The Burns Firm

Tax-Favored Employee Fringe Benefits: What’s the Right Mix for Your Business?

November 5th, 2019|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Return|Tags: , , , , , , , |

Job applicants look at more than just wages when evaluating potential employers. They consider the whole compensation package, including fringe benefits and perks. These add-ons enable employers to cast a [...]

Bonus Depreciation for Your Business: Review Your Options

October 24th, 2019|Categories: Accounting, Burns Firm, Business, Tax, Tax Credits, Tax Cuts, Tax Deductions, TCJA|Tags: , , , , , , , |

First-year bonus depreciation has been around for a while now. However, the Tax Cuts and Jobs Act (TCJA) set forth more generous, but temporary, rules for 2018 through 2026. Recent [...]

2020 Business Per Diem Announced

October 9th, 2019|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Tax, Tax Deductions, Tax Planning|Tags: , , , |

Record-keeping for reimbursing business travel expenses can be cumbersome. Instead of reimbursing employees for the actual costs they incur for out-of-town lodging, meals and incidentals, some employers opt to pay fixed travel per [...]

Uncle Sam May Provide Relief from College Costs on Your Tax Return

October 3rd, 2019|Categories: Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: , , , , , , , , , , |

We all know the cost of college is expensive. The latest figures from the College Board show that the average annual cost of tuition and fees was $10,230 for in-state [...]

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 [...]

Who Can Deduct Car Expenses on Their Tax Returns

August 27th, 2019|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Return, TCJA|Tags: , , , , , , , , |

Information courtesy of IRS.gov Taxpayers who have deducted the business use of their car on past tax returns should review whether or not they can still claim this deduction. Here’s [...]

Summer Loving? Think About Taxes Before You Tie the Knot

August 15th, 2019|Categories: Accounting, Burns Firm, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , |

For many couples, summer is the quintessential time to tie the knot. The weather is warm, the flowers are blooming and nature offers plentiful backdrops for photos. But there's more than [...]

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