Taxable Income – The Burns Firm – Advisors of Complex Financial Matters

Tax Filing FAQs for Individuals

January 22nd, 2026|Categories: Accountant, accountant near me, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Bracket, Tax Credits, Tax Filing Extension, Tax Filing Status, Tax Forms, Tax Law, Tax Preparation, tax preparer near me, Tax Records, Tax Refund, Tax Return, Tax Return Filing, Tax Return Preparer, Tax Withholding, Taxable Income, Texas CPA, The Burns Firm|Tags: 2025, 2025 Tax Return Filing, 2025 Tax Season, CPA, cpa near me, Dallas CPA, tax, tax accountant, tax advisor, tax filing, Tax Filing 2025, Tax Filing Deadline for 2025 Tax Year, tax preparer, Texas CPA|

The IRS is opening the filing season for 2025 individual income tax returns on January 26. This is about the same time as when the agency began accepting and [...]

Year-End Tax Planning for Individuals

December 9th, 2025|Categories: Accountant, Burns Firm, CPA Dallas, CPA near me, Dallas CPA, Dallas tx accountant, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Breaks, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, tax preparer near me, tax season tips, tax write-offs, Taxable Income, Texas CPA, The Burns Firm, Year-End Tax Planning|Tags: cpa near me, CPA TExas, Dallas CPA, tax, tax advisor, Tax planning, tax savings, The Burns Firm, year end tax planning|

Year end is here, but there's still time for individual taxpayers to make moves to lower their 2025 tax bills. The One Big Beautiful Bill Act (OBBBA), which became [...]

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: CPA, CPA Advisor, cpa near me, Dallas CPA, How long should I keep my tax documents, ow long to keep tax documents, tax, tax advisor, Tax Documents, tax filing, Tax filling firm, Tax Return Filing for Year 2024, Tax Support Documents, Texas CPA, The Burns Firm|

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 [...]

Are You Liable for Two Additional Taxes on Your Income?

September 19th, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Income Tax, Medicare Tax, Net Investment Income Tax, NIIT, Tax, tax accountant, tax accountant near me, Tax Advisor, Taxable Income, Texas CPA, The Burns Firm|Tags: Additional Medicare Tax, Are You Liable for Two Additional Taxes on Your Income, CPA, cpa near me, Dallas CPA, NIIT, tax, tax advisor, Texas CPA, The Burns Firm|

Having a high income may mean you owe two extra taxes: the 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. [...]

What Can Your Small Business Do Now to Lower Taxes for 2024?

August 13th, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Small Business, Tax, Tax Advisor, Tax Depreciation, Tax Planning, Tax Rules, Taxable Income, Texas CPA, The Burns Firm|Tags: accounting methods for small business, CPA, CPA Dallas The Burns Firm, cpa near me, Dallas CPA, How to Lower Taxes for 2024, North Texas CPA, Small Business and Taxes, tax, tax advisor, tax breaks, Texas CPA, The Burns Firm, What Can Your Small Business Do Now to Lower Taxes for 2024?|

Summer is a good time to take stock of how your small business is doing this year and consider options for reducing your 2024 federal income tax bill. Thankfully, it [...]

Ready, Set, Retire

May 7th, 2024|Categories: 401K, Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, IRA, Retirement, Retirement Plan, Tax, tax accountant, tax accountant near me, Tax Advisor, Taxable Income, Texas CPA, The Burns Firm|Tags: Am I Financially Ready for Retirement, Am I Ready for Retirement, cpa near me, Retirement, Retirement Plans & IRAs, retirement savings, tax advisor, The Burns Firm|

Have you given any thought to your retirement? Even if you don't expect to retire anytime soon, the earlier you start planning how you'll transition from work to retirement, the [...]

Filing jointly or separately as a married couple: What’s the difference?

February 8th, 2024|Categories: Accountant, accountant near me, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Estimated Tax, Estimated Tax Payments, Expenses, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Credits, Tax Deductions, Tax Filing Status, Tax Preparation, Tax Return, Tax Return Filing, Tax Withholding, tax write-offs, Taxable Income, The Burns Firm|Tags: cpa near me, Dallas CPA, How to determine the best filing status for me, Should I file my tax return jointly or separate, tax, tax accountant near me, tax advisor, tax filing, tax filing status, tax preparer near me, tax return, Tax Return Preparations|

When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility for certain tax breaks [...]

Answers to Your Tax Season Questions

January 18th, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Expenses, Medical Deductions, Medical Expenses, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Credits, Tax Depreciation, Tax Filing Status, Tax Preparation, Tax Rates, Tax Return, Tax Return Filing, Tax Return Preparer, tax season tips, Tax Withholding, tax write-offs, Taxable Income, The Burns Firm, Wages, Withholding|Tags: 2023 Tax Preparation, 2023 Tax Return preparation, 2023 Tax Season, CPA, CPA Dallas, cpa near me, Questions about taxes, tax, tax advisor, tax preparation, Tax Questions, tax return preparer near me, The Burns Firm, W2s and 1099, What do I need to do for 2023 tax season, what documents are needed to prepare a tax return|

The IRS announced it will open the 2024 income tax return filing season on January 29. That’s when the tax agency will begin accepting and processing 2023 tax year [...]

Court Awards and Out-of-Court Settlements May (or may not) Be Taxed

January 9th, 2024|Categories: Accountant, Burns Firm, Court Settlement Money, CPA, CPA Dallas, CPA near me, Dallas CPA, Services, Settlement Income, Tax, Tax Advisor, Taxable Income, The Burns Firm|Tags: Are My Settlement Awards Taxable, Court Awards and Out-of-Court Settlements May (or may not) Be Taxed, cpa near me, Dallas CPA, tax, tax advisor, taxable income, The Burns Firm, What Income Is Taxable|

Monetary awards and settlements are often provided for an array of reasons. For example, a person could receive compensatory and punitive damage payments for personal injury, discrimination or harassment. [...]