Assets – The Burns Firm – Advisors of Complex Financial Matters

The TCJA Changes Some Rules for Deducting Pass-through Business Losses

June 5th, 2018|Categories: Accounting, Burns Firm, Business, Services, Tax, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: 2018 tax planning, Assets, business, business losses, business tax, business taxes, expense, Loss, pass-through losses, Planning, tax, TCJA, The Burns Firm|

It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. The Tax Cuts and Jobs [...]

Capital Gains Rates Before and After the New Tax Law

May 15th, 2018|Categories: Accounting, Burns Firm, Business, Merger & Acquisition, Services, Tax, Tax Credits, Tax Cuts, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: Accounting, Assets, business, Capital Gains, Capital gains and my business, deductions, expense, IRS, Loss, new tax law, Planning, tax, tax credits, tax preparation, tax return, TCJA, The Burns Firm|

Are you confused about the federal income tax rates on capital gains and dividends under the Tax Cuts and Jobs Act (TCJA)? If so, you're not alone. Here's what you [...]

Absorbing a Business? Realize Payroll Tax Savings

April 24th, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Merger & Acquisition, Partnership, S Corporation, Sell Business, Selling a Business, Tax, Tax Planning, Tax Preparation, Tax Return|Tags: Accounting, Acquisition, Assets, deductions, EBITDA, M&A, Merger, payroll, payroll tax, Selling your business, tax, The Burns Firm|

Conversely if one employer acquires another employer during the year -- and it continues to employ some of the same workers -- the successor can count the wages paid by [...]

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: Accounting, Assets, business, C corp, C Corporation, deductions, Leasing property to C corp, Loan, Property, tax, tax preparation, tax return, The Burns Firm|

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, [...]

Casualty Losses Can Provide a 2017 Deduction, but Rules Tighten for 2018

March 15th, 2018|Categories: Accounting, Burns Firm, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: 2018, Accounting, Assets, Casualty loss, deductions, expense, IRS, Loss, tax, tax preparation, tax return, TCJA, The Burns Firm|

If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return. For 2018 [...]

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: Accounting, Assets, Denis Burns, divide assets, divorce, IRS, Marital status, Planning, tax preparation, tax return, The Burns Firm|

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 [...]

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: Accounting, Assets, deductions, family, Family Loan, IRS, Loan, tax, tax preparation, tax return, The Burns Firm|

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 [...]

Sec. 179 Expensing Provides Small Businesses Tax Savings on 2017 Returns — and more savings in the future

March 1st, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Sell Business, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: Accounting, Assets, business, deductions, expense, IRS, Section 179, tax, tax credits, tax preparation, tax return, The Burns Firm|

If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep [...]

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 [...]