Burns Firm

Information from IRS You need to report any gambling winnings as income on your tax return. If you have gambling losses, you will need to itemize the losses up to [...]

If you recently redeemed frequent flyer miles to treat the family to a fun summer vacation or to take your spouse on a romantic getaway, you might assume that there [...]

Information courtesy of IRS.gov The IRS offers the following tips if you are divorcing or recently divorced.  Keep in mind: Child Support.  Child support payments are not deductible and if you [...]

Many expenses that may qualify as miscellaneous itemized deductions are deductible only to the extent they exceed, in aggregate, 2% of your adjusted gross income (AGI). Bunching these expenses into [...]

If you go on a business trip within the United States and tack on some vacation days, you can deduct some of your expenses. But exactly what can you write [...]

Information courtesy of IRS.gov When you start a business, you need to know about income taxes, payroll taxes and much more. Review the IRS tax tips below to help get your business [...]

Information courtesy of IRS.gov If you rent out your vacation property to others remember to report the rental income on your tax return. However, you may not have to report the [...]

Giving away assets during your life will help reduce the size of your taxable estate, which is beneficial if you have a large estate that could be subject to estate [...]

For anyone who takes a spin at roulette, cries out “Bingo!” or engages in other wagering activities, it’s important to be familiar with the applicable tax rules. Otherwise, you could [...]

Last year a break valued by many charitably inclined retirees was made permanent: the charitable IRA rollover. If you’re age 70½ or older, you can make direct contributions — up [...]

Information courtesy of IRS A summer wedding can affect your taxes. Know the tax issues that come along with marriage. Name change. The names and Social Security numbers on your [...]

You can only deduct losses from an S corporation, partnership or LLC if you “materially participate” in the business. If you don’t, your losses are generally “passive” and can only [...]

Investing in mutual funds is an easy way to diversify a portfolio, which is one reason why they’re commonly found in retirement plans such as IRAs and 401(k)s. But if [...]

The income tax credit for certain energy-efficient home improvements and equipment purchases was extended through 2016 by the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). So, [...]