Year-End Tax Planning – Page 2 – The Burns Firm – Advisors of Complex Financial Matters

4 Ideas That May Help Reduce Your 2023 Tax Bill

December 7th, 2023|Categories: Accountant, accountant near me, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, CPADallas, Dallas CPA, Dallas tax return preparer, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Credits, Tax Cuts, Tax Depreciation, Tax Filing Status, Tax Forms, Tax Planning, Tax Preparation, tax preparer near me, Tax Return, Tax Return Filing, tax season tips, Tax Support Documents, Tax Withholding, The Burns Firm, Year-End Tax Planning|Tags: 2023 Tax Planning, CPA, cpa near me, how can I reduce my tax bill, Reduce 2023 Tax Bill, tax, tax accountant, tax advisor, tax return preparation, The Burns Firm|

If you’re concerned about your 2023 tax bill, there may still be time to reduce it. Here are four quick strategies that may help you trim your taxes before year [...]

Year-End Review of S Corp Compensation: Stay on the Right Side of the IRS

December 5th, 2023|Categories: Accountant, Accounting, Burns Firm, Business, CPA, CPA Dallas, CPA near me, Dallas CPA, S Corp Compensation, S Corporation, Shareholder Compensation, Tax, Tax Advisor, Tax Planning, The Burns Firm, Year-End Tax Planning|Tags: Reasonable Compensation Requirements, S Corp, S Corp Compensation, tax, tax advisor, Tax Planning for S corp, The Burns Firm, Year-End Planing|

With 2024 right around the corner, your shareholders might be thinking about year-end bonuses or distributions. Before doing so, it's important to review the potential tax implications and requirements. Distributions vs. [...]

Year-End Tax Planning Tips for Individuals

November 9th, 2023|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Tax, tax accountant, Tax Advisor, Tax Credits, Tax Cuts, Tax Deductions, Tax Depreciation, Tax Forms, Tax Penalty, Tax Planning, Tax Preparation, tax preparer near me, Tax Return, Tax Return Filing, Tax Withholding, tax write-offs, The Burns Firm, Year-End Tax Planning|Tags: 2023 Year-End Tax Planning, tax, tax advisor, Tax planning, The Burns Firm, year end tax planning|

As the holidays approach, it's time to consider tax planning moves that will help lower this year's tax bill, as well as set you up for tax savings in future [...]

Plan Now For Year-End Gifts With the Gift Tax Annual Exclusion

September 14th, 2023|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Gift Tax, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Planning, Year-End Tax Planning|Tags: Annual Exclusion for Gifts, CPA Dallas, cpa near me, gift tax, Gift Tax Annual Exclusion, Gift-Giving, tax, tax accountant, tax advisor, Taxable gifts, The Burns Firm, year end tax planning, year-end gifting|

Now that Labor Day has passed, the holidays are just around the corner. Many people may want to make gifts of cash or stock to their loved ones. By [...]

How Divorce Affects Eligibility for the Home Sale Gain Exclusion

April 27th, 2023|Categories: Accountant, accountant near me, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Divorce, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Credits, Tax Planning, Tax Preparation, Tax Return, tax write-offs, The Burns Firm, Year-End Tax Planning|Tags: cpa near me, divorce, Divorce and My Taxes, Divorce and Sale of Home, Eligibility for the Home Sale Gain, Home Sale Gain, How Divorce Affects Home Sale Gain Exclusion, Sale of Home During Divorce, tax, tax advisor, The Burns Firm|

It's common for couples who divorce to sell their homes. Not only does this move give former spouses fresh starts after the divorce is finalized, but it can also free [...]

Do you qualify for the QBI deduction? And can you do anything by year-end to help qualify?

December 28th, 2022|Categories: Accountant, Accounting, Burns Firm, Business, CPA, CPA Dallas, Dallas CPA, QBI, Services, Small Business, Tax, Tax Advisor, Tax Planning, The Burns Firm, Year-End Tax Planning|Tags: Business Owner and QBI, QBI, QBI deduction, qualified business income, tax, The Burns Firm, year end tax planning|

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or [...]

Let’s Be Reasonable about Owners’ Compensation

December 13th, 2022|Categories: Accountant, Burns Firm, Business, C Corporation, CPA, CPA Dallas, CPADallas, Dallas CPA, Partnership, S Corporation, Small Business, Tax, Tax Advisor, Tax Planning, The Burns Firm, Year-End Tax Planning|Tags: owner compensation, shareholder compensation, tax, The Burns Firm, year-end bonuses|

Is it possible to have too much of a good thing? The IRS thinks so, at least in the context of compensation paid to business owners. If an owner's compensation is [...]

Year-end giving to charity or loved ones

December 1st, 2022|Categories: Accountant, Burns Firm, Charitable Donations, CPA Dallas, Dallas CPA, Donations, IRA, Tax, Tax Advisor, Tax Planning, The Burns Firm, Year-End Tax Planning|Tags: charitable donations from your IRA, CPA, Donating to Charilty, tax, tax-smart gifts, The Burns Firm, year-end giving, year-end giving to charity and family|

The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. [...]

Strategies for Investors to Cut Taxes as Year-End Approaches

November 29th, 2022|Categories: Accountant, Accounting, Burns Firm, CPA Dallas, Dallas CPA, Services, Tax, Tax Advisor, Tax Planning, The Burns Firm, Year-End Tax Planning|Tags: cut taxes, how investors can cut taxes, tax, Tax planning, The Burns Firm, year end tax planning|

The overall stock market has been down during 2022 but there have been some bright spots. As year-end approaches, consider making some moves to make the best tax use [...]

Year-end Tax Planning Ideas for Individuals

October 4th, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, CPA, CPA Dallas, CPA in NOrth Texsa, CPA near 75248, CPA near 75252, CPA near me, CPA neasr 75248, CPA75248, CPADallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Estimated Tax, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Tax Planning, Tax Preparation, tax preparer near me, Tax Return, tax season tips, Tax Withholding, The Burns Firm, Year-End Tax Planning|Tags: CPA Dallas, cpa near me, Dallas CPA, how to prepare tax projections, North Dallas CPA, North Texas CPA, tax, tax accountant, tax accountant near me, Tax planning, tax preparer near me, tax projections 2022, tax projections for 2022, tax return preparation, The Burns Firm, year end tax planning|

Now that fall is officially here, it’s a good time to start taking steps that may lower your tax bill for this year and next. One of the first [...]

Three Tax Breaks for Small Businesses

August 16th, 2022|Categories: Accountant, accountant near me, Accounting, Business, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Expenses, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, tax preparer near me, Tax Return, tax season tips, Tax Withholding, tax write-offs, The Burns Firm, Year-End Tax Planning|Tags: CPA Dallas, cpa near me, Dallas CPA, Dallas CPA near me, QBI deduction, small business, small business tax breaks, tax breaks, tax breaks for my small business, tax breaks for small business 2022, tax preparer near me, The Burns Firm, what is a QBI deduction|

Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. QBI deduction For [...]

Mid-Year Tax Planning For Individuals

August 1st, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Planning, tax preparer near me, Tax Return, tax season tips, tax write-offs, The Burns Firm, Year-End Tax Planning|Tags: CPA Dallas, CPA tax planner near me, CPA who does tax planning, Dallas CPA, Denis Burns tax planner, does my CPA do tax planning, mid-year tax planning, tax planner near me, Tax planning, tax planning CPA near me, tax planning for your future, tax The Burns Firm, The Burns Firm, The Burns Firm tax planning, who can help me with tax planning|

The 2022 tax year is well underway, and year end will be here before you know it. Summer is a good time to take proactive steps to help reduce the [...]

How Tax Reform Affects Divorce Settlements for Small Business Owners

June 7th, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, Business, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Deductions, The Burns Firm, Year-End Tax Planning|Tags: business owner and divorce tax issues, CPA Dallas, CPA tax advisor near me, Dallas CPA, how tax reform affects divorce settlement for small business owners, tax, tax accountant near me, tax advisor near me, tax issues if you own a business and get divorced, tax reform and divorce, The Burns Firm|

How does the Tax Cuts and Jobs Act (TCJA) affect divorce settlements? Changes in the new law may require divorcing individuals — especially those who own businesses and other investments — [...]

What Should You Do if You’ve Picked the Wrong Successor for Your Family Business?

May 24th, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, Business, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Services, Small Business, tax accountant, tax accountant near me, Tax Planning, The Burns Firm, Year-End Tax Planning|Tags: CPA Dallas, cpa near me, Dallas CPA, family business successor, family successor to business, how can i change the successor to my business, how do I select a successor to my business, how to determine right successor for your business, planning for handing business to family member, selling business to family member, The Burns Firm|

Determining the right successor for your family business can be more complex than it first appears. Sometimes what looks good on paper doesn't play out well in reality. When the time [...]

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 [...]