Burns Firm

Now that we’ve hit midsummer, if you own a vacation home that you both rent out and use personally, it’s a good time to review the potential tax consequences: If [...]

  Information provided by the IRS If you suffer damage to your home or personal property, you may be able to deduct the loss incurred on your federal income tax return. And [...]

Information provided by the IRS The IRS offers tax tips for teen taxpayers with a summer job: Withholding and Estimated Tax. Students and teenage employees normally have taxes withheld from [...]

You may be tempted to forget all about taxes during summertime, when “the livin’ is easy,” as the Gershwin song goes. But if you start your tax planning now, you [...]

Some people think you can always deduct moving expenses on your federal income tax return. Not true. However, you can deduct some moving expenses if you meet the applicable eligibility [...]

Many people itemize deductions on Schedule A of their tax returns, rather than taking the standard deduction. Your tax preparer will generally advise you to do so if your allowable [...]

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be [...]

Do you provide car rides through a mobile app, rent out your spare room using an online platform or repair computers for local businesses on demand? If so, you may [...]

The tax consequences of the sale of an investment, as well as your net return, can be affected by a variety of factors. You’re probably focused on factors such as [...]

All charitable donations aren’t created equal — some provide larger deductions than others. And it isn’t necessarily just how much or even what you donate that matters. How the charity [...]

Information from IRS.gov Medical expenses can lower taxes. It is important to keep good records and know what to deduct. Here are some tips to know what qualifies as medical and [...]

If you recently filed your 2016 income tax return (rather than filing for an extension) you may now be wondering whether it’s likely that your business could be audited by [...]

Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this matter? Passive income may be subject [...]

Private companies with more than one owner should have a buy-sell agreement to spell out how ownership shares will change hands should an owner depart. For businesses structured as C [...]

It’s a smaller business world after all. With the ease and popularity of e-commerce, as well as the incredible efficiency of many supply chains, companies of all sorts are finding [...]