Burns Firm

Info courtesy of IRS Farms include ranches, ranges and orchards. Some raise livestock, poultry or fish. Others grow fruits or vegetables. Individuals report their farm income on Schedule F, Profit [...]

Still filing a paper return? Be sure you understand the “timely mailed = timely filed” rule. The IRS considers a paper return that’s due April 15 to be timely filed [...]

Courtesy of IRS.gov Did you change your name last year? If so, it can affect your taxes. All the names on your tax return must match Social Security Administration records. A [...]

Information courtesy of IRS Are you a U.S. citizen or resident who worked abroad last year? Did you receive income from a foreign source in 2014? Report Worldwide Income. By [...]

Generally, you’ll need to file a gift tax return for 2014 if, during the tax year, you made gifts: That exceeded the $14,000-per-recipient gift tax annual exclusion (other than to [...]

Courtesy of IRS If your home is used for business, you may be able to deduct expenses for the business use of your home. If you qualify you can claim [...]

Information courtesy of IRS.gov When you sell a capital asset the sale results in a capital gain or loss. A capital asset includes most property you own for personal use [...]

The deadline for 2014 IRA contributions is April 15, 2015. The limit for total contributions to all IRAs generally is $5,500 ($6,500 if you were age 50 or older on [...]

Information courtesy of IRS You can reduce your taxes and save on your energy bills with certain home improvements.  Facts that you should know about home energy tax credits: Non-Business [...]

Information courtesy of IRS If your lender cancelled or forgave your mortgage debt, you generally have to pay tax on that amount. But there are exceptions to this rule for [...]

If your business has made repairs to tangible property, such as buildings, machinery, equipment and vehicles, you may be eligible for a deduction on your 2014 income tax return. But [...]

Special tax rules may apply to some children who receive investment income. And these rules may affect the amount of tax and how to report the income. Here are five [...]

Republished Information provided by the IRS Many taxpayers who turned 70½ during 2014 must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by [...]

Information courtesy of IRS.gov Taking early withdrawal from an IRA or retirement plan in many cases may trigger an added tax on top of the income tax you may have to pay. [...]

Additional  information available at IRS.gov If you earn money managing or working on a farm, you are in the farming business. Farms include plantations, ranches, ranges and orchards. Farmers may [...]