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

Marital Status and Your Tax Return

January 9th, 2018|Categories: Accounting, Burns Firm, Law, Services, Tax, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: Accounting, dependents, divorce, exemptions, expense, got married, IRS, Marital status, married, tax, tax credits, tax preparation, tax return, The Burns Firm|

When a couple gets married or gets divorced, taxes are probably not the first thing on their minds. But many decisions that couples make do affect their tax returns — [...]

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 [...]

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 [...]