tax

Standard Mileage Rates for 2018 Up from Rates for 2017

January 30th, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Law, Partnership, S Corporation, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , , , , , |

The Internal Revenue Service today issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning [...]

Personal Exemptions and Standard Deductions and Tax Credits, oh my!

January 18th, 2018|Categories: Accounting, Business, Exemptions, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , |

  Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will [...]

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: , , , , , , , , , , , , , |

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: , , , , , , , , , , , , , , |

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 [...]

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: , , , , , , , , |

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 [...]

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