Burns Firm

One of the most common mistakes investors make is forgetting to increase their basis in mutual funds to reflect reinvested dividends. Many mutual fund investors automatically reinvest dividends in additional [...]

Information courtesy of IRS tax tips   When you file your tax return, you usually have a choice whether to itemize deductions or take the standard deduction. Before you choose, [...]

Recently released IRS final regulations for the Affordable Care Act’s (ACA’s) employer shared-responsibility provision provide some short-term relief for midsize and large employers. Under the ACA, the shared-responsibility provision (commonly [...]

Courtesy of irs.gov   If you lose your job or your employer lays you off, you may be able to get unemployment benefits. The payments are taxable. Here are five [...]

Courtesy of irs.gov If you plan to claim a deduction for your medical expenses, there are some new rules this year that may affect your tax return. Here are eight [...]

Couresy of irs.gov Bartering is the trading of one product or service for another. Often there is no exchange of cash. Small businesses sometimes barter to get products or services [...]

Important Reminders about Tip Income Courtesy of irs.gov If you get tips on the job from customers, the IRS has a few important reminders: Tips are taxable.  You must pay federal income [...]

Information courtesy of irs.gov Some people must pay taxes on part of their Social Security benefits. Others find that their benefits aren’t taxable. If you get Social Security, the IRS [...]

Courtesy of irs.gov Are you looking for a hard and fast rule about what income is taxable and what income is not taxable? The fact is that all income is [...]

Courtesy of irs.gov The premium tax credit can help make purchasing health insurance coverage more affordable for people with moderate incomes.  To be eligible for the credit, you generally need [...]

Courtesy of irs.gov Your children may help you qualify for valuable tax benefits. Here are eight tax benefits parents should look out for when filing their federal tax returns this [...]

Courtesy of irs.gov If you have a child under age 17, the Child Tax Credit may save you money at tax time. Here are some key facts the IRS wants [...]

To support a charitable deduction, you need to comply with IRS substantiation requirements. This generally includes obtaining a contemporaneous written acknowledgment from the charity stating the amount of the donation, [...]

If your use of a home office is for your employer’s benefit or because you’re self-employed, you may be able to deduct a portion of your mortgage interest, property taxes, [...]

Courtesy of irs.gov Using the correct filing status is very important when you file your tax return. You need to use the right status because it affects how much you [...]