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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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 from The Burns Firm, Ltd. team!

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 [...]

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 [...]

Smart timing of deductible expenses can reduce your tax liability, and poor timing can unnecessarily increase it. When you don’t expect to be subject to the alternative minimum tax (AMT) [...]

Normally, when companies sell properties, they must pay taxes on any gain they receive. Like-kind exchanges, transactions in which companies trade properties, may be carried out without any immediate tax [...]

Information courtesy of irs.gov If you enrolled in insurance coverage through the Health Insurance Marketplace, you are required to report changes to the Marketplace when they happen, like changes to [...]

Information courtesy of IRS If you are a low-to-moderate income worker, you can take steps now to save two ways for the same amount. With the saver’s credit you can [...]

To take a 2014 charitable donation deduction, the gift must be made by Dec. 31, 2014. According to the IRS, a donation generally is “made” at the time of its [...]

Smart timing of deductible expenses can reduce your tax liability, and poor timing can unnecessarily increase it. When you don’t expect to be subject to the alternative minimum tax (AMT) [...]