Burns Firm

Smart business owners always operate as if they're planning to sell — because they never know when someone will come along with an irresistible offer or when tragedy might strike. [...]

For 2016, the maximum 15.3% self-employment (SE) tax rate hits the first $118,500 of net SE income. For 2017, the 15.3% rate hits the first $127,200 of net SE income. [...]

  If you own a profitable, unincorporated business with your spouse, you're probably fed up with high self-employment (SE) tax bills. An unincorporated business in which both spouses are active [...]

Yes, there’s still time to make 2016 contributions to your IRA. The deadline for such contributions is April 18, 2017. If the contribution is deductible, it will lower your 2016 [...]

Information from IRS.gov Medical expenses can trim taxes. Keeping good records and knowing what to deduct make all the difference. Here are some tips to know what qualifies as medical [...]

Sometimes people attempt to make an estate plan without consulting legal and financial professionals. Mostly this is because they may have a general understanding of estate planning and believe they [...]

It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for the adult-dependent exemption. It allows eligible taxpayers to deduct [...]

Maintaining good records is important to help meet your tax and legal obligations. The right record-keeping system not only helps satisfy these obligations, but it may save you money and [...]

If last year your business made repairs to tangible property, such as buildings, machinery, equipment or vehicles, you may be eligible for a valuable deduction on your 2016 income tax [...]

Rather than keeping track of the actual cost of operating a vehicle, employees and self-employed taxpayers can use a standard mileage rate to compute their deduction related to using a [...]

Different rules and conditions may apply to RMDs from inherited accounts and your qualified employer-sponsored retirement plans, including: 401(k) plans, 403(b) plans, 457(b) plans, Profit sharing plans, and Other defined [...]

Did you know that, once you turn age 70½, you must start taking mandatory annual withdrawals from your traditional IRAs, including any simplified employee pension (SEP) accounts and SIMPLE IRAs [...]

Information from irs.gov The IRS states that the Child Tax Credit is a tax credit that may save taxpayers up to $1,000 for each eligible qualifying child. Taxpayers should make [...]

Many taxpayers receiving Social Security benefits may be wondering if this income is taxable. If you receive Social Security benefits, then you may have to pay federal income tax on [...]

Last year you may have made significant gifts to your children, grandchildren or other heirs as part of your estate planning strategy. Or perhaps you just wanted to provide loved [...]