What’s Your Filing Status?
Information from IRS.gov Using the correct filing status when you file your tax return is key. The status can affect the amount of tax you owe for the year and [...]
Why you shouldn’t procrastinate on filing your 2014 income tax return
If you’re like many Americans, you may not start thinking about filing your tax return until the April 15 deadline is just a few weeks — or perhaps even just [...]
Choose a Tax Preparer Wisely
Information courtesy of IRS.gov Many people pay to have their income taxes prepared by someone. Be careful when you choose a preparer to do your taxes- you are legally responsible for all [...]
Identity Theft- Ways to Protect Yourself
Information courtesy of IRS The IRS offers the following tips as ways to protect you from becoming a victim of identity theft: Don’t carry your Social Security card or any [...]
Have you had your annual estate plan checkup?
An annual estate plan checkup is critical to the health of your estate plan. Because various exclusion, exemption and deduction amounts are adjusted for inflation, they can change from year [...]
How Do Taxes Affect Your Finances?
Do you know how much you’re paying in taxes? You may have a sense of what you spend on income taxes, but have you also considered the taxes you pay [...]
Phony IRS Requests
Don't be taken in by phone IRS requests. The phone rings and the caller says they are from the Internal Revenue Service and they claim you owe taxes and must [...]
Tax Extenders: 3 Credits for Businesses on their 2014 returns
The Tax Increase Prevention Act of 2014 (TIPA) extended through Dec. 31, 2014, a wide variety of tax breaks, including many tax credits — which are particularly valuable because they [...]
Tax extenders: 3 breaks for individuals on their 2014 returns
On Dec. 19, the president signed into law the Tax Increase Prevention Act of 2014 (TIPA), which extended through Dec. 31, 2014, many valuable tax breaks that had expired at [...]
You may be able to save more for retirement in 2015
Many retirement plan contribution limits increase slightly in 2015; thus, you may have opportunities to increase your retirement savings: Type of limitation 2014 limit 2015 limit Elective deferrals to [...]
IRS Announces Mileage Rates for 2015
The IRS has issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Background: If you [...]
3 Extended Tax Breaks to Act on by Dec. 31
On Dec.16, the Senate passed the Tax Increase Prevention Act of 2014 (TIPA), which the House had passed on Dec. 3. TIPA extended many valuable tax breaks that expired at [...]
Happy Holidays
Happy Holidays from The Burns Firm, Ltd. team!
Summary of last minute tax law passage from The Burns Firm, Ltd.
Summary of last minute tax law passage from The Burns Firm, Ltd. Just before adjourning on December 16, the Senate passed the Tax Increase Prevention Act of 2014 (TIPA), which [...]
Why you should make annual exclusion gifts before year end
The 2014 gift tax annual exclusion allows you to give up to $14,000 per recipient tax-free without using up any of your lifetime gift tax exemption. If you and your [...]