business – Page 2 – The Burns Firm – Advisors of Complex Financial Matters

Tax Document Retention Guidelines for Small Businesses

May 1st, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Countdown to Transition, EBITDA, Merger & Acquisition, Partnership, S Corporation, Sell Business, Selling a Business, Services, Tax, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: Accounting, Acquisition, business, Buying a business, expense, Merger, merging businesses, payroll, payroll tax, Planning, Sell a business, Selling, Selling a business, tax, TCJA, The Burns Firm, The Burns Firm Venture Partners|

You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting [...]

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: business, car, deductions, Employees, expense, IRS, Mileage log, record keeping, recordkeeping, tax, tax credits, tax preparation, tax return, The Burns Firm, Vehicle expense|

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: Accounting, business, contractor vs employee, employee vs contractor, Employees, Independent contractor, Planning, tax, tax preparation, tax return, The Burns Firm|

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 [...]

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, [...]

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 [...]