Blog

Now that we’re in the new year, it’s time for an estate plan checkup. Why? First, various exclusion, exemption and deduction amounts are adjusted for inflation and can change from [...]

Many valuable tax breaks expired at the end of 2013. But Congress probably will revive at least some of them, likely retroactively to Jan. 1, 2014. The question is exactly [...]

Make note of the following federal income tax changes that took effect in 2013. Higher tax rates for upper-income individuals Itemized deduction phase-out rule for upper-income individuals New 3.8 percent [...]

Courtesy of IRS.gov Every year the Internal Revenue Service sends millions of letters and notices to taxpayers, but that doesn’t mean you need to worry. Here are eight things every [...]

Jason Rodrigue and Denis Burns take a spin around DFW to celebrate the New Year!

With the new year upon us, it’s time to start thinking about 2014 retirement plan contributions. Contributing the maximum you’re allowed to an employer-sponsored defined contribution plan is likely a [...]

Story courtesy of: Jane Young, Credit.com Lots of questions remain after a spouse dies, including what happens to Social Security. Make sure you know what to do. As a Certified [...]

Every December are your employees scrambling to use up their vacation time because of limits on what they can roll over to the new year? Or do you allow rollovers [...]

The Burns Firm, Ltd. wishes you and yours a Happy Holiday!

For 2013, the maximum IRA contribution is $5,500 — $6,500 if you’re age 50 or older on Dec. 31. (The maximum IRA contribution or deduction may be reduced or eliminated [...]

Couresy of irs.gov Although the year is almost over, you still have time to take steps that can lower your 2013 taxes. Now is a good time to prepare for [...]

Maybe. Deductions are more valuable when tax rates are higher, and higher-income taxpayers face higher rates in 2013. But the return of the itemized deduction reduction could make your donation [...]

While tax consequences should never drive investment decisions, it’s critical that they be considered — especially this year: Higher-income taxpayers may face more taxes on their investment income in the [...]

By projecting your business’s income and expenses for 2013 and 2014, you can determine how to time them to save — or at least defer — tax. If you’ll be [...]

As year end approaches, you may be trying to accelerate deductible expenses into 2013 to reduce, or at least defer, tax. But you must beware of the alternative minimum tax [...]