The Burns Firm – Page 28 – The Burns Firm – Advisors of Complex Financial Matters

May 5th, 2022|Categories: Accountant, Accounting, Burns Firm, Business, CPA, CPA Dallas, CPA near me, Dallas CPA, Tax, Tax Planning, The Burns Firm|Tags: benefit to having an HSA, CPA Dallas, cpa near me, Dallas CPA, HDHP minimum required deductibles, HSA, HSA benefits, HSA contribution limits, The Burns Firm, what are the qualifications for an HSA|

With Health Savings Accounts (HSAs), individuals and businesses buy less expensive health insurance policies with high deductibles. Contributions to the accounts are made on a pre-tax basis. The money can accumulate [...]

What are the tax implications of selling mutual fund shares?

May 3rd, 2022|Categories: Accountant, Accounting, Burns Firm, Business, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: can I sell mutual fund shares, CPA Dallas, cpa near me, Dallas CPA, do I get taxed from selling my mutual fund, how do I determine the basis of shares when selling mutual fund, how do I measure gain or loss when selling mutual funds, how do I sell mutual fund shares, mutual fund advise near me, selling mutual fund shares, tax accountant near me, tax and selling mutual fund, tax consequences of selling mutual fund shares, tax CPA near me, tax filing, tax preparer near me, The Burns Firm|

If you’re an investor in mutual funds or you’re interested in putting some money into them, you’re not alone. According to the Investment Company Institute, a survey found 58.7 million [...]

Things to Consider Once Your Tax Return Is Filed

April 26th, 2022|Categories: Accountant, Accounting, Burns Firm, Business, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Services, Tax, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, Tax Withholding, tax write-offs, The Burns Firm, Withholding, Year-End Tax Planning|Tags: can i amend my tax return, CPA Dallas, cpa near me, Dallas CPA, how do I check the status of my refund, how long do i need to keep my tax records, how long save tax documents once return is filed, howmuch does it cost to have a cpa prepare my tax return, i forgot to include some income on tax return can I amend it, tax filer near me, tax filing deadline, tax preparation near me, tax preparer near me, The Burns Firm, where is my refund|

The tax filing deadline for 2021 tax returns was April 18 this year. After your 2021 tax return has been successfully filed with the IRS, there may still be some [...]

Tax Rules of Renting Out a Vacation Property

April 21st, 2022|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Services, Tax, Tax Deductions, tax write-offs, The Burns Firm|Tags: can i calssify my vacation home as a rental, can I get a tax break for renting out my vacation home, CPA, CPA Dallas, cpa near me, Dallas CPA, how can I use my vacation home, personal residence vs vacation home, tax accountant near me, tax breaks for renting vacation home to others, tax on vacation homes, The Burns Firm, vacation home, vacation property as a rental|

Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out for part of the [...]

2022 Q2 tax calendar: Key deadlines for businesses and other employers

April 19th, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, Business, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Quarterly Filings, Services, Tax, tax accountant, tax accountant near me|Tags: CPA Dallas, CPA Dallas The Burns Firm, Dallas CPA, filing deadlines, Q2 deadlines, Q2 filing deadlines, tax filing, tax preparation, tax preparer near me, The Burns Firm|

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. Keep in mind that this list isn’t all-inclusive, so [...]

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 [...]

Beware: Remote Work May Complicate Your Income Taxes

March 24th, 2022|Categories: Accountant, Accounting, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Employee Retention Tax Credit, Expenses, Services, Small Business, Tax, Tax Credits, Tax Deductions, Tax Preparation, Tax Return, The Burns Firm|Tags: convenience tax rule, CPA, CPA Dallas, CPA TExas, North Texas accountant, North Texas CPA, remote work may complicate your income tax return, rules for working from home, rules related to the taxation of remote workers, tax and remote workers, tax preparation in Dallas, tax preparer in DFW, tax preparer near me, tax rules relating to remote workers, The Burns Firm|

Remote work has become more common in recent years, and the COVID-19 pandemic has resulted in employers realizing that many jobs can be done from home. Some remote workers even work [...]

The Election to Apply the Research Tax Credit Against Payroll Taxes

March 17th, 2022|Categories: Accountant, Accounting, Business, C Corporation, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Partnership, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Preparation, Tax Return, tax write-offs, The Burns Firm|Tags: business research credit, can i apply research tax credit against payroll taxes, CPA Dallas, Dallas CPA, do I get credit for research activities, tax, The Burns Firm|

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Claiming the credit involves complex [...]

Keeping Meticulous Records Is the Key To Tax Deductions and Painless IRS Audits

March 15th, 2022|Categories: Burns Firm|Tags: are meticulous records needed for my business, CPA Dallas, CPA with IRS dealing experience, Dallas CPA, help with IRS audit, how can i prevent being audited by the IRS, IRS audit, tax preparer, tax preparer near me, The Burns Firm, what do I need to do to defend myself during an audit, what information is requested in an audit, what to do if I get a notice of an audit from the IRS, what type of records do I need to keep in case of an audit, who can represent me in an audit|

If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you should carefully record your expenses [...]

How to Maximize the QBI Deduction Amid the Pandemic

March 10th, 2022|Categories: Accountant, Accounting, Burns Firm, Business, C Corporation, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Partnership, QBI, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Deductions, Tax Preparation, The Burns Firm|Tags: can I take a QBI deduction, CPA Dallas, Dallas CPA, how do i know if i have qualified business income, QBI, QBI deduction, qualified business income, tax, tax deductions, The Burns Firm, what is a QBI deduction, what is a specified service trade or business, what is a SSTB|

Since the qualified business income (QBI) deduction first become available in 2018, things have changed dramatically, mainly due to the various effects of the COVID-19 pandemic. Possible tax rate increases, and [...]

Take Advantage of Tax Breaks for Small Businesses

March 8th, 2022|Categories: Accounting, Burns Firm, Business, CPA, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, QBI, Services, Small Business, Tax, Tax Deductions, Tax Preparation, Tax Return, TCJA|Tags: 2022 tax breaks for business, Bonus depreciation, CPA Dallas, Dallas CPA, QBI deduction, Sec 179 depreciation deduction, Sec. 179 deductions, Sec. 179 limitations, tax, tax breaks for small businesses, tax preparer for business, The Burns Firm|

If you own a small or medium-sized business, it may be eligible for some significant tax breaks that aren't available for larger entities. Here are three examples to consider as you [...]

Are you ready for the 2021 gift tax return deadline?

March 8th, 2022|Categories: Accountant, Burns Firm, CPA, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Gift Tax, Services, Tax, Tax Preparation, Tax Return, The Burns Firm|Tags: 2021 taxes, CPA Dallas, Dallas CPA, do i need to file a gift tax return, do I need to prepare a gift tax return, gift tax eturn, gift tax return deadline, tax, The Burns Firm, what are the guidelines for needing to file a gift tax return, who can prepare a gift tax return|

If you made large gifts to your children, grandchildren, or other heirs last year, it’s important to determine whether you’re required to file a 2021 gift tax return. And in [...]

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 [...]

Smooth Sailing: Tips to Speed Processing and Avoid Hassles This Tax Season

February 22nd, 2022|Categories: Accounting, Burns Firm, Child Tax Credit, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Delinquent Tax, Dependent Care credits, Donations, Estimated Tax, Estimated Tax Payments, Expenses, Gift Tax, Healthcare & Retirement, Lifetime Learning Credit, Nanny Tax, Retirement, Scholarships, Services, Social Security, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, tax write-offs, Taxpayer Certainty and Disaster Tax Relief Act (TCDTRA), TCJA, The Burns Firm|Tags: 1099, 2021 tax year tips, CPA Dallas, Dallas CPA, form 1040 tax preparer, North Texas accountant, North Texas accounting firm, North Texas CPA, North Texas CPA firm, tax preparer near me, tax return preparation, tax tips, tax tips to avoid hassles this tax season, Texas CPA, The Burns Firm, W2|

The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips to help speed processing and avoid [...]

Tips for Purchasing a New or Used Vehicle

February 18th, 2022|Categories: Accounting, Burns Firm, Business, Business Vehicle, Business Write-offs, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Expenses, LLC, Partnership, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Cuts, Tax Return, tax write-offs, The Burns Firm|Tags: car purchase, CPA Dallas, Dallas CPA, is it better to buy used or new vehicle, new car vs used car, should I purchase a new car or look into used, The Burns Firm, vehicle purchase|

The limited supply of new and used vehicles, along with other economic factors, has driven up prices in the auto market. The average price of new cars increased by 13% for the year [...]