Tax Withholding – Page 2 – The Burns Firm – Advisors of Complex Financial Matters

Things to Consider Once Your Tax Return Is Filed

April 26th, 2022|Categories: Accountant, Accounting, Burns Firm, Business, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Services, Tax, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, Tax Withholding, tax write-offs, The Burns Firm, Withholding, Year-End Tax Planning|Tags: can i amend my tax return, CPA Dallas, cpa near me, Dallas CPA, how do I check the status of my refund, how long do i need to keep my tax records, how long save tax documents once return is filed, howmuch does it cost to have a cpa prepare my tax return, i forgot to include some income on tax return can I amend it, tax filer near me, tax filing deadline, tax preparation near me, tax preparer near me, The Burns Firm, where is my refund|

The tax filing deadline for 2021 tax returns was April 18 this year. After your 2021 tax return has been successfully filed with the IRS, there may still be some [...]

Married Couples Filing Separate Tax Returns: Why Would They Do It?

March 3rd, 2022|Categories: Accountant, Accounting, Burns Firm, Child Tax Credit, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Delinquent Tax, Donations, Services, Tax, Tax Credits, Tax Deductions, Tax Return, Tax Withholding, The Burns Firm, Withholding|Tags: CPA Dallas, Dallas CPA, filing form 1040, filing separate, how should I file my tax return, IRS issues and tax filing status, MFJ, should my husband and I file a joint tax return, tax preparer near me, tax return filing status, tax return preparation 75248|

If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation. In general, it depends on which filing [...]

Federal Tax News for Individuals

February 24th, 2022|Categories: Accountant, Accounting, Burns Firm, Child Tax Credit, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Dependent Care credits, Donations, Gift Tax, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Preparation, Tax Return, Tax Withholding, tax write-offs, Taxpayer Certainty and Disaster Tax Relief Act (TCDTRA), The Burns Firm|Tags: 2022 federal tax news for individuals, adjustments for people over 60 on tax return, Form 1040, IRS cost of living adjustments, tax credits, tax deductions for individuals, tax filing, tax filing status, tax updates|

Your status for filing a federal tax return generally depends on your marital status as of December 31. However, more than one filing status may apply in certain situations. If [...]

Teachers Can Deduct Out-of-Pocket Classroom Expenses Including COVID-19 Protective Items

February 1st, 2022|Categories: Burns Firm, Covid-19, COVID-Related Tax Relief Act (COVIDTRA), CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Expenses, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, Tax Withholding, tax write-offs, The Burns Firm|Tags: accountant in Dallas, are books tax deductible for teachers and students, are Covid-19 expenses deductible for teachers, are teacher expenses deductible, Covid-19 expenses, CPA Dallas, Dallas CPA, tax, teacher deductions, teacher expenses, The Burns Firm, what expenses are qualified as deductible for teachers|

Info courtesy of IRS.gov Teachers Can Deduct Out-of-Pocket Classroom Expenses Including COVID-19 Protective Items Fall is here and another school year is in full swing. Many teachers are already [...]

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 [...]

Get ready for taxes: Here’s what’s new and what to consider when filing in 2022

January 25th, 2022|Categories: Accounting, Burns Firm, CARES Act, Child Tax Credit, Covid-19, COVID-Related Tax Relief Act (COVIDTRA), CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Donations, Estimated Tax, Estimated Tax Payments, Expenses, Gift Tax, IRS, Nanny Tax, Retirement, Services, Small Business, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, Tax Withholding, tax write-offs, Taxpayer Certainty and Disaster Tax Relief Act (TCDTRA), The Burns Firm, Withholding|Tags: 2022 tax, 2022 tax guidelines, 2022 taxes, accountant near me, cpa near me, IRS, North Texas accountant, tax accountant near me, tax filing, tax preparation, tax preparer near me|

Information from IRS.gov The IRS encourages taxpayers to get informed about topics related to filing their federal tax returns in 2022. These topics include special steps related to charitable contributions, [...]

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 [...]

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 [...]

Notify the IRS if You Change Your Address

August 5th, 2021|Categories: IRS, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, Tax Withholding, The Burns Firm|Tags: CPA Dallas, Dallas CPA, do I need to let the IRS know I moved, how do I let the IRS know I have moved, how do i let the IRS know my new address, IRS advice needed, tax preparer near me, The Burns Firm|

It's important to notify the IRS if you move and change your address. Under tax law regulations, a taxpayer's last known address is the one that appears on the tax return you [...]

IRS Audits May Be Increasing, So Be Prepared

August 3rd, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, IRS, IRS Audit, Partnership, S Corporation, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, Tax Withholding, The Burns Firm|Tags: CPA Dallas, Dallas CPA, how do I prepare for my IRS audit, how do I respond to an IRS audit, I need help with a IRS audit, IRS audit, The Burns Firm, who can help me with an IRS audit, why is the IRS auditing me, why is the IRS auditing my tax return|

The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage [...]

Eligible Businesses: Claim the Employee Retention Tax Credit

July 22nd, 2021|Categories: Accounting, Employee Retention Tax Credit, ERTC, IRS, Partnership, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Cuts, Tax Withholding, TCJA, The Burns Firm|Tags: CPA Dallas, Dallas CPA, does my business qualify for the employee retention tax credit, does my business qualify for the ERTC, ERTC, tax credits for businesses, tax credits for my business, The Burns Firm, what tax credita are available for my business|

The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a [...]

Do You Owe the Nanny Tax?

July 13th, 2021|Categories: Burns Firm, Child Tax Credit, Dallas CPA, IRS, Nanny Tax, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, Tax Withholding, The Burns Firm|Tags: CPA Dallas, Dallas CPA, do I need to report my nanny's wages, do I wihthold FICA from money I pay my nanny, do I withhold tax on payments to th nanny, how do I know if I owe nanny tax, nanny tax, nanny tax rules, tax preparer in Dallas, tax preparer near me, The Burns Firm, what are the nanny tax rules|

The COVID-19 pandemic has changed the dynamics of many households. In most cases, schools stopped or limited in-person instruction, causing many children to engage in at-home learning. Some families moved disabled [...]

Taxpayers Should Check Withholding

June 15th, 2021|Categories: Accounting, Burns Firm, CPA Dallas, Dallas CPA, Services, Tax, Tax Deductions, Tax Return, Tax Withholding, The Burns Firm, Withholding|Tags: CPA Dallas, Dallas CPA, do I need to give my employer a new W4 if I want to change my withholding amount, how do I determine how much should be withheld from by pay, how much should I have withheld from my paycheck, how to calculate withholding amount, tax and withholding from pay, tax withholding, The Burns Firm, W4, W4 and withholding amount|

Info irs.gov Taxpayers should review their federal withholding each year to make sure they're not having too little or too much tax withheld. Employees, retirees and self-employed individuals can use [...]