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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.

07/16/2026

Will your Social Security benefits be taxable? A portion might be. How much depends on your provisional income, your overall income and IRS thresholds.

Provisional income is your adjusted gross income with some additional calculations. You may have to report up to 85% of your Social Security benefits as taxable income if your provisional income is over $34,000 ($44,000 for joint filers). If you file separately from your spouse who lived with you at any time during the year, the threshold is $0.

Smart tax planning can potentially reduce your liability. We can help project your provisional income and review your overall tax situation to identify strategies that make sense for you.
https://www.theburnsfirm.com/about-us/blog/

07/15/2026

Make the Most of the General Business Credit: Tax credits are far more valuable than tax deductions. Unlike a deduction, which reduces a business's taxable income, a credit reduces the business's tax liability dollar for dollar. Tax credits aren't unlimited, however. For businesses, the aggregate value of tax credits may be limited by the general business credit (GBC), found in Internal Revenue Code Section 38. Taxpayers should familiarize themselves with the GBC so they can understand the value of their business credits and identify tax-saving opportunities. https://www.theburnsfirm.com/about-us/blog/

07/09/2026

Preventative Steps Help Ensure M&A Success: Just because a merger or acquisition is completed on paper doesn't mean the transactions will be a success. The implications can generally be seen 18 to 24 months after the deals close and officials can assess how the combinations contributed to improvements or disappointments on profit and loss statements.

That leads to a statistic to consider if you're thinking about a merger or acquisition: A large percentage of corporate marriages fail and the failure rate has little to do with financial or legal complexities. Rather, it often involves operational difficulties in integrating different corporate structures and cultures, as well as a failure to properly manage employees during the change.

Nevertheless, there are times when acquisitions make sense. Your company may want to acquire people with new skills, or you may be looking for new systems, technology, products or customers. You may even want to make a purchase to eliminate the competition. https://www.theburnsfirm.com/about-us/blog/

07/07/2026

Joint Returns: Spouses Are Guilty Until Proven Innocent
When you got married, you knew it was for "better or worse." But you might not know about laws that hold you responsible if your spouse cheats on a tax return.
https://www.theburnsfirm.com/about-us/blog/

07/02/2026

When the sale of an appreciated home triggers taxes — and when it doesn’t: Rising home values are leaving some homeowners with large gains when they sell. But that doesn’t necessarily mean a large tax bill. If you sell your principal residence and meet certain requirements, you can exclude up to $250,000 of gain ($500,000 for joint filers). Gain that exceeds the exclusion or doesn’t qualify for it, however, is subject to long-term capital gains tax (or short-term capital gains tax if you haven’t owned the home for more than a year). It also could be subject to the net investment income tax if your income is over a certain amount. Contact us before putting your home on the market. We can help you estimate the tax impact and discuss possible planning opportunities. https://www.theburnsfirm.com/about-us/blog/

06/30/2026

Demystifying like-kind exchanges: Are you thinking about selling your commercial or investment real estate? If the property has appreciated significantly, a Sec. 1031 like-kind exchange may allow you to defer tax on some or all of the gain. With this transaction, you exchange the property for another qualifying property, generally deferring tax until the replacement property is sold.

But common misconceptions about Sec. 1031 exchanges can lead to missed opportunities or costly mistakes. For example, the property types don’t have to be identical, and receiving cash or debt relief (“boot”) may trigger taxable gain.

We can help demystify this tax strategy and determine whether it’s right for your situation. Contact us to learn more. https://www.theburnsfirm.com/about-us/blog/

06/23/2026

Midyear Tax Planning for Noncorporate Small Business Owners: If you operate your small business as a sole proprietorship or a single-member limited liability company (LLC) treated as a sole proprietorship for tax purposes, paying close attention to the individual federal income tax regime is critical. The same holds true if you operate your business as a partnership, S corporation, or LLC treated as a partnership or S corporation for tax purposes.

Why? Because, as you're no doubt aware, income generated by these noncorporate entities passes through to the personal federal income tax return of each owner. Assuming that's you, let's discuss some key tax-planning issues now that we've reached midyear. https://www.theburnsfirm.com/about-us/blog/

06/18/2026

The “kiddie tax” can apply long after childhood: Many parents don’t know that the “kiddie tax” exists. Others assume it affects only minor children. But it also can apply to full-time students through age 23 and 18-year-olds even if they aren’t full-time students. When it applies, the child’s unearned income in excess of $2,700 (for 2026) is taxed at the parent’s tax rate, if higher.

If your child has investment income from custodial accounts, consider reviewing the types of investments in those accounts. Growth-oriented investments that generate little current income may help reduce exposure to the kiddie tax until your child is old enough that the tax no longer applies.
If you’d like help evaluating your family’s situation, contact us. https://www.theburnsfirm.com/about-us/blog/

06/16/2026

Tax Planning After the Loss of a Spouse: The death of a spouse is, first and foremost, a profound personal loss with intense emotional and psychological impact. But it can also bring about major financial changes at a difficult time.

One change that many people don't think about is that the surviving spouse may eventually face a higher tax burden. A thoughtful plan, made with the help of a professional tax advisor, can help preserve more after-tax income, reduce avoidable taxes on retirement accounts and ease the adjustment to a new financial reality. https://www.theburnsfirm.com/about-us/blog/

06/11/2026

Should you make after-tax, non-Roth 401(k) contributions? If you participate in a company 401(k) plan, there may be an option to add to your retirement nest egg that you’re not aware of: after-tax, non-Roth contributions. These contributions aren’t subject to the annual elective deferral limit ($24,500 for 2026, plus catch-up contributions if you’re age 50 or older). So, if your plan allows, you can make them after you’ve maxed out your deferral limit, including catch-up contributions, if applicable. They create tax basis in your account that can eventually be withdrawn tax-free. And growth on the money won’t be taxed until you start taking withdrawals. We can review your situation and help you determine whether you might benefit. 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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