Tax Preparation

Retiring Soon? Recent Law Changes May Have an Impact on Your Retirement Savings

March 23rd, 2021|Categories: Accounting, Burns Firm, Retirement Plan, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation|Tags: , , , , , , , , , , , , , , , , |

If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently [...]

COVID-19 Relief: Overview of the New American Rescue Plan Act

March 18th, 2021|Categories: American Rescue Plan Act, Covid-19, COVID-Related Tax Relief Act (COVIDTRA), IRS, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Preparation|Tags: , , , , , , , , , , , |

The American Rescue Plan Act (ARPA) was signed into law on March 11, 2021. The new law will provide roughly $1.9 trillion in much-needed financial relief to individuals, businesses, not-for-profit organizations, [...]

Estimated Tax Payments: The Deadline for the First 2021 Installment is Coming Up

March 16th, 2021|Categories: Accounting, Burns Firm, Estimated Tax, Services, Tax, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation|Tags: , , , , , , , , , , , , , , |

April 15 is not only the deadline for filing your 2020 tax return, it’s also the deadline for the first quarterly estimated tax payment for 2021, if you’re required to [...]

Navigate the Tax Rules for Boats and RVs

March 11th, 2021|Categories: Accounting, Burns Firm, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation|Tags: , , , , , , , , , , , , , |

Will you be cruising the waters on your boat or camping out in your RV this year? Besides the pleasure you can enjoy through your personal property, you may also be [...]

If You Run a Business From Home, You Could Qualify For Home Office Deductions

March 9th, 2021|Categories: Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , , , , , , |

During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to [...]

Six Key Tax Breaks that Homeowners May Be Able to Claim

March 4th, 2021|Categories: Accounting, Burns Firm, Exemptions, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation|Tags: , , , , , , , , , |

The days of classic "tax shelters"— such as cattle breeding or oil drilling deals — are long gone. But at least one major tax shelter is still standing: Your home. [...]

Can You Claim the QBI Deduction for 2020?

March 4th, 2021|Categories: Accounting, Burns Firm, Business, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , |

For tax years beginning in 2020, you can potentially claim a personal federal income tax deduction for up to 20% of qualified business income (QBI) from a so-called "pass-through" business, [...]

How Can Business Owners Lower Last Year’s Tax Bill?

March 2nd, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation|Tags: , , , , , , , , , , , , |

Good news! Business taxpayers may still be able to take actions to lower their federal income tax liabilities for 2020, as well as for future years. Consider these ideas before you [...]

Did You Make Donations in 2020? There’s Still Time to Get Substantiation

February 25th, 2021|Categories: Accounting, Burns Firm, Charitable Donations, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation|Tags: , , , , , , , , , , , , , , , , , |

If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter [...]

Last-Minute Tips for Your 2020 Personal Return

February 18th, 2021|Categories: Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , , , |

Goodbye, 2020. Hello, tax season. Individual taxpayers have until April 15, 2021, to pay Uncle Sam for taxes owed for 2020. (Remember, you can extend the deadline for filing your return [...]

The Power of the Tax Credit for Buying an Electric Vehicle

February 4th, 2021|Categories: Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , , , , |

Although electric vehicles (or EVs) are a small percentage of the cars on the road today, they’re increasing in popularity all the time. And if you buy one, you may [...]

The New Form 1099-NEC and the Revised 1099-MISC are Due to Recipients Soon

January 26th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, IRS, IRS Forms, Partnership, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , , , , , , , |

There’s a new IRS form for business taxpayers that pay or receive certain types of nonemployee compensation and it must be furnished to most recipients by February 1, 2021. After sending [...]

One Reason to File Your 2020 Tax Return Early

January 21st, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Preparation, Tax Return|Tags: , , , , , , , , , , , , |

The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new law that [...]

Six Key Tax Breaks that Homeowners May Be Able to Claim

December 29th, 2020|Categories: Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , , , , |

The days of classic "tax shelters"— such as cattle breeding or oil drilling deals — are long gone. But at least one major tax shelter is still standing: Your home. [...]

What Tax Records Can You Throw Away?

November 3rd, 2020|Categories: Accounting, Burns Firm, Tax, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , |

October 15 was the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was extended this year to July 15 due to the [...]

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