpayers Should Do Before the Tax Year Ends

December 28th, 2021|Categories: Burns Firm, Business, CPA Dallas, Dallas CPA, Dallas tax return preparer, Estimated Tax, Estimated Tax Payments, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm, Year-End Tax Planning|Tags: can I get tax credit for donating to charity, CPA Dallas, cpa near me, Dallas CPA, donate to charity, Tax planning, tax preparer near me, The Burns Firm, what can I do to save on tax before year end, year end tax planning|

Information from IRS.gov Important “To Do’s” All Taxpayers Should Do Before the Tax Year Ends Donate to charity Taxpayers may be able to deduct donations to tax-exempt organizations on their [...]

Businesses Can Show Appreciation — and Gain Tax Breaks — With Holiday Gifts and Parties

December 16th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Events, Gift Tax, Partnership, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, tax write-offs, The Burns Firm|Tags: are client related expenses during holidays tax deductible, are gifts to clients tax deductible, can I write off gifts to clients, can I wwrite off gifts to employees, CPA Dallas, cpa near me, Dallas CPA, Dallas CPA near me, fringe benefits, gifts to clients, is a business holiday party tax deductible, tax preparer near me, The Burns Firm, what gifts are tax deductible|

The holiday season is here. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties [...]

Changes to Retirement Plans for 2022

December 14th, 2021|Categories: Burns Firm, IRS, Retirement, Retirement Plan, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: are there changes to my retirement plan in 2022, CPA Dallas, cpa near me, Dallas CPA, Retirement Plan, tax preparer near me, The Burns Firm, what changes are happening in 2022 for a retirement plan, what changes for coming for retirement plans in 2022|

Information from IRS.gov Next year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to [...]

With Year-End Approaching, 3 Ideas That May Help Cut Your Tax Bill

December 7th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Partnership, S Corporation, Services, Small Business, Tax, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: CPA Dallas, Dallas CPA, defer income, how can I reduce my tax bill, Retirement contributions, Tax planning, tax planning for year end, The Burns Firm, year end tax planning|

If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may [...]

Factor in Taxes If You’re Relocating to Another State in Retirement

November 30th, 2021|Categories: Accounting, Burns Firm, Business, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Dependent Care credits, if I support my parents financially can I claim them on tax return, Retirement, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: CPA Dallas, Dallas accountant, Dallas CPA, Dallas tax accountant, how do I establish domicile, how do I know if the state I live in has income tax, if I relocate to another State in retirement will my taxes change, retirement and tax, retiring in a new state, The Burns Firm, what state has estate tax|

Are you considering a move to another state when you retire? Perhaps you want to relocate to an area where your loved ones live or where the weather is more [...]

Be Careful When Saving for Your Childs’ Education

November 16th, 2021|Categories: Accounting, Burns Firm, Child Tax Credit, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Dependent Care credits, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|

Here's a little-known secret for parents planning to send their children to college in the future: Some of the tax-saving moves you make now could hurt your student's chances for getting financial aid later. [...]

How Much Does the IRS Let Delinquent Taxpayers Live On?

November 11th, 2021|Categories: Accounting, Burns Firm, Business, CPA Dallas, Dallas CPA, Dallas tax return preparer, Delinquent Tax, IRS, Services, Tax, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: CPA Dallas, Dallas CPA, delinquent taxpayer, help with IRS tax issues, how does the IRS determine how much I can pay on my back taxes each month, how much will the IRS allow me to live on if I am delinquent with paying my taxes, IRS tax issues, what are the basic amounts allowed by the IRS in calculating delinquent tax payment amounts, what are the IRS collections financial standards, what is the IRS allowable living standards|

The IRS uses "Collection Financial Standards" to help determine a taxpayer's ability to pay a delinquent tax liability. Allowable living expenses include those that meet the test of being necessary to provide for [...]

Tax Depreciation Rules for Business Automobiles

November 5th, 2021|Categories: Accounting, Burns Firm, Business, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Services, Small Business, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Return, Tax Withholding, The Burns Firm|Tags: are miles used for business a writeoff, can i writeoff miles on my automobile used for business, cents-per-mile vs actual expense, CPA Dallas, Dallas CPA, depreciation limits on business vehicle, depreciation on my car, depreciaton on auto use, how much can I write off for miles, miles used for business purpose, tax depreciation rules for business automobiles, tax on auto use, The Burns Firm, what are depreciation rules for my SUV and Pickup truck|

If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles [...]

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 [...]

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 [...]