Burns Firm

Information courtesy of IRS.gov Do you owe more tax than you can afford to pay when you file? Make sure to file on time so you won’t have a penalty for [...]

Information taken from irs.gov If you paid for work-related expenses, you may be able to deduct those costs. Ordinary and Necessary. You can only deduct unreimbursed expenses that are ordinary [...]

Info courtesy of IRS Farms include ranches, ranges and orchards. Some raise livestock, poultry or fish. Others grow fruits or vegetables. Individuals report their farm income on Schedule F, Profit [...]

Still filing a paper return? Be sure you understand the “timely mailed = timely filed” rule. The IRS considers a paper return that’s due April 15 to be timely filed [...]

Courtesy of IRS.gov Did you change your name last year? If so, it can affect your taxes. All the names on your tax return must match Social Security Administration records. A [...]

Information courtesy of IRS Are you a U.S. citizen or resident who worked abroad last year? Did you receive income from a foreign source in 2014? Report Worldwide Income. By [...]

Generally, you’ll need to file a gift tax return for 2014 if, during the tax year, you made gifts: That exceeded the $14,000-per-recipient gift tax annual exclusion (other than to [...]

Courtesy of IRS If your home is used for business, you may be able to deduct expenses for the business use of your home. If you qualify you can claim [...]

Information courtesy of IRS.gov When you sell a capital asset the sale results in a capital gain or loss. A capital asset includes most property you own for personal use [...]

The deadline for 2014 IRA contributions is April 15, 2015. The limit for total contributions to all IRAs generally is $5,500 ($6,500 if you were age 50 or older on [...]

Information courtesy of IRS You can reduce your taxes and save on your energy bills with certain home improvements.  Facts that you should know about home energy tax credits: Non-Business [...]

Information courtesy of IRS If your lender cancelled or forgave your mortgage debt, you generally have to pay tax on that amount. But there are exceptions to this rule for [...]

If your business has made repairs to tangible property, such as buildings, machinery, equipment and vehicles, you may be eligible for a deduction on your 2014 income tax return. But [...]

Special tax rules may apply to some children who receive investment income. And these rules may affect the amount of tax and how to report the income. Here are five [...]

Republished Information provided by the IRS Many taxpayers who turned 70½ during 2014 must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by [...]