Dallas

A job loss is bad but the tax implications could make it worse

March 12th, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Healthcare & Retirement, Layoff, Services, Tax, Tax Advisor, Tax Planning, The Burns Firm, Unemployment|Tags: , , , , , , , , , , , , , |

Unemployment has been holding steady recently at 3.7%. But there are still some people losing their jobs — particularly in certain industries including technology and media. If you’re laid [...]

Avoiding the 10% Penalty On Early IRA Withdrawals

August 25th, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, IRA, Services, 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, The Burns Firm|Tags: , , , , , , , , , , , |

For one reason or another, you may need to take some money out of an IRA before reaching retirement.* You can withdraw money from an IRA at any time and [...]

Can Taxpayers Who Manage Their Own Investment Portfolios Deduct Related Expenses

August 17th, 2021|Categories: Accounting, Burns Firm, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: , , , , , , , , , , |

Do you have significant investment-related expenses, including the cost of subscriptions to financial services, home office expenses and clerical costs? Under current tax law, these expenses aren’t deductible through 2025 [...]

Maximize Social Security Benefits When You Retire

July 15th, 2021|Categories: Dallas CPA, IRS, Social Security, Tax, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation|Tags: , , , , , , , , , |

Get the most from Social Security. Younger retirees face a harsh penalty for working part-time. For every $2 earned over $18,960 in 2021 (up from $18,240 in 2020), you lose $1 [...]

Trader Status Offers Significant Tax Benefits

May 4th, 2021|Categories: Accounting, Burns Firm, Business, Services, Tax, Tax Deductions, Tax Planning, Tax Return|Tags: , , , , , , , , , , , , |

In January 2021, online day traders trapped institutional short sellers in a short squeeze by buying up shares of the video and computer game retailer GameStop. This episode brought attention to [...]

The Right Entity Choice: Should You Convert From a C To An S Corporation?

January 14th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, S Corporation, Services, Tax, Tax Planning|Tags: , , , , , , , , , , , , , , |

The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to switch from one entity type [...]

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