Burns Firm

Information from irs.gov The IRS states that the Child Tax Credit is a tax credit that may save taxpayers up to $1,000 for each eligible qualifying child. Taxpayers should make [...]

Many taxpayers receiving Social Security benefits may be wondering if this income is taxable. If you receive Social Security benefits, then you may have to pay federal income tax on [...]

Last year you may have made significant gifts to your children, grandchildren or other heirs as part of your estate planning strategy. Or perhaps you just wanted to provide loved [...]

Incentive stock options allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the grant date. [...]

Information from irs.gov An early withdrawal from your retirement plan may trigger an additional tax on top of income tax taxpayers may have to pay. Know the following when considering [...]

The Section 199 deduction is intended to encourage domestic manufacturing. In fact, it’s often referred to as the “manufacturers’ deduction.” But this potentially valuable tax break can be used by [...]

Information from irs.gov The best way to get your tax refund is via direct deposit. Here's why: Fast. By having your income tax return electronically filed by your tax preparer [...]

Investment interest — interest on debt used to buy assets held for investment, such as margin debt used to buy securities — generally is deductible for both regular tax and [...]

The break allowing taxpayers to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes was made “permanent” a little over a [...]

Information from irs.gov The IRS offers the following information regarding self-employment and your tax obligations. Keep in mind, as a self-employed individual, generally you are required to file an annual [...]

Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2017. The only limit that has increased from the 2016 [...]

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may [...]

Information provided by: irs.gov The Internal Revenue Service has issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical [...]

There are many ways to save for a child’s or grandchild’s education. But one has annual contribution limits, and if you don’t make a 2016 contribution by December 31, the [...]