Burns Firm

Many people make donations to charities whose work they support, but if you are planning to take a tax deduction for your gift, you must have the proper paperwork. Assembling [...]

Do you take your cost basis into account when it’s time to sell an asset or investment? When you sell an asset or investment, your cost basis—or the amount you [...]

On June 26, the U.S. Supreme Court ruled that same-sex couples have a constitutional right to marry, making same-sex marriage legal in all 50 states. For federal tax purposes, same-sex [...]

With the U.S. Supreme Court’s June 25 decision upholding the Affordable Care Act (ACA) yet again, employers subject to the act’s information reporting provision can no longer afford to put [...]

Are you aware of the nature of all your investments, domestic and international? Do you know if you have foreign accounts with an aggregate value higher than $10,000 at any [...]

When was the last time you reviewed your will? People generally make wills to guarantee the proper disposition of their money and property, which is why it’s a good idea [...]

Tips from the IRS regarding what students should know about their summer job and taxes. Withholding and Estimated Tax.  Your employer will withhold tax from your paychecks. If you are self-employed, you may [...]

Imagine after sending in your annual tax return, you receive a notice from the Internal Revenue Service saying that another return has already been filed using your name and Social [...]

Even though portability now allows married couples to use up both spouses’ estate tax exemptions without having to make lifetime asset transfers or set up trusts, this “easier” path isn’t [...]

Financial Statements Financial statements preparation can be done in any frequency that is most useful for you. Typically, this service is performed in conjunction with bookkeeping or transaction processing services [...]

The IRS offers the following information regarding day camps and the Child and Dependent Care Credit. Day camps are common during the summer months. Many parents pay for them for [...]

If you are considering forming a partnership, contact us first. There are complexities and many decisions to be made between you and your new business partner.

If you don’t pay attention to the details, the tax consequences of a sale may be different from what you expect. For example, if you bought the same security at [...]

When starting a small business, taking the time to set up your recordkeeping system properly, right from the beginning, will save you time and money down the road — and [...]

One important consideration when starting your business is determining the best legal organizational structure. Why? Because it will affect operating efficiency, transferability, control, the way you report income, the taxes [...]