Identity Theft- Ways to Protect Yourself
Information courtesy of IRS The IRS offers the following tips as ways to protect you from becoming a victim of identity theft: Don’t carry your Social Security card or any [...]
Have you had your annual estate plan checkup?
An annual estate plan checkup is critical to the health of your estate plan. Because various exclusion, exemption and deduction amounts are adjusted for inflation, they can change from year [...]
How Do Taxes Affect Your Finances?
Do you know how much you’re paying in taxes? You may have a sense of what you spend on income taxes, but have you also considered the taxes you pay [...]
Phony IRS Requests
Don't be taken in by phone IRS requests. The phone rings and the caller says they are from the Internal Revenue Service and they claim you owe taxes and must [...]
Tax Extenders: 3 Credits for Businesses on their 2014 returns
The Tax Increase Prevention Act of 2014 (TIPA) extended through Dec. 31, 2014, a wide variety of tax breaks, including many tax credits — which are particularly valuable because they [...]
Tax extenders: 3 breaks for individuals on their 2014 returns
On Dec. 19, the president signed into law the Tax Increase Prevention Act of 2014 (TIPA), which extended through Dec. 31, 2014, many valuable tax breaks that had expired at [...]
You may be able to save more for retirement in 2015
Many retirement plan contribution limits increase slightly in 2015; thus, you may have opportunities to increase your retirement savings: Type of limitation 2014 limit 2015 limit Elective deferrals to [...]
IRS Announces Mileage Rates for 2015
The IRS has issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Background: If you [...]
3 Extended Tax Breaks to Act on by Dec. 31
On Dec.16, the Senate passed the Tax Increase Prevention Act of 2014 (TIPA), which the House had passed on Dec. 3. TIPA extended many valuable tax breaks that expired at [...]
Happy Holidays
Happy Holidays from The Burns Firm, Ltd. team!
Summary of last minute tax law passage from The Burns Firm, Ltd.
Summary of last minute tax law passage from The Burns Firm, Ltd. Just before adjourning on December 16, the Senate passed the Tax Increase Prevention Act of 2014 (TIPA), which [...]
Why you should make annual exclusion gifts before year end
The 2014 gift tax annual exclusion allows you to give up to $14,000 per recipient tax-free without using up any of your lifetime gift tax exemption. If you and your [...]
Accelerating deductions to save taxes
Smart timing of deductible expenses can reduce your tax liability, and poor timing can unnecessarily increase it. When you don’t expect to be subject to the alternative minimum tax (AMT) [...]
Is a Like-Kind Exchange a Good Option for Your Business?
Normally, when companies sell properties, they must pay taxes on any gain they receive. Like-kind exchanges, transactions in which companies trade properties, may be carried out without any immediate tax [...]
Remember: Report Changes in Circumstances to the Marketplace
Information courtesy of irs.gov If you enrolled in insurance coverage through the Health Insurance Marketplace, you are required to report changes to the Marketplace when they happen, like changes to [...]