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Mortgage Debt Forgiveness

March 24th, 2015|Categories: Burns Firm|

Information courtesy of IRS If your lender cancelled or forgave your mortgage debt, you generally have to pay tax on that amount. But there are exceptions to this rule for [...]

Children with Investment Income

March 20th, 2015|Categories: Burns Firm|

Special tax rules may apply to some children who receive investment income. And these rules may affect the amount of tax and how to report the income. Here are five [...]

Early Retirement Distributions

March 19th, 2015|Categories: Burns Firm|

Information courtesy of IRS.gov Taking early withdrawal from an IRA or retirement plan in many cases may trigger an added tax on top of the income tax you may have to pay. [...]

Farm Income and Deductions

March 17th, 2015|Categories: Burns Firm|

Additional  information available at IRS.gov If you earn money managing or working on a farm, you are in the farming business. Farms include plantations, ranches, ranges and orchards. Farmers may [...]

Self Employed Tax Tips

March 16th, 2015|Categories: Burns Firm|

Information courtesy of IRS.gov Do you own your own business? Are you a sole proprietor or independent contractor? Here are six tips about income from self-employment. SE Income.  Self-employment can [...]

Watchout for Phishing Scams

March 11th, 2015|Categories: Burns Firm|

Information taken from a bulletin issued by the IRS The Internal Revenue Service has warned return preparers and other tax professionals to be on guard against bogus emails that are making [...]

Is your business ready for play-or-pay?

March 11th, 2015|Categories: Burns Firm|

If you’re a “large” employer, you should be preparedfor the Affordable Care Act’s (ACA’s) shared responsibility provision, commonly referred to as “play-or-pay", that went into effect in 2015. Under transitional [...]

Unemployment Benefits

March 9th, 2015|Categories: Burns Firm|

If you lose your job, you may qualify for unemployment benefits. Keep in mind that unemployment benefits are taxable. Unemployment is taxable. You must include all unemployment compensation as income for the [...]

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