Loss – 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 [...]

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 [...]

When Can You Deduct Theft Losses?

December 21st, 2017|Categories: Accounting, Burns Firm, Business, Partnership, S Corporation, Selling a Business, Services, Tax, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: Accounting, deductions, IRS, Loss, tax, tax credits, tax preparation, tax return, The Burns Firm|

The tax law allows you to deduct your personal losses resulting from casualties and thefts within certain limits. And a "theft" for tax purposes isn't strictly limited to house burglaries [...]