Dallas CPA – Page 16 – The Burns Firm – Advisors of Complex Financial Matters

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 [...]

The Minimum Wage for Federal Contractors Is Going Up in 2023

October 6th, 2022|Categories: Accountant, Accounting, Burns Firm, Minimum Wage, Tax, The Burns Firm, Wages|Tags: CPA Dallas, Dallas CPA, minimum wage for federal contractors going up in 2023, tax, tax preparer, The Burns Firm|

The U.S. Department of Labor's Wage and Hour Division (WHD) recently released two Notices regarding the 2023 minimum wage rates that are going up for federal contractors. Contractor Minimum Wage Background [...]

Be a Hands-On Owner to Maximize Profits

October 6th, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, Business, Business Write-offs, Buying a Business, CPA, CPA Dallas, CPA near me, CPA neasr 75248, CPA75248, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Growing A Business, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Credits, Tax Preparation, tax preparer near me, Tax Return, The Burns Firm|Tags: be a hands-on owner, CPA 75248, CPA Dallas, cpa near me, Dallas CPA, guidelines for owning a business, how can a business owner maximize profit, owning a business, tax preparation, tax preparer near me, tips for owning a business, what do I need to know about owning a business|

Over the years, McDonald's has been able to sell hundreds of billions of hamburgers. The business started with a single drive-in burger stand started by two brothers in Southern California. [...]

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 [...]

Is Your Income High Enough To Owe Two Extra Taxes?

September 27th, 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, Medicare Tax, Net Investment Income Tax, NIIT, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Planning, Tax Preparation, tax preparer near me, Tax Return, The Burns Firm|Tags: 3.8 percent net investment income tax, 3.8% NIIT, accountant near me, additonal 0.9% medicare tax, CPA Dallas, cpa near me, Dallas CPA, do i need to pay more medicare tax, high-income tax payers, how much medicare tax do i owe, medicare tax, net investment income tax, North Texas CPA, tax, tax accountant near me, Texas CPA, The Burns Firm, will i be paying NIIT, will i pay more in medicare tax based on my income|

High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Here’s an overview of [...]

2022 Q4 tax calendar: Key deadlines for businesses and other employers

September 22nd, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, Business, C Corporation, 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, S Corporation, Self-employed, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, The Burns Firm|Tags: 2022 tax filing deadlines, accountant near me, CPA Dallas, cpa near me, Dallas CPA, North Texas CPA, Q4, Q4 filing deadline, Q4 filing deadlines, tax accountant near 75248, tax accountant near me, tax advisor, tax filing, tax filing deadlines 2022, The Burns Firm|

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may [...]

Self-employed? Build a Nest Egg With a Solo 401(k) Plan

September 15th, 2022|Categories: 401K, 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, Self-employed, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, The Burns Firm|Tags: accountant near me, CPA Dallas, Dallas CPA, pros and cons of solo 401K, retirement plans, self-employed retirement plan options, solo 401K, tax, tax accountant near me, Tax planning, The Burns Firm|

Do you own a successful small business with no employees and want to set up a retirement plan? Or do you want to upgrade from a SIMPLE IRA or [...]