Texas CPA

Why Now Might Be a Good Time for a Gift

June 5th, 2025|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Gift Tax, Tax, tax accountant, Tax Advisor, TCJA, Texas CPA, The Burns Firm|Tags: , , , , , , , , |

The current federal gift tax regime is favorable by historical standards. The Tax Cuts and Jobs Act (TCJA) significantly increased the unified exemption for 2018 through 2025 with annual inflation [...]

8 Life Events that May Change Your Tax Situation

May 27th, 2025|Categories: Accountant, accountant near me, Adoption, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Divorce, Marriage and Tax Status, Retirement, Tax, tax accountant, Tax Advisor, Tax Filing Status, tax write-offs, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , , , , |

Life is full of changes, and many significant milestones can affect your tax situation in unforeseen ways. Whether you're getting married, welcoming a new child, starting a new job [...]

Hiring independent contractors? Make sure you’re doing it right

May 22nd, 2025|Categories: Accountant, Burns Firm, Contractor, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Employee vs Contractor, Independent Contractor, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Depreciation, Tax Withholding, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , , |

Many businesses turn to independent contractors to help manage costs, especially during times of staffing shortages and inflation. If you’re among them, ensuring these workers are properly classified for [...]

Business Owners: Is It Time to Transition Ownership to the Next Generation

May 20th, 2025|Categories: Accountant, accountant near me, Burns Firm, Business, Business Succession Planning, Business Valuation, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Tax, Tax Advisor, The Burns Firm, Transition Ownership of Business, Transitioning Your Business|Tags: , , , , , , , , , , , |

One of the upsides to owning a small business is the chance to provide a financial legacy for your family members to participate in after you exit the business. [...]

The Tax Rules for Legal Awards and Settlements: What Recipients Should Know

May 15th, 2025|Categories: Accountant, accountant near me, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Legal Awards and Settlements, Nontaxable Awards, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Law, Taxable Awards|Tags: , , , , , , , , , |

If you’ve recently received a settlement or award from a lawsuit, or you’re expecting one, you may be wondering how the IRS views this money. Will you need to pay [...]

Tax Advice for Recent College Grads

May 13th, 2025|Categories: American Opportunity Tax Credit, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Education, Education Expenses, Student Loan Interest, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Return, Tax Return Filing, Tax Return Preparer, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , |

New college graduates will face some of the harsh realities of adulthood, including paying taxes, filing their own tax returns and possibly coordinating with their parents to achieve the [...]

The “Wash Sale” Rule: Don’t Let Losses Circle the Drain

May 6th, 2025|Categories: Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, The Burns Firm, Wash Sale Rule|Tags: , , , , , , , , |

Stock, mutual fund and ETF prices have bounced around lately. If you make what turns out to be an ill-fated investment in a taxable brokerage firm account, the good [...]

What tax documents can you safely shred? And which ones should you keep?

April 22nd, 2025|Categories: Amended Tax Return, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Filing Status, Income Tax, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Filing Extension, Tax Filing Status, Tax Forms, Tax Preparation, tax preparer near me, Tax Records, Tax Return, Tax Return Filing, Tax Return Preparer, Tax Rules, Taxable Income, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , , , , |

Once your 2024 tax return is in the hands of the IRS, you may be tempted to clear out file cabinets and delete digital folders. But before reaching for [...]

Delinquent Taxpayers May Experience Passport Issues

April 17th, 2025|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Delinquent Tax, Tax, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , , |

Let's say a person is planning to take a plane trip out of the country. And further suppose that individual owes the federal government a fair amount of back taxes. [...]

Claiming Bad Debt Loss Deductions

April 17th, 2025|Categories: Accountant, Burns Firm, Business Deductions, Business Losses, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Debt, Deductions, Tax, tax accountant, Tax Advisor, tax write-offs, Texas CPA, The Burns Firm|Tags: , , , , , , , , |

The issue of individual taxpayers deducting bad debt losses has historically been a source of tension with the IRS. Here's what you need to know to get the best [...]

Do You Qualify for “Head of Household” Tax Filing Status

April 10th, 2025|Categories: Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Filing Status, Head of Household, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Filing Status, Tax Preparation, Tax Return, Tax Return Filing, Tax Return Preparer, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , |

When we prepare your tax return, we’ll check one of the following filing statuses: single, married filing jointly, married filing separately, head of household or qualifying widow(er). Only some [...]

401 (k) Plan Catch-Up Contributions

April 8th, 2025|Categories: 401K, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Retirement, Retirement Plan, Roth 401K, Tax, tax accountant, tax accountant near me, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , , |

How big is your retirement nest egg? Too often, people sacrifice retirement savings to afford a bigger home, cover emergency expenses or pay for their children's education. But time [...]

Deduct a Loss From Making a Personal Loan to a Relative or Friend

April 3rd, 2025|Categories: Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Loans, Tax, tax accountant, tax accountant near me, Tax Advisor, tax write-offs, Texas CPA, The Burns Firm|Tags: , , , , , , , , |

Suppose your adult child or friend needs to borrow money. Maybe it’s to buy a first home or address a cash flow problem. You may want to help by [...]

Planning for the Future: 5 Business Succession Options and Their Tax Implications

April 1st, 2025|Categories: Burns Firm, Business, Business Succession Planning, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Succession Planning, Tax, tax accountant, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , , |

When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next generation of leaders or owners. Whether you’re ready to [...]

Riding the Tax Break Train: Maximizing Employee Transportation Fringe Benefits

March 20th, 2025|Categories: Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Fringe Benefits, Tax, tax accountant, tax accountant near me, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , |

There are some nice tax breaks for transportation-related employee fringe benefits. If your employer offers these tax-favored fringes, you should probably take advantage of them by signing up. Here’s [...]

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