Burns Firm

Information courtesy of IRS.gov Taking early withdrawal from an IRA or retirement plan in many cases may trigger an added tax on top of the income tax you may have to pay. [...]

Additional  information available at IRS.gov If you earn money managing or working on a farm, you are in the farming business. Farms include plantations, ranches, ranges and orchards. Farmers may [...]

Information courtesy of IRS.gov Do you own your own business? Are you a sole proprietor or independent contractor? Here are six tips about income from self-employment. SE Income.  Self-employment can [...]

The manufacturers’ deduction, also called the “Section 199” or “domestic production activities” deduction, is 9% of the lesser of qualified production activities income or taxable income. The deduction is also [...]

The long-term capital gains rate is 0% for gain that would be taxed at 10% or 15% based on the taxpayer’s ordinary-income rate. If you have loved ones in the [...]

Information taken from a bulletin issued by the IRS The Internal Revenue Service has warned return preparers and other tax professionals to be on guard against bogus emails that are making [...]

If you’re a “large” employer, you should be preparedfor the Affordable Care Act’s (ACA’s) shared responsibility provision, commonly referred to as “play-or-pay", that went into effect in 2015. Under transitional [...]

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 [...]

If you lose your job, you may qualify for unemployment benefits. Keep in mind that unemployment benefits are taxable. Unemployment is taxable. You must include all unemployment compensation as income for the [...]

Information courtesy of IRS.gov If you have income from investments, you may be subject to the Net Investment Income Tax. You may owe this tax if you receive investment income [...]

Taking money out early from your retirement plan can cost you an extra 10 percent in taxes. Keep in mind the following when considering early withdrawals from retirement plans. An [...]

Courtesy of IRS.gov If you receive Social Security benefits, you may have to pay federal income tax on part of your benefits. Look at these facts to determine whether or not you [...]

Information taken from IRS.gov The Affordable Care Act is bringing several changes to the income tax filing, including a new form some taxpayers will receive. If you or anyone in [...]

Information courtesy of IRS.gov The Child Tax Credit may save you money at tax-time if you have a qualified child. Amount.  The Child Tax Credit may help reduce your federal [...]

Courtesy of IRS.gov Whether you like it or not, The Affordable Care Act affects all taxpayers. This Act includes financial assistance in the form of the premium tax credit for [...]