Burns Firm

Information from IRS   The Affordable Care Act calls for individuals to have qualifying health insurance coverage for each month of the year, have an exemption, or make a shared [...]

The IRS offers the following information regarding net investment income tax. Beginning in 2013, some taxpayers may be subject to the Net Investment Income Tax. You may owe this tax [...]

Info courtesy of IRS Each year, the IRS sends millions of notices and letters to taxpayers.  Don’t panic. You often only need to respond to take care of a notice. [...]

The short answer is: none. You need to hold on to all of your 2013 tax records for now. But this is a great time to take a look at [...]

Information taken from irs.gov What You Should Know about the Additional Medicare Tax Starting in 2013, you may be liable for an Additional Medicare Tax if your income exceeds certain [...]

Information taken from IRS.gov   If you owe taxes but can’t pay in full, the IRS has options for you. Here are some options to consider, even if you can’t [...]

Information courtesy of IRS April 15 was the tax day deadline for most people. If you’re due a refund there’s no penalty if you filed a late tax return. But if [...]

Information courtesy of the IRS If you owe for your federal taxes, keep the following in mind: 1. Never send cash. 2. If you e-file, you can file and pay in a [...]

The IRS offers these facts regarding amended tax returns. 1. Use Form 1040X, Amended U.S. Individual Income Tax Return, to correct errors on your tax return. You must file an amended [...]

Information courtesy of IRS Tips on Making IRA Contributions If you made IRA contributions or you’re thinking of making them, you may have questions about IRAs and your taxes. Here [...]

If you still file a paper return, it’s important to know the IRS’s “timely mailed = timely filed” rule: If your tax return is due April 15, it’s considered timely [...]

Courtesy IRS Did you live or work abroad or receive income from foreign sources in 2013? If you are a U.S. citizen or resident, you must report income from all [...]

Courtesy of IRS If you don’t have taxes withheld from your pay, or you don’t have enough tax withheld, then you may need to make estimated tax payments. If you’re [...]

For you to deduct up to $3,900 on your 2013 tax return under the adult-dependent exemption, in most cases the parent must have less gross income for the tax year [...]

Courtesy IRS.gov You may be able to reduce your taxes if you made certain energy-efficient home improvements last year. Below are facts that you should know about home energy tax [...]