The Burns Firm – Page 45 – The Burns Firm – Advisors of Complex Financial Matters

Inventory Your Possessions

February 1st, 2018|Categories: Accounting, Business, Services, Tax, Tax Planning, Tax Preparation, Tax Return|Tags: Accounting, checklist, deductions, Document, Inventory, Inventory checklist, tax, tax preparation, tax return, The Burns Firm, Value, Video Possessions|

Nearly 60% of Americans don't have a home inventory of their possessions, and of those that do, 48% don't have any receipts evidencing their value.¹ It's great to have insurance [...]

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: Accounting, car, car expense, deductions, exemptions, expense, Miles, tax, tax credits, tax preparation, tax return, The Burns Firm, Travel, travel log|

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 [...]

Tax Returns: When to File

January 30th, 2018|Categories: Accounting, Burns Firm, Exemptions, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: Accounting, deductions, exemptions, IRS, tax, tax credits, tax preparation, tax return, The Burns Firm|

Can you deduct home office expenses?

January 25th, 2018|Categories: Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Return|Tags: Accounting, deductions, Denis Burns, expense, Home office, tax, tax credits, tax return, The Burns Firm|

Working from home has become commonplace. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. And for 2018, even fewer taxpayers [...]

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: Accounting, Allison Shike, deductions, exemptions, tax, tax credits, tax preparation, tax return, The Burns Firm|

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 [...]

Don’t Be a Victim of Tax Identity Theft: File Your 2017 Return Early

January 16th, 2018|Categories: Accounting, Burns Firm, Law, Services, Tax, Tax Preparation, Tax Return|Tags: 1096, 1099, Accounting, dependents, Identity Theft, IRS, Scams, tax, tax credits, tax preparation, tax return, The Burns Firm, W-2|

The IRS has just announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even [...]

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: Accounting, dependents, divorce, exemptions, expense, got married, IRS, Marital status, married, tax, tax credits, tax preparation, tax return, The Burns Firm|

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: Accounting, Assets, Bonus depreciation, deductions, Denis Burns, dependents, exemptions, IRA, IRS, qualified plan, tax, tax credits, tax preparation, tax return, The Burns Firm|

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: 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 [...]