Dallas CPA – Page 13 – The Burns Firm – Advisors of Complex Financial Matters

Don’t Take a Personal Guarantee Lying Down

April 25th, 2023|Categories: Accountant, Accounting, Burns Firm, Business, Business Loan, CPA Dallas, CPA near me, Dallas CPA, Loans, Services, Small Business, Tax, tax accountant, Tax Advisor, The Burns Firm|Tags: cpa near me, Dallas CPA, Dallas tax advisor, Loan for my Business, Personal Guarantee for Business Loan, Should I Personally Guarantee a Loan for My Business, Should I Take a Personal Guarantee for a Business Loan, tax advisor, The Burns Firm, What is a Personal Guarantee|

Most lenders require the owner of a small business to personally guarantee loans made to the company in question. This pledge indicates the owner's commitment and helps ensure that the [...]

Paperwork You Can Yoss After Filing Your Tax Return

April 11th, 2023|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Services, Tax, tax accountant, Tax Advisor, Tax Return, Tax Return Filing, Tax Support Documents, The Burns Firm|Tags: CPA Dallas, cpa near me, Dallas CPA, how long do i need to keep my tax records, how long do I need to keep tax returns, tax, tax advisor, tax preparation, tax return, The Burns Fir, When can I destroy my tax returns and support documents|

Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain records. You may have to [...]

Update on Deducting Business Meal and Entertainment Expenses

March 23rd, 2023|Categories: Accountant, Accounting, Business, Business Deductions, Business Write-offs, Corporation, CPA, CPA Dallas, CPA near me, Dallas CPA, Deductions, Expenses, Fringe Benefits, Meals & Entertainment Deductions, Partnership, S Corporation, Services, Small Business, Tax, tax accountant, Tax Advisor, Tax Return, tax season tips, TCJA, The Burns Firm|Tags: are business meals deductible, business deductions, Business Meals, CPA Dallas, cpa near me, Dallas CPA, Deductions for Business Meals and Entertainment, fringe benefits, Meals vs Entertainment, Meals While Traveling, tax, tax advisor, The Burns Firm|

The federal income tax treatment of business-related meal and entertainment expenses has been a moving target the last few years. If you're confused about what rules currently apply, you're not [...]

Tax Law Changes that Could Affect Your Business Return

March 16th, 2023|Categories: Accountant, Burns Firm, Business, C Corporation, CPA, CPA Dallas, CPA near me, Dallas CPA, Partnership, S Corporation, Services, Small Business, Tax, tax accountant, Tax Advisor, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, Tax Return Filing, The Burns Firm|Tags: Business Federal Tax Filing, Business Tax Laws, Business Tax Return Filing, CPA Dallas, cpa near me, Dallas CPA, tax, Tax Law Changes That Affect Businesses, The Burns Firm|

Every tax season, business owners must familiarize themselves with tax law changes that went into effect for that tax year. Fortunately, businesses don't have to contend with sweeping changes for [...]

Your 2022 Tax Bill May Ring in Higher

February 21st, 2023|Categories: Accountant, Burns Firm, Charitable Donations, Child Tax Credit, CPA, CPA Dallas, Dallas CPA, Dependent Care credits, Kiddie Tax, Tax, Tax Advisor, Tax Credits, Tax Deductions, The Burns Firm|Tags: 2022 Tax Bill, Charitable Contribution Deduction for Non-Itemizers, Child and Dependent Care Assistance Credit, child tax credit, cpa near me, Dallas CPA, Employer-Provided Child Care Exclusion, Higher Tax Bill for 2022, Premium Tax Credits, tax advisor, tax credits, The Burns Firm|

It's that time of year again: tax season. Temporary tax relief measures that were provided during the pandemic have expired, so the changes to the tax rules for 2022 are [...]

Child Tax Credit: The Rules Keep Changing But It’s Still Valuable

February 16th, 2023|Categories: Accountant, Accounting, Burns Firm, Child Tax Credit, CPA, CPA Dallas, CPA near me, CTC, Kiddie Tax, Services, Tax, Tax Advisor, Tax Credits, The Burns Firm|Tags: child tax credit, cpa near me, CTC, CTC for Qualifying Child, Dallas CPA, tax, tax credit, The Burns Firm|

If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). The rules and credit amounts have changed significantly over the last six [...]

Tax Planning Can Reduce Adoption Costs

February 14th, 2023|Categories: Accountant, Adoption, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Services, Tax, Tax Advisor, Tax Credits, Tax Planning, The Burns Firm|Tags: Adoption, Adoption Costs, adoption tax credit, CPA Dallas, cpa near me, Dallas CPA, How does the adoption tax credit work, tax, Tax and Adoption, The Burns Firm|

Adoptions plummeted during the COVID pandemic, but the adoption rate is slowly rebounding. If you're among those considering adopting a child, you need to know about the various tax breaks that [...]

Renting to a Relative? Watch Out For Tax Traps

January 12th, 2023|Categories: Accountant, Accounting, Burns Firm, CPA, CPA near me, Dallas CPA, Rental Property, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, The Burns Firm|Tags: below fair market rent, cpa near me, Dallas CPA, expenses and rental property, Renting to a Relative, tax on rental property, tax traps when renting to a relative, The Burns Firm|

If you own a home and rent it to a relative, you may be surprised to find out there could be tax consequences. Quick rundown of the rules Renting [...]

Are You Missing the Roth IRA Boat?

January 5th, 2023|Categories: 401K, Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, IRA, Retirement Plan, Self-employed, Tax, tax accountant, Tax Advisor, Tax Planning, The Burns Firm|Tags: 401K, annual contribution to Roth IRA, cpa near me, Dallas CPA, ROTH IRA, Roth IRA and income restrictions, self-employed, tax, tax advisor, The Burns Firm|

Many self-employed individuals are eligible to make annual contributions to Roth IRAs, despite having healthy earnings from their businesses. But some haven't yet taken advantage of this retirement saving strategy. [...]

HSA 2023

December 20th, 2022|Categories: Accountant, Accounting, Burns Firm, Business, CPA, CPA Dallas, CPA near me, Dallas CPA, Health Savings Account, HSA, Services, Small Business, Tax, Tax Advisor, The Burns Firm|Tags: Benefits of an HSA, Catch-Up Contributions, cpa near me, Dallas CPA, Health Saving Accounts, HSA, HSA contribution limits, HSA Contribution Limits 2023, The Burns Firm|

With Health Savings Accounts (HSAs), individuals and businesses buy less expensive health insurance policies with high deductibles. Contributions to the accounts are made on a pre-tax basis. The money can [...]

Plan Now to Reduce AMT Exposure

November 17th, 2022|Categories: Accountant, accountant near me, Accounting, Alternative Minimum Tax, AMT, Burns Firm, CPA, CPA Dallas, CPA near me, CPA75248, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Credits, Tax Cuts, Tax Planning, Tax Preparation, tax preparer near me, Tax Return, TCJA, The Burns Firm|Tags: AMT exposure, CPA 75248, CPA Dallas, cpa near me, Dallas CPA, how do I reduce my AMT exposure, individual alternative minimum tax still in place, tax accountant near me, tax advisor near me, TCJA, The Burns Firm, what are risks of AMT|

First the bad news: Despite passage of the Tax Cuts and Jobs Act (TCJA), the individual alternative minimum tax (AMT) is still in place. But there's some good news: The [...]

How Tax Reform Affects Divorce Settlements for Small Business Owners

October 20th, 2022|Categories: Accountant, accountant near me, Accounting, CPA, CPA Dallas, CPA in NOrth Texsa, CPA near 75248, CPA near 75252, CPA near me, CPA neasr 75248, CPADallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Self-employed, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Planning, Tax Preparation, tax preparer near me, Tax Return, The Burns Firm|Tags: business tax issues, child-related tax issues and divorce, CPA Dallas, CPA neaer 75248, cpa near me, Dallas CPA, how tax reform affects divorce settlements, investments and real estate when you get a divorce, North Dallas CPA, North Texas CPA, small business and tax consequences if divorced, small business owners and how divorce affects them, tax, tax accountant near me, tax adviser, tax advisor, tax and divorce, tax and divorce settlements, tax reform, tax treatment of alimony, 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 [...]

Seller-paid points: Can homeowners deduct them?

October 18th, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, CPA, CPA Dallas, CPA in NOrth Texsa, CPA near 75248, CPA near 75252, CPA neasr 75248, CPA75248, CPADallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Planning, Tax Preparation, tax preparer near me, Tax Return, The Burns Firm|Tags: basics of points, can homeowner deduct seller-paid point, CPA Dallas, Dallas CPA, North Dallas CPA, North Texas CPA, paid points when purchasing a home, seller-paid point on home, taqx accountant near 75248, tax accountant near me, The Burns Firm, who pays the points when purchasing|

In its latest report, the National Association of Realtors (NAR) announced that July 2022 existing home sales were down but prices were up nationwide, compared with last year. “The [...]

Communication Is Critical During Mergers and Acquisitions

October 13th, 2022|Categories: Accounting, Burns Firm, Business, Buying a Business, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Growing A Business, Merger & Acquisition, Sell Business, Selling a Business, Services, Small Business, Tax, Tax Credits|Tags: Allison Shike, communication key in a M&A dea, CPA Dallas, Dallas CPA, Denis Burns, due diligence, how do I buy a business, M&A, M&A firm near me, merger and aquisitions, mergers & acquisitions, The Burns Firm, The Burns Firm M&A Advisors, what do I share with employees if I am selling my business|

Want to enter a market quickly, expand market share, or acquire an established brand? The first phrase that comes to mind is mergers & acquisitions. That can be a quick [...]

How Will Inflation Affect Your 2023 Tax Bill

October 11th, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, CPA neasr 75248, CPA75248, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Planning, The Burns Firm|Tags: CPA 75248, CPA Dallas, CPA neaer me, Dallas CPA, how will inflation affect me, how will inflation affect your tax bill, inflation, inflation and tax, The Burns Firm|

Inflation has been surging this year. The July 2022 consumer price index (CPI) was up 8.5% year over year, according to the latest data from the U.S. Bureau of Labor [...]