Burns Firm

If your 2015 tax liability is higher than you’d hoped and you’re ready to transfer some assets to your loved ones, now may be the time to get started. Giving [...]

If you lost your job, you may qualify for unemployment benefits. These benefits may be taxable. Facts about unemployment compensation: Unemployment is taxable and you need to include all unemployment [...]

 Information from irs.gov You may have the need to take money early from your IRA or retirement plan. This can trigger an additional tax on top of the income tax you may [...]

Information courtesy of irs.gov Specific home improvements will help cut taxes while you save money on your home energy bills. Non-Business Energy Property Credit  Part of this credit is worth [...]

Tax-advantaged retirement plans allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. But annual contributions are limited by tax law, and any unused limit [...]

Tax credits reduce tax liability dollar-for-dollar, making them particularly valuable. Two valuable credits are especially for small businesses that offer certain employee benefits. Can you claim one — or both — [...]

Information from irs.gov Medical expense deduction: This can be a helpful deduction if you have a high-deductible health insurance and a big-time medical event in one year. You can deduct [...]

When it comes to deducting charitable gifts, all donations are not created equal. As you file your 2015 return and plan your charitable giving for 2016, it’s important to keep [...]

Information courtesy of irs.gov All income is taxable unless a law specifically says it isn’t. Here are some basic rules you should know to help you file an accurate tax [...]

If there was a college student in your family last year, you may be eligible for some valuable tax breaks on your 2015 return. To max out your education-related breaks, [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]