Tax Return

How the Current Tax Law Affects Charitable Giving from IRAs

July 11th, 2019|Categories: Accounting, Burns Firm, Tax, Tax Credits, Tax Deductions, Tax Preparation, Tax Return, TCJA|Tags: , , , , , , , , , , , |

For charitable donors, the Tax Cuts and Jobs Act (TCJA) provided some tax breaks and took away others. Here's what charity-minded individuals need to know. Increased Charitable Deduction Limit Under [...]

If Your Kids Are Off to Day camp, You May Be Eligible for a Tax Break

July 9th, 2019|Categories: Accounting, Burns Firm, Tax, Tax Credits, Tax Deductions, Tax Preparation, Tax Return|Tags: , , , , , , , , |

Now that most schools are out for the summer, you might be sending your children to day camp. It’s often a significant expense. The good news: You might be eligible [...]

2019 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers

June 25th, 2019|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Deductions, Tax Preparation, Tax Return, TCJA|Tags: , , , , , , , |

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may [...]

How Can Small Business Owners Reduce Social Security and Medicare Taxes?

June 20th, 2019|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Return|Tags: , , , , , , , , , |

If your small business is unincorporated, you may be fed up with paying the federal self-employment (SE) tax. This tax is how the federal government collects Social Security and Medicare [...]

Donating Your Vehicle to Charity May Not Be A Tax-wise Decision

June 18th, 2019|Categories: Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Return|Tags: , , , , , , , , |

You’ve probably seen or heard ads urging you to donate your car to charity. “Make a difference and receive tax savings,” one organization states. But donating a vehicle may not [...]

Thinking About Moving to Another State in Retirement? Don’t Forget About Taxes

June 11th, 2019|Categories: Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Preparation, Tax Return|Tags: , , , , , , , , , |

When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local [...]

Plug In Tax Savings for Electric Vehicles

May 9th, 2019|Categories: Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , |

While the number of plug-in electric vehicles (EVs) is still small compared with other cars on the road, it’s growing — especially in certain parts of the country. If you’re [...]

How Entrepreneurs Must Treat Expenses On Their Tax Returns

April 25th, 2019|Categories: Accounting, Burns Firm, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: , , , , , , , , , , , |

Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open [...]

Seniors: Medicare Premiums Could Lower Your Tax Bill

April 23rd, 2019|Categories: Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Return, TCJA|Tags: , , , , , , , , , |

Americans who are 65 and older qualify for basic Medicare insurance, and they may need to pay additional premiums to get the level of coverage they desire. The premiums can [...]

Deducting Personal Casualty Losses

April 11th, 2019|Categories: Accounting, Burns Firm, Services, Tax, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , |

Every year, millions of Americans are struck by sudden, unexpected disasters — including hurricanes, wildfires, floods, tornadoes, volcanoes, and even vandalism and terrorist attacks. These destructive events can cause injuries, [...]

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