The Burns Firm – Page 23 – The Burns Firm – Advisors of Complex Financial Matters

Taxability of PPP Loan Forgiveness

December 1st, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Partnership, PPP, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Cuts, Tax Planning|Tags: Covid-19 PPP loan, CPA Dallas, Dallas CPA, paycheck protection programm, PPP loan forgiveness, revenue procedure 2021-49, The Burns Firm, will my PPP loan be forgiven|

Businesses that received Paycheck Protection Program (PPP) loans can apply for forgiveness once all loan proceeds for which they are requesting forgiveness have been used. On November 18, 2021, the IRS [...]

Factor in Taxes If You’re Relocating to Another State in Retirement

November 30th, 2021|Categories: Accounting, Burns Firm, Business, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Dependent Care credits, if I support my parents financially can I claim them on tax return, Retirement, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: CPA Dallas, Dallas accountant, Dallas CPA, Dallas tax accountant, how do I establish domicile, how do I know if the state I live in has income tax, if I relocate to another State in retirement will my taxes change, retirement and tax, retiring in a new state, The Burns Firm, what state has estate tax|

Are you considering a move to another state when you retire? Perhaps you want to relocate to an area where your loved ones live or where the weather is more [...]

Get You Piece of the Depreciation Pie Now With a Cost Segregation Study

November 18th, 2021|Categories: Accounting, Burns Firm, Business, Cost Segregation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Services, The Burns Firm|Tags: classifying property, cost segregation, cost segregation study, CPA Dallas, cpa near me, Dallas CPA, depreciation, how to classify property into the appropriate asset class, should i have a cost segregation study done, The Burns Firm|

If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow [...]

How Fast Can You Write Off a Business Vehicle?

November 9th, 2021|Categories: Accounting, Burns Firm, Business, Business Vehicle, Business Write-offs, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, S Corporation, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, tax write-offs, The Burns Firm|Tags: business write-offs, can I write off business vehicle miles, can I write off miles driven for business, CPA Dallas, cpa near me, Dallas CPA, tax accountant near me, The Burns Firm, write-offs|

The federal income tax rules for depreciating vehicles used for business are complicated. And different rules apply to different categories of vehicles. Special limitations apply to vehicles that are classified as [...]

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 [...]

Tax Depreciation Rules for Business Automobiles

November 5th, 2021|Categories: Accounting, Burns Firm, Business, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Services, Small Business, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Return, Tax Withholding, The Burns Firm|Tags: are miles used for business a writeoff, can i writeoff miles on my automobile used for business, cents-per-mile vs actual expense, CPA Dallas, Dallas CPA, depreciation limits on business vehicle, depreciation on my car, depreciaton on auto use, how much can I write off for miles, miles used for business purpose, tax depreciation rules for business automobiles, tax on auto use, The Burns Firm, what are depreciation rules for my SUV and Pickup truck|

If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles [...]

The Tax Score of Winning

November 2nd, 2021|Categories: Accounting, Burns Firm, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Expenses, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: are bingo winnings taxable, are lottery winnings taxable, CPA Dallas, Dallas CPA, do i pay tax on my gambling earnings, if I win the lottery will i pay taxes on the money, tax, The Burns Firm, what earnings are taxable, what tax is due for money won gambling|

Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the [...]

Financing the Growth of Your Business

October 28th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Due Diligence, Growing A Business, LLC, Merger & Acquisition, Partnership, S Corporation, Small Business, Tax, Tax Planning, The Burns Firm|Tags: business growth, CPA Dallas, Dallas CPA, how do I finance the growth of my business, how do I grow my business, should I get a loan so I can grow my business, The Burns Firm, what loans can I get so I can grow my business|

Business activity ground to a halt in many areas during the pandemic. Fortunately, the Paycheck Protection Plan (PPP) program and other relief programs rescued many small enterprises from financial crisis. If [...]

ABLE Accounts May Help Disabled or Blind Family Members

October 21st, 2021|Categories: ABLE, Accounting, Burns Firm, CPA Dallas, Dallas CPA, Dallas tax return preparer, Services, Tax, Tax Credits, Tax Deductions, Tax Return|Tags: ABLE, ABLE accounts may help disabled or blind family members, CPA Dallas, cpa near me, Dallas CPA, do AB:E accounts impact Medicaid eligibility, tax preparer near me, The Burns Firm, what is an ABLE account, will ABLE accounts may help disabled or blind family members|

There may be a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re [...]

Lowdown on Federal Tax Proposals for Individuals and Businesses

October 19th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Gift Tax, IRS, Partnership, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Cuts, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: are the federal tax laws changing in 2022, changes to federal tax laws, changes to federal tax laws for businesses, changes to federal tax laws for individuals, corporate tax rate changes, CPA Dallas, Dallas CPA, gift tax laws, how will the tax law changes affect me, individual tax rate changes, long-term gains and dividends individual rate change, NIIT, tax accountant, tax CPA, tax preparer, tax rate changes, The Burns Firm|

The U.S. Department of Treasury released its "Green Book" in May entitled, "General Explanation of the Biden administration's Fiscal Year 2022 Revenue Proposals." It contains detailed information about President Biden's proposed [...]

Six Education Tax Breaks on the Books

October 14th, 2021|Categories: Accounting, American Opportunity Tax Credit, AOTC, Burns Firm, Dallas CPA, Dallas tax return preparer, Lifetime Learning Credit, LLC, Scholarships, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: american opportunity tax credit, AOTC, can i deduct books for school on my tax return, can i report expense for books on my tax return, can i report school expenses on tax return, CPA Dallas, cpa near me, Dallas CPA, Lifetime Learning credit, LLC, school expenses, tax breaks on books for school, tax preparer near me, The Burns Firm|

It costs a pretty penny to send a child to college or private school these days. But at least the federal tax code may provide some relief, within certain limits. Can [...]

Communication Is Critical During Mergers and Acquisitions

October 7th, 2021|Categories: Accounting, Burns Firm, Buying a Business, CPA Dallas, Dallas CPA, Dallas tx accountant, Merger & Acquisition, Sell Business, Selling a Business, Services, Small Business, Tax Planning, The Burns Firm|Tags: Dallas CPA, Dallas M&A firm, M&A, Merger & Acquisition firm near me, merger and acquisition firm near me, mergers and acquisitions, should I let my employees know I may sell my business, The Burns Firm|

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 way [...]

How to Pay Retiree Health Costs Tax-Free

October 5th, 2021|Categories: Accounting, Burns Firm, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Healthcare & Retirement, Retirement, Retirement Plan, Tax, Tax Credits, Tax Planning, The Burns Firm|Tags: can retiree health costs be tax-free, cpa near me, Dallas CPA, health cost, how do I prevent paying tax on health costs, retiree health costs, tax preparer near me, The Burns Firm|

If you own a small business, you may have set up a defined benefit pension plan for you and your employees that will provide a specific amount of retirement income based [...]

Building Your Legacy

September 30th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Growing A Business, Merger & Acquisition, Partnership, Services, Small Business, Tax|Tags: business legacy, CPA Dallas, creating a legacy in my business, Dallas CPA, growing my business, How do I grow my business legacy, The Burns Firm|

The desire to leave a legacy may be the height of altruism for it's a gift to the future, the benefit of which you may never witness, nor ever feel it's [...]

Following Up on Coronavirus-Related Distributions from IRAs

September 28th, 2021|Categories: Burns Firm, Covid-19, COVID-Related Tax Relief Act (COVIDTRA), Dallas CPA, Dallas tax return preparer, Dallas tx accountant, IRA, Retirement Plan, Tax, Tax Deductions, The Burns Firm|Tags: contributing to your IRA, Coronavirus related IRA disstributions, Covid and IRA distributions, CPA Dallas, cpa near me, Dallas CPA, IRA distribution and coronavirus, IRA distribution and tax, IRA distributions taken during coronavirus, tax preparer near me, The Burns Firm|

If you were adversely affected by the COVID-19 pandemic, you may have taken a tax-favored coronavirus-related distribution (CVD) from a traditional IRA last year. This privilege was allowed under the CARES [...]