How to Save Taxes in 2020 and Beyond
It's time to implement strategies to help reduce your 2020 federal income tax bill and position yourself for future tax savings. Here are some ideas to consider before year end. Gaming [...]
Tax Implications When Lenders Cancel Debts in the Covid-19 Era
In the COVID-19-ravaged economy, debts can pile up beyond a borrower's ability to repay. Lenders sometimes may be willing to forgive (or cancel) debts that are owed by certain borrowers. While [...]
Why It’s Important to Plan For Income Taxes as Part of Your Estate Plan
As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Before 2011, a much [...]
Can Investors Who Manage Their Own Portfolios Deduct Related Expenses?
In some cases, investors have significant related expenses, such as the cost of subscriptions to financial periodicals and clerical expenses. Are they tax deductible? Under the Tax Cut and Jobs [...]
Divorcing Homeowners: What About the Vacation Home?
Only principal residences qualify for the home sale gain exclusion break. So, there are no special tax breaks if you sell a vacation home before or after a divorce. While [...]
Home Office Deductions in the Covid-19 Era
Have you been working from home during the COVID-19 crisis? Join the club. Approximately 42% of the American workforce is currently working from home full-time, according to a recent study by [...]
Small Businesses: Are First-Year Depreciation Write-Offs Right for You?
Under today's federal income tax rules, your business may be able to claim big first-year depreciation write-offs for eligible assets that are placed in service in the current tax year. [...]
Tax Implications of Working From Home and Collecting Unemployment
COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations. Working from home. Many employees have [...]
Employers Have Questions and Concerns About Deferring Employees’ Social Security Taxes
The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. The three-page guidance [...]
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 [...]
Dividing Assets, and Tax Bills, in Divorce
When a divorce happens, there are often major financial consequences and some important tax issues too. Here are the tax rules that generally apply when a couple's assets are split [...]
Will You Have to Pay Tax on Your Social Security Benefits?
If you’re getting close to retirement, you may wonder: Are my Social Security benefits going to be taxed? And if so, how much will you have to pay? It depends [...]
Back-to-School Tax Breaks on the Books
Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, parents may be eligible for certain tax [...]
We’re Hiring! Tax Accountant
The Burns Firm seeks an experienced Tax Accountant/Bookkeeper. Our clientele includes private companies, service businesses, medical practices, and high wealth individuals. The firm’s scope of work encompasses a full range [...]
Beware: Retirement Plan Loan Defaults Can Be Costly
Economic fallout from the COVID-19 crisis may cause some cash-strapped individuals to default on loans they've taken out from company qualified retirement plans, including 401(k) and profit-sharing plans. Defaulting on [...]