The Burns Firm, Ltd.

Get tax breaks for energy-saving purchases this year because they may disappear! The Inflation Reduction Act created several tax credits to promote clean energy. You may want to take advantage of them before it’s too late. President-Elect Donald Trump has pledged to “terminate” the law so it may be repealed in 2025. For example, there’s an Energy Efficient Home Improvement Credit. It covers 30% of the cost of eligible improvements, such as installing energy-efficient windows, doors, and insulation, up to $1,200 a year. There’s also a credit of up to $2,000 for qualified heat pumps, water heaters and biomass stoves or boilers. And there’s a credit for 30% of the cost of installing solar panels. Contact us before making a large purchase to check if it’s eligible. https://lnkd.in/eyqNNQry

From flights to meals: A guide to business travel tax?deductions. Business owners may travel to visit customers, attend conferences, check on vendors and for other purposes. Managing tax-deductible travel costs can help ensure compliance and maximize tax savings. Assuming you meet the tax law requirements, there are a number of deductible business travel expenses. They include: air, train or bus fare to the destination; baggage fees; car rental expenses or the cost of using your vehicle; tolls; parking; transportation at the destination (such as taxis); lodging; tips and dry cleaning. Meal expenses are generally 50% deductible. The business travel deduction rules can be complicated. If you’re uncertain about the tax treatment of your expenses, contact us. https://lnkd.in/eyqNNQry

Selling your business? Stop by the Small Business Expo Dallas on Wednesday, November 20th and learn how to avoid the 7 Deadly Sins When Selling Your Business https://lnkd.in/gTTqmv4Q

Tax Issues When Buying a Business With an Earnout: If you're buying or selling a business,?the transaction may involve an earnout provision. This is a contractual arrangement in which the seller receives additional payment in the future if certain financial goals are met. In other words, part of the price is contingent on the performance of the company after the sale. Naturally, earnout arrangements have important tax implications for both the buyer and seller. This article focuses on the buyer side of the equation. Learn more https://lnkd.in/eyqNNQry

?R&E Capitalization Has Unintended Effect on Small Businesses: The Tax Cuts and Jobs Act (TCJA)?brought a significant, albeit delayed, change to the tax treatment of research and experimentation (R&E) costs under Internal Revenue Code Section 174. After the law was enacted, many tax experts mistakenly expected that Congress would intervene before the amendment took effect. Instead, the changes became effective in 2022, and the repercussions have proven harsh, especially for small businesses. While IRS guidance that was released in 2023 may provide some relief, it hasn't reversed the adverse fallout. https://lnkd.in/eyqNNQry

We're #hiring a new Tax Accountant in Dallas, Texas. Apply today or share this post with your network.

?Five Commonly Asked Financial Questions During Divorce https://lnkd.in/eyqNNQry

You don’t have to be in business to deduct certain vehicle expenses: Business driving may come to mind when you think about tax deductions for vehicle-related expenses. However, businesses aren’t the only taxpayers that can deduct driving expenses. Individuals may also be able to deduct them in certain circumstances. Unfortunately, under current law, you may be unable to deduct as much as you could years ago. For 2018 through 2025, miles may only be deductible in limited circumstances. The 2024, the per-mile rate varies depending on the purpose. For business, it’s 67 cents; for medical driving for eligible itemizing taxpayers, it’s 21 cents; for active-duty military moving, it’s 21 cents; and for charitable itemizers, it’s 14 cents. Questions? Contact us. https://lnkd.in/eyqNNQry

We're #hiring a new Tax Accountant in Dallas, Texas. Apply today or share this post with your network.

The Burns Firm, Ltd. is a full-service public accounting and consulting firm located in Dallas, TX. We are dedicated to providing exceptional professional services in tax, accounting, and financial matters. Our team differentiates itself through personal service, timely delivery, and the use of highly trained personnel committed to the highest ethical standards in our profession and community. Role Description: This is a full-time on-site role for a Tax Accountant at The Burns Firm, Ltd. The Tax Accountant will be responsible for tax compliance, tax preparation, financial statements analysis, accounting/bookkeeping tasks, and ensuring regulatory tax requirements are met on a daily basis. Qualifications: Tax Compliance and Tax Preparation skills Bookkeeping skills Strong understanding of Tax regulations and Financial Statements analysis Tax Research experience Proficiency in Accounting principles and QuickBooks Experience in tax return preparation, tax planning and compliance for corporations, partnerships, individuals, trusts, and estates Bachelor's degree in Accounting, Finance, or related field CPA Professional certification Experience with tax software CCH, ProSystems FX Minimum 2 years of recent public accounting experience