Social Security Benefits: Are they taxable?
Information from irs.gov If you receive Social Security benefits, you may have to pay federal income tax on part of your benefits. These IRS tips will help you determine if [...]
Tax Savers for Parents
Information from IRS If you are a parent be sure to consider the following tax savers when having your tax return prepared. Dependents. Usually, you can claim your child as a [...]
Deduct home office expenses — if you’re eligible
Today it’s becoming more common to work from home. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. Eligibility requirements If [...]
Why investing in small-business stock may make more tax sense than ever
By purchasing stock in certain small businesses, you can not only diversify your portfolio but also enjoy preferential tax treatment. And under a provision of the tax extenders act signed [...]
Extension means businesses can take bonus depreciation on their 2015 returns — but should they?
Bonus depreciation allows businesses to recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Protecting Americans from Tax Hikes Act of 2015 [...]
Choose the Correct Filing Status
Information form irs.gov It’s important to use the right filing status when you file your tax return. The status you choose can affect the amount of tax you owe for [...]
Could you save more by deducting state and local sales taxes?
For the last several years, taxpayers have been allowed to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes. This break [...]
File early to avoid tax identity theft
If you’re like many Americans, you may not start thinking about filing your tax return until the April 15 deadline (this year, April 18) is just a few weeks — [...]
Do you need to file a 2015 income tax return?
Information taken from IRS.gov Most people file a tax return because they have to, but even if you don’t, there are times when you should. You may be eligible for [...]
Protect Yourself from Identity Theft
Info courtesy of IRS.gov If you’re still keeping old tax returns and receipts stuffed in a shoe box stuck in the back of the closet, you might want to rethink [...]
2 extended credits can save businesses taxes on their 2015 returns
The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) extended a wide variety of tax breaks, in some cases making them permanent. Extended breaks include many tax credits [...]
No changes to retirement plan contributions for 2016
Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, the limits remain unchanged for 2016: Type of limit 2016 limit Elective deferrals to 401(k), 403(b), 457(b)(2) [...]
Congress passes “extenders” legislation reviving expired tax breaks for 2015
Many valuable tax breaks expired December 31, 2014. For them to be available for 2015, Congress had to pass legislation extending them — which it now has done, with the [...]
Happy Holidays
The Burns Firm, Ltd. wishes you a very Happy Holiday season.
PATH Act provides tax relief for 2015
On December 18, the Senate passed — and the President signed into law — the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), which the House had passed [...]