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The Burns Firm, Ltd.

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United States
Dallas, TX
The Burns Firm, Ltd.

Advisors of complex tax, accounting and financial matters for over 25 years.

We believe a CPA firm should do more than just assist in preparing financial statements and tax returns. A rapidly growing company presents its owners and management with a wide variety of financial opportunities and complications. Our professionals are experienced not only in the traditional CPA-type services, but are also highly experienced in other areas such as business valuations, tax planning, budgeting and forecasting, obtaining financing, mergers, acquisitions and sales of businesses.

10/29/2026

The Benefits of Increasing Your 401(k) Contributions Before the Year Runs Out: As the year draws to a close, your employer’s 401(k) plan may offer an opportunity to reduce your 2026 income taxes. If you haven’t been contributing, it may not be too late to start. And if you’re already contributing, increasing the amount you contribute from each paycheck before year end could boost your 2026 tax savings. If your employer matches contributions, try to contribute at least enough to receive the maximum match. Otherwise, you’ll lose out on free money! Check with your employer about deadlines and available options. We can help you evaluate the tax implications and determine whether increasing your contributions makes sense for your situation. https://www.theburnsfirm.com/about-us/blog/

10/27/2026

What Happens to Your IRA in a Divorce? If you're divorced or legally separated by year end, you generally can't deduct contributions you make to your former spouse's traditional IRA. Learn more https://www.theburnsfirm.com/about-us/blog/

10/22/2026

New Scam Targets Crypto Holders: Be alert for a new IRS impersonation scam. Fraudsters are mailing fake IRS letters directing recipients to a bogus "Digital Asset Compliance Portal." https://www.theburnsfirm.com/about-us/blog/

10/20/2026

Separating or Divorcing This Year? Consider These Tax Issues before Year End: Dissolving a marriage involves numerous financial and nonfinancial decisions, and tax considerations can easily fall by the wayside. But decisions made before your divorce is finalized can affect your current-year income tax liability and your tax situation in future years. Let’s look at some of the most critical tax issues to consider as you work through a separation or divorce in 2026. https://www.theburnsfirm.com/about-us/blog/

10/15/2026

Follow Detailed Recordkeeping Rules for Vehicle Expense Deductions: Many business owners fail to follow the strict tax rules for substantiating vehicle expenses. But if your business is audited, the IRS will most likely ask for mileage logs if you deducted vehicle expenses — and it tends to be especially critical of the amount deducted if you're self-employed or you employ relatives. While the basics seem simple, there are numerous exceptions. https://www.theburnsfirm.com/about-us/blog/

10/13/2026

Can Partners Deduct Expenses They Pay? If you own a business taxed as a partnership, you may occasionally pay work-related expenses out of pocket. This raises a common question: Can you deduct those payments on your federal tax return? As with many tax matters, the answer depends on the circumstances. https://www.theburnsfirm.com/about-us/blog/

10/08/2026

Retirement is far from most teenagers’ minds when they get their first jobs. But those early earnings create a significant tax-advantaged savings opportunity. Even modest IRA contributions now can substantially multiply over time. For example, just $2,000 contributed to an IRA earning 5% annually will grow to nearly $23,000 50 years later. A Roth IRA can be especially powerful because qualified distributions will be tax-free. For 2026, the annual contribution limit for IRAs is the lesser of taxable compensation or $7,500. 2026 contributions can be made until April 15, 2027, but the income to support them must be earned by Dec. 31, 2026. Contact us to discuss tax-smart planning for your teen. https://www.theburnsfirm.com/about-us/blog/

10/01/2026

Selling a Business: If you want to sell your business, receiving the purchase price over time in an installment sale may allow you to spread your gain — and the related tax — over several years.

The buyer typically makes a down payment and issues a note for the balance. Each principal payment generally includes a tax-free return of basis and taxable gain; interest on the note is taxed separately as ordinary income. This arrangement may also expand the pool of buyers or help you obtain a higher price. But depreciation recapture may be taxable upfront, and you assume the risk that the buyer won’t pay.

Contact us to discuss the pros and cons and determine the optimal deal structure for your situation. https://www.theburnsfirm.com/about-us/blog/

09/29/2026

Evaluate the Effects of Selling a Subsidiary or Division https://www.theburnsfirm.com/about-us/blog/

09/24/2026

Medical Costs: Can I Really Get a Tax Break for That? It's difficult for many people to write off medical expenses because of the limits imposed under the tax laws. But you may qualify by including every expense allowed. Some of the qualified procedures may surprise you. https://www.theburnsfirm.com/about-us/blog/

Address

16000 N. Dallas Parkway
Dallas, TX
75248

Opening Hours

Monday	8am - 5pm
Tuesday	8am - 5pm
Wednesday	8am - 5pm
Thursday	8am - 5pm
Friday	8am - 5pm

Website

http://www.theburnsfirm.com/

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