Tax planning

You May Have To Pay Tax on Social Security Benefits

July 23rd, 2019|Categories: Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , , , |

During your working days, you pay Social Security tax in the form of withholding from your salary or self-employment tax. And when you start receiving Social Security benefits, you may [...]

How Can Small Business Owners Reduce Social Security and Medicare Taxes?

June 20th, 2019|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Return|Tags: , , , , , , , , , |

If your small business is unincorporated, you may be fed up with paying the federal self-employment (SE) tax. This tax is how the federal government collects Social Security and Medicare [...]

Tax Issues to Consider When Small Business Owners Get Divorced

April 30th, 2019|Categories: Accounting, Business, Sell Business, Selling a Business, Services, Tax, Tax Credits, Tax Cuts|Tags: , , , , , , , , , , |

For many small business owners, their ownership interest is one of their biggest personal assets. What will happen to your ownership interest if you get divorced? In many cases, your [...]

Still Working After Age 70½? You May Not Have to Begin 401(k) Withdrawals

April 16th, 2019|Categories: Burns Firm, Retirement Plan, Tax, Tax Planning|Tags: , , , , , , , , , , |

If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required withdrawals from the plan no later than April 1 of the year [...]

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). [...]

Make a Deductible IRA Contribution for 2018. It’s not too late!

April 4th, 2019|Categories: Accounting, Burns Firm, Business, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Return|Tags: , , , , , , , , , , |

Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2018 tax [...]

Surviving an Earnout Provision in a Business Sale

February 19th, 2019|Categories: Accounting, Burns Firm, Business, Sell Business, Selling a Business, Services, Tax, Tax Credits, Tax Deductions, Tax Planning|Tags: , , , , , , , , , , , , |

If you are selling a business, the buyer may want to pay part of the price through an earnout provision. This is a contractual arrangement in which the seller receives [...]

2 Major Tax Law Changes for Individuals in 2019

January 10th, 2019|Categories: Accounting, Burns Firm, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: , , , , , , , , , , , , , |

While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under [...]

A Refresher on Major Tax Law Changes for Small-Business Owners

January 8th, 2019|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: , , , , , , , , , , , , |

The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. [...]

Many Taxpayers Will Pay No Long-Term Gains and Dividends

December 27th, 2018|Categories: Accounting, Burns Firm, Services, Tax, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: , , , , , , , , , |

Do you have long-term capital gains or qualified dividends? If so, there's good news: After the Tax Cuts and Jobs Act (TCJA), you might still qualify for the 0% federal [...]

Year-End Tax and Financial To-do List for Individuals

December 13th, 2018|Categories: Accounting, Burns Firm, Services, Tax, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: , , , , , , , , |

With the dawn of 2019 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2018 ends: Check your FSA balance. If you [...]

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