tax deductions – Page 2 – The Burns Firm – Advisors of Complex Financial Matters

Defer Tax With a Like-Kind Exchange

February 8th, 2022|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Partnership, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Preparation, Tax Return, TCJA, The Burns Firm|Tags: 1031 deductions, 1031 expert near me, 1031s, CPA Dallas, cpa near me, Dallas CPA, like-kind exchange, Like-kind exchanges, tax accountant near me, tax deductions|

Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” [...]

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 [...]

Navigating the Tax Landscape When Donating Works of Art to Charity

November 9th, 2021|Categories: Accounting, Charitable Donations, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Tax, Tax Credits, Tax Deductions, Tax Planning|Tags: art donations, can i deduct a charitable donation of art, CPA Dallas, credit for donating art to charity, Dallas CPA, donating art to charity, donating to charity, tax deductions, tax donations, tax preparer near me, The Burns Firm|

If you own a valuable piece of art, or other property, you may wonder how much of a tax deduction you could get by donating it to charity. The answer [...]

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 — [...]

You Can Only Claim A Casualty Loss Tax Deduction in Certain Situations

September 14th, 2021|Categories: Accounting, Burns Firm, Business, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Partnership, S Corporation, Services, Small Business, Tax, Tax Deductions, Tax Preparation, Tax Return, The Burns Firm|Tags: can I deduct a loss on my tax return, can I deduct damage caused by a hurricane, can I deduct hurricane loss on tax return, casualty loss tax deduction, CPA Dallas, cpa near me, Dallas CPA, loss and damage deductions, tax deductions, tax preparer near me, The Burns Firm|

In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your home [...]

Deductions for Self-Employed

June 3rd, 2021|Categories: Accounting, Burns Firm, Business, Services, Small Business, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation|Tags: are business meals deductible, can i deduct miles driven for business, CPA Dallas, cpa near me, Dallas CPA, do I have to pay self-employment tax, health insurance deduction on tax return, home office deductions, how much is self-employment tax, is business travel deductible, retirement plan contributions, tax, tax credits for self-employed, tax deductions, tax deductions for self-employed, tax preparer near me, The Burns Firm, what can I deduct on my return for my business, what credits can I take on my tax return if I am self-empolyed|

If your business was forced to close due to the pandemic, you may be itching to get back in the game. Or maybe you're looking to fulfill a lifelong dream of [...]

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 [...]

Vacation Home Usage Has Tax Implications

May 18th, 2021|Categories: Accounting, Burns Firm, CPA Dallas, Dallas CPA, IRS, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: accountant near me, can i calssify my vacation home as a rental, can i rent out my vacation home, CPA Dallas, cpa near me, Dallas CPA, does my vacation home have tax implications, how can I use my vacation home, is my vacation home classified as a rental property, marterial participation standard, PAL rules, personal residence vs rental property, personal residence vs vacation home, schedule e losses, small landlord exception, tax deductions, The Burns Firm, vacation home credits, what does the irs classify as a rental property, what does the irs classify as a vacation home|

Do you own a vacation home that's classified as a rental property for tax purposes? Rental property owners may be tempted to use their rental properties for their personal "staycations" or [...]

Did You Make Donations in 2020? There’s Still Time to Get Substantiation

February 25th, 2021|Categories: Accounting, Burns Firm, Charitable Donations, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation|Tags: are donations deductible, can I deduct my contribution to charity, charitable donations, CPA Dallas, Dallas CPA, do I need to itemize to claim donations, do I need to itemize to take deductions for donations, donation to charity, Donations, tax, tax accountant in Dallas, tax accountant near me, tax deductions, tax return preparation, tax return preparer near me, The Burns Firm, what deductions can I use on my tax return, what is deductible|

If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter [...]

Bad Debts: What Losses Can You Deduct and When?

February 23rd, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Deductions, Tax Planning, Tax Return|Tags: bad business debt, bad debt, business debt, can I write off bad debt, can I write off bad debt for my business, CPA Dallas, cpa near me, Dallas CPA, tax, tax deductions, The Burns Firm, what bad debt can be written off|

Attempts to claim write-offs for bad debt losses have fueled controversies with the IRS for many years. Unfortunately, bad debt losses are increasingly common during the COVID-19 pandemic. Here's an overview [...]

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 [...]

Ways to Fully Deduct Business-Related Meals

February 2nd, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Tax, Tax Credits, Tax Deductions|Tags: business tax return, business tax return meal deduction, business tax return preparation, can business meals be deducted, can I deduct business meals on my tax return, CPA Dallas, CPA in Dallas, cpa near me, Dallas CPA, tax deductions, tax firm near me, tax preparer in North Texas, tax return, tax return preparation, tax return preparation near me, The Burns Firm|

Restaurants have struggled mightily during the COVID-19 pandemic. Thankfully, they're specifically targeted for a new tax relief measure found in the massive Consolidated Appropriations Act (CAA), which became law on December [...]

Bring Home a Tax Credit for Adoption

November 24th, 2020|Categories: Accounting, Burns Firm, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Return|Tags: accounting firm in Dallas, CPA Dallas, do I get any tax credit if I adopt, tax, tax credit for adoption, tax credits, tax deductions, tax preparation in Dallas, tax return preparation, The Burns Firm|

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 2020, a tax [...]