tax deductions

Can You Deduct Charitable Gifts on Your Tax Return?

February 5th, 2020|Categories: Accounting, Burns Firm, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , |

Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect [...]

There Still Might Be Time to Cut Your Tax Bill With IRAs

February 4th, 2020|Categories: Accounting, Burns Firm, Retirement Plan, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , |

If you’re getting ready to file your 2019 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you [...]

New Tax Provisions Passed by Congress

January 9th, 2020|Categories: Accounting, Burns Firm, Business, Services, Tax, Tax Deductions|Tags: , , , , , , , , , , , |

As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that President Trump [...]

IRS Updates Per-diem Guidance for Business Travelers and their Employers

January 2nd, 2020|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Deductions, Tax Planning, Tax Preparation|Tags: , , , , , |

Information form IRS.gov On November 26, 2019 the Internal Revenue Service issued guidance for business travelers, updated to include changes resulting from the Tax Cuts and Jobs Act (TCJA). Revenue [...]

Beware of Deductions Claimed for Certain Business Expenses

December 19th, 2019|Categories: Accounting, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , |

To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business. A necessary expense [...]

Medical Expenses: What it Takes to Qualify for a Tax Deduction

December 16th, 2019|Categories: Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Return|Tags: , , , , , |

As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return, but the rules make it [...]

Holiday Parties and Gifts Can Help Show Your Appreciation and Provide Tax Breaks

December 3rd, 2019|Categories: Accounting, Burns Firm, Business, Tax, Tax Deductions|Tags: , , , , , |

With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving [...]

Six Education Tax Breaks on the Books

November 22nd, 2019|Categories: Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: , , , , , , , , , , , , , |

It costs a pretty penny to send a child to college or private school these days. But at least the federal tax code may provide some relief, within certain limits. [...]

IRA Charitable Donations are an Alternative to Taxable Required Distributions

November 19th, 2019|Categories: Accounting, Burns Firm, Services, Tax, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , |

Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older, and don’t need the money from required minimum distributions, you [...]

Reap Tax Rewards from Year-End Harvesting

November 15th, 2019|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Credits, Tax Deductions, Tax Planning|Tags: , , , , , , , , , |

The stock market has experienced plenty of ups and downs this year. So, some investors are poised to take big gains for 2019, while others are currently showing losses and many [...]

Expenses that Teachers Can and Can’t Deduct on Their Tax Returns

October 1st, 2019|Categories: Accounting, Services, Tax, Tax Credits, Tax Deductions, Tax Preparation, Tax Return, TCJA|Tags: , , , , , , , , , , , |

Teachers often pay for various expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct them on their tax returns. However, there are limits on this [...]

Volunteering for Charity: Do You Get a Tax Break?

July 30th, 2019|Categories: Accounting, Burns Firm, Business, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: , , , , , , |

If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to [...]

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 [...]

It’s Not Too Late for Some Business Owners to Lower Their 2018 Taxes

April 9th, 2019|Categories: Accounting, Burns Firm, Business, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Return|Tags: , , , , , , , , , , , , |

Most businesses will owe less tax for the 2018 tax year than they would have under prior law, thanks to changes brought by the Tax Cuts and Jobs Act (TCJA). [...]

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