Tax Deductions – Page 25 – The Burns Firm – Advisors of Complex Financial Matters

The TCJA temporarily expands bonus depreciation

January 4th, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Exemptions, Law, Partnership, S Corporation, Sell Business, Selling a Business, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: Accounting, Assets, Bonus depreciation, deductions, Denis Burns, dependents, exemptions, IRA, IRS, qualified plan, tax, tax credits, tax preparation, tax return, The Burns Firm|

The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation. While most [...]

When Can You Deduct Theft Losses?

December 21st, 2017|Categories: Accounting, Burns Firm, Business, Partnership, S Corporation, Selling a Business, Services, Tax, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: Accounting, deductions, IRS, Loss, tax, tax credits, tax preparation, tax return, The Burns Firm|

The tax law allows you to deduct your personal losses resulting from casualties and thefts within certain limits. And a "theft" for tax purposes isn't strictly limited to house burglaries [...]

Tax Consequences of Borrowing From a Retirement Plan

December 12th, 2017|Categories: Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: Accounting, deductions, exemptions, IRS, tax preparation, tax return, The Burns Firm|

If you participate in a qualified retirement plan through your job or self employment — such as a 401(k), profit-sharing, or Keogh plan — you might be allowed to borrow [...]