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Follow Detailed Recordkeeping Rules for Vehicle Expense Deductions

April 19th, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , , , , , , |

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 [...]

No Single Factor Determines Contractor Status

April 5th, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Law, Partnership, S Corporation, Services, Tax, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , , |

Hiring someone as an independent contractor can have many advantages for employers. Among them are that independent contractors: Can be hired on a per-project basis and let go when the [...]

2018 Q2 Tax Calendar: Key Deadlines for Businesses and other Employers

March 29th, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Services, Tax, Tax Deductions, Tax Preparation, Tax Return|Tags: , , , , , , , , |

Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may [...]

Home-related tax breaks are valuable on 2017 returns, but will be less so for 2018

March 22nd, 2018|Categories: Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: , , , , , , , , , , , , , , , , , , , |

Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax breaks that help support this dream. If you own a [...]

Leasing Property to Your C Corp

March 20th, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Merger & Acquisition, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , , , , |

It's generally not a good idea for a closely held C corporation to own assets with high appreciation potential. A classic example is real estate. If your corporation owns property, [...]

Getting a Divorce? Divide Assets and Tax Bills

March 13th, 2018|Categories: Burns Firm, Exemptions, Law, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , , |

With a divorce, 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 up in [...]

Size of Charitable Deductions Depends on Many factors

March 8th, 2018|Categories: Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , |

Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more [...]

IRS Approved Family Loan

March 6th, 2018|Categories: Accounting, Burns Firm, Business, Partnership, S Corporation, Services, Tax, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , , |

Today's relatively low-interest-rate environment makes it easy to loan money to family members on favorable terms with full IRS approval. Here's a rundown of what the law covers and why [...]

Families with College Students May Save Tax on Their 2017 Returns With One of These Breaks

February 22nd, 2018|Categories: Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , , , |

Whether you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some valuable tax breaks on your 2017 return. [...]

TCJA temporarily lowers medical expense deduction threshold

February 8th, 2018|Categories: ACA, Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , , |

With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that [...]

2 Tax Credits Just for Small Businesses May Reduce 2017 and 2018 Tax Bills

February 6th, 2018|Categories: ACA, Accounting, Burns Firm, Business, C Corporation, Exemptions, Partnership, Retirement Plan, S Corporation, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , , , , , , , , |

Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now [...]

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