tax credits – The Burns Firm – Advisors of Complex Financial Matters

Don’t Overlook the Child Care Tax Credit

April 16th, 2024|Categories: Accountant, Burns Firm, Child Tax Credit, CPA, CPA Dallas, CPA near me, Dallas CPA, Sec. 45F, Tax, tax accountant, Tax Advisor, Tax Credits, Tax Depreciation, Tax Preparation, Tax Return, Tax Return Filing, The Burns Firm|Tags: child tax credit, cpa near me, Dallas CPA, Sec. 45F credit, tax, tax accountant, tax advisor, tax credits, The Burns Firm|

For years, the tax code has offered an incentive for employers to provide child care to their employees in the form of the Section 45F child care tax credit. But [...]

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 [...]

Interested in an EV? How to Qualify for a Powerful Tax Credit

August 2nd, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, Business Vehicle, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Electric Vehicle, EV, Expenses, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Credits, Tax Cuts, Tax Deductions, The Burns Firm|Tags: CPA Dallas, cpa near me, Dallas CPA, Dallas CPA near me, electric vehicles, EVs, should I buy a EV, should I invest in an EV, tax, tax credit for electric car, tax credit for electric vehicle, tax credit for EV, tax credits, The Burns Firm|

Sales and registrations of electric vehicles (EVs) have increased dramatically in the U.S. in 2022, according to several sources. However, while they’re still a small percentage of the cars [...]

Bring Home a Tax Credit for Adoption

April 12th, 2022|Categories: Accountant, Accounting, Burns Firm, Child Tax Credit, CPA, CPA Dallas, Dallas tax return preparer, Dallas tx accountant, Dependent Care credits, Services, Tax, Tax Credits, Tax Deductions, Tax Preparation, Tax Return, The Burns Firm|Tags: adoption tax credit, child tax credit, CPA Dallas, cpa near me, Dallas CPA, do I get a tax credit if I adopt, tax credits, tax preparer near me, The Burns Firm, what expenses qualify for a deduction when I adopt|

When you adopt a child, you could bring home more than a bundle of joy. You may also be in line for a valuable tax credit. For 2022, a tax credit [...]

Did You Give to Charity in 2021 — Make Sure You Have Substantiation

March 1st, 2022|Categories: Accounting, Burns Firm, Charitable Donations, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Donations, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: are charitable donations tax deductible, Charitable donation, CPA Dallas, credits for giving, Dallas CPA, do I get tax credit for giving to charity, Donations, giving to charity, IRS substantiation requirements for donations, should I give to charity, tax, tax credits, tax deduction for charitable donation, The Burns Firm, what are requirements to deduct donations from tax return|

If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But what happens if you haven’t received such a [...]

Federal Tax News for Individuals

February 24th, 2022|Categories: Accountant, Accounting, Burns Firm, Child Tax Credit, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Dependent Care credits, Donations, Gift Tax, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Preparation, Tax Return, Tax Withholding, tax write-offs, Taxpayer Certainty and Disaster Tax Relief Act (TCDTRA), The Burns Firm|Tags: 2022 federal tax news for individuals, adjustments for people over 60 on tax return, Form 1040, IRS cost of living adjustments, tax credits, tax deductions for individuals, tax filing, tax filing status, tax updates|

Your status for filing a federal tax return generally depends on your marital status as of December 31. However, more than one filing status may apply in certain situations. If [...]

There’s a Deduction For Student Loan Interest … But Do You Qualify For It?

February 1st, 2022|Categories: Accounting, Burns Firm, CPA Dallas, Dallas CPA, Dallas tax return preparer, Expenses, Services, Tax, Tax Credits, Tax Deductions, The Burns Firm|Tags: accountant in north dallas, accountant in North Texas, CPA Dallas, Dallas accountant, Dallas CPA, student loan interest. can i deduct student loan interest on my tax return, tax, tax credits, tax deductions, tax preparer near me|

If you’re paying back college loans for yourself or your children, you may wonder if you can deduct the interest you pay on the loans. The answer is yes, subject [...]

Help Safeguard Your Personal Information By Filing Your 2021 Tax Return Early

January 18th, 2022|Categories: Accounting, Alternative Minimum Tax, American Opportunity Tax Credit, Burns Firm, Charitable Donations, Child Tax Credit, COVID-Related Tax Relief Act (COVIDTRA), CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Dependent Care credits, Donations, Employee Retention Tax Credit, Exemptions, Expenses, Gift Tax, Hobby, how do I know if my parent qualifies as my dependent, how do I report bitcoin transactions, how do i report virtual currency transactions, if I support my parents financially can I claim them on tax return, IRS, Medicare Premiums, Nanny Tax, Retirement, Scholarships, Services, Social Security, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Return, Tax Withholding, tax write-offs, Taxpayer Certainty and Disaster Tax Relief Act (TCDTRA), TCJA, The Burns Firm, Virtual Currency, Withholding|Tags: Allison Shike, CPA Dallas, Dallas CPA, Denis Burns, file 2021 tax return early, tax credits, tax deductions, tax preparation near me, tax preparer near me, tax preparer North Dallas, tax preparer North Texas, tax withholding, Texas CPA, The Burns Firm, when can I file my 2021 tax return|

The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being accepted.) Even if you typically don’t file until [...]

Let’s Dig into the Details of the Home-Sale Gain Exlcusion

September 22nd, 2021|Categories: Accounting, Burns Firm, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Exemptions, Services, Tax, Tax Credits, Tax Deductions, Tax Planning|Tags: accountant near me, CPA Dallas, cpa near me, Dallas CPA, home sale gain exclusion details, sell of home exclusions, tax credits, tax deductions, tax exclusions|

Before you sell your home, consider the tax consequences. There are some subtle nuances to the home-sale gain exclusion. (See "Home-Sale Gain Exclusion: Timing Counts" at right.) Here are some scenarios that you [...]

Home-Sale Gain Exclusion

September 21st, 2021|Categories: Accounting, Burns Firm, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Tax, Tax Credits, Tax Deductions, Tax Planning|Tags: accountant near me, can I get a tax break for selling my home, CPA Dallas, cpa near me, Dallas CPA, home sale gain exclusions, home sale tax, tax breaks, tax credits, tax deductions, The Burns Firm|

In many areas, residential real estate markets have surged, and some are still surging. In these sellers' markets, big home-sale gains are likely. That's great news if you're a seller — [...]

How the American Rescue Plan Affects 2021 Taxes

July 1st, 2021|Categories: American Rescue Plan, American Rescue Plan Act, Burns Firm, Tax|Tags: American Rescue Plan, can and FSA be set up for dependent care, child and dependent care credit 2021, childless EITC for 2021, CPA Dallas, cpa near me, Dallas CPA, dependent care FSA, expanded child tax credit for 2021, How does the American Rescue Plan Affects 2021 Taxes, tax, tax credits, Tax planning, tax preparation and the American Rescue Plan, tax preparer near me, tax preparer The Burns Firm|

Information provided by IRS.gov This is the first of two tax tips providing an overview of how the American Rescue Plan may affect some individual’s 2021 taxes. Child and dependent [...]

Still Have Questions After You File Your Tax Return?

May 20th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, Dallas CPA, Estimated Tax, Estimated Tax Payments, IRS, IRS Forms, Partnership, Retirement Plan, S Corporation, Small Business, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: CPA Dallas, CPA North Texas, Dallas CPA, filing a tax return, i have a question regarding regarding my already filed tax return, IRS questions, tax accountant, tax accountant near me, tax accountant north dallas, tax accountant north texas, tax credits, tax deductions, tax questions for you, The Burns Firm, we answer tax related questions, who can I ask my questions to regarding my tax return|

Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers to three questions that [...]

Need a New Business Vehicle? Consider a Heavy SUV

April 1st, 2021|Categories: Accounting, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Credits, Tax Deductions, Tax Planning|Tags: business depreciation, business vehicle depreciation, can I get a tax break if I buy an SUV for business use, CPA Dallas, cpa near me, CPA North Texas, Dallas CPA, depreciation of assets in my business, depreciation qualifiers, heavy sport utility vehicle for my business, IRS tax cuts, North Dallas tax accountant, tax accountant near me, tax credits, tax preparer near me, The Burns Firm|

Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from [...]

COVID-19 Relief: Overview of the New American Rescue Plan Act

March 18th, 2021|Categories: American Rescue Plan Act, Covid-19, COVID-Related Tax Relief Act (COVIDTRA), IRS, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Preparation|Tags: Covid-19 tax relief, CPA Dallas, Dallas CPA, do I qualify for the American Rescue Plan Act, tax, tax credits, Tax cuts, tax preparer, tax preparer near me, tax return preparation for tax year 2020, The Burns Firm, what is the American rescue plan act|

The American Rescue Plan Act (ARPA) was signed into law on March 11, 2021. The new law will provide roughly $1.9 trillion in much-needed financial relief to individuals, businesses, not-for-profit organizations, [...]

The Power of the Tax Credit for Buying an Electric Vehicle

February 4th, 2021|Categories: Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: accounting firm near me, can i get a tax credit for buying an electric car, CPA Dallas, Dallas accounting firm near me, Dallas CPA, electric motorcycle tax credit, electric vehicle tax credit, EV definition, IRS guideline for electric vehicle deduction, tax credit for purchase of electric vehicle, tax credits, tax deductions, tax return prepartion|

Although electric vehicles (or EVs) are a small percentage of the cars on the road today, they’re increasing in popularity all the time. And if you buy one, you may [...]