Burns Firm

Information courtesy of IRS   If you are looking for a tax deduction, giving to charity can be a ‘win-win’ situation. It’s good for them and good for you. Here [...]

Information courtesy of irs.gov    There are a few basic tips to keep in mind about the new health care law. Health insurance choices you make now may affect the income [...]

Tax write-offs for the self-emplyed: Home office: If you work from home, you can claim your home office. There are a few stipulations attached. Health insurance: Self-employed health insurance premiums [...]

Information courtesy of IRS Many people pay for the care of their child or other dependent while they’re at work. The Child and Dependent Care Credit can reduce that cost. [...]

Information courtesy of IRS   Taking money out early from your retirement plan may trigger an additional tax. Things you should know about early withdrawals from retirement plans: 1. An early [...]

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 [...]

Courtesy of irs.gov If you are an independent contractor or run your own business, there are a few basic things to know when it comes to your federal tax return. [...]

Information courtesy of irs.gov If a lender cancels or forgives money you owe, you usually have to pay tax on that amount. But when it comes to your home, an [...]

Information courtesy of irs.gov You normally must pay income tax on your investment income. That is also true for a child who must file a federal tax return. If a [...]

Information courtesy of IRS If you work from home, you should learn the rules regarding how to claim the home office deduction. Starting this year, 20124,  there is a simpler [...]

Tax credits can be especially valuable because they reduce taxes dollar-for-dollar; deductions reduce only the amount of income that’s taxed. A couple of credits are available for higher education expenses: [...]

If you purchased qualifying assets by Dec. 31, 2013, you may be able to take advantage of these depreciation-related breaks on your 2013 tax return: 1. Bonus depreciation. This additional [...]

Information courtesy of IRS If you contribute to a retirement plan, like a 401(k) or an IRA, you may be eligible for the Saver’s Credit. The Saver’s Credit can help [...]

For the last several years, taxpayers have been allowed to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes. Although this [...]

Cortesy of irs.gov When you sell a ’capital asset,’ the sale usually results in a capital gain or loss. A ‘capital asset’ includes most property you own and use for [...]