Burns Firm

Tax planning is a good tool for arranging your financial affairs to minimizing your taxes. There are four basic ways to reduce your taxes:  reduce your income, increase deductions, take advantage of [...]

If you’ve cashed in some big gains this year, consider looking for unrealized losses in your portfolio and selling those investments before year end to offset your gains. This can [...]

If you’re an executive or other key employee, you might be compensated with more than just salary, fringe benefits and bonuses: You might also be awarded stock-based compensation, such as [...]

You can be subject to penalties if you don’t pay enough tax during the year through estimated tax payments and withholding. Here are some strategies to protect yourself: Know the [...]

How much you can contribute Workers can contribute up to $17,500 to a 401k in 2014, an amount that is adjusted annually for inflation. Employees age 50 and older can [...]

Info courtesy of IRS.gov Don’t worry if you made a mistake on your tax return or forgot to claim a tax credit or deduction. You can fix it by filing [...]

If you’re a “large” employer, time is running out to prepare for the Affordable Care Act’s (ACA’s) shared responsibility provision, commonly referred to as “play-or-pay.” It’s scheduled to go into [...]

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

Information courtesy of IRS.gov   Informing the Marketplace about changes in circumstances, such as marriage or divorce, allows the Marketplace to help make sure you have the right coverage for [...]

With summer drawing to a close, if you own a vacation home that you both rent out and use personally, it’s a good time to review the potential tax consequences: [...]

Now’s the time of year when many young adults are about to head back to college — or to enter their first year of higher education. If you have a [...]

Information courtesy of IRS   Many people enjoy hobbies, such as stamp and coin collecting, craft making and horsemanship, that are also a source of income. Did you know that [...]

A taxable sale of a business might be structured as an installment sale if the buyer lacks sufficient cash or pays a contingent amount based on the business’s performance. An [...]

Information courtesy of IRS It is important for taxpayers to know that the IRS: Never asks for credit card, debit card or prepaid card information over the telephone. Never insists [...]

Would you like to benefit charity while reducing the size of your taxable estate yet maintain an income stream for yourself? Would you also like to divest yourself of highly [...]