Happy Holidays
The Burns Firm, Ltd. wishes you and yours a Happy Holiday!
Why the self-employed should consider setting up a retirement plan before year end
For 2013, the maximum IRA contribution is $5,500 — $6,500 if you’re age 50 or older on Dec. 31. (The maximum IRA contribution or deduction may be reduced or eliminated [...]
Three Year-End Tax Tips to Help You Save
Couresy of irs.gov Although the year is almost over, you still have time to take steps that can lower your 2013 taxes. Now is a good time to prepare for [...]
Will your donations be more powerful this year?
Maybe. Deductions are more valuable when tax rates are higher, and higher-income taxpayers face higher rates in 2013. But the return of the itemized deduction reduction could make your donation [...]
Year-end tax planning for your investments
While tax consequences should never drive investment decisions, it’s critical that they be considered — especially this year: Higher-income taxpayers may face more taxes on their investment income in the [...]
Smart timing of business income and expenses can save tax — or at least defer it!
By projecting your business’s income and expenses for 2013 and 2014, you can determine how to time them to save — or at least defer — tax. If you’ll be [...]
Beware of the AMT when doing year-end tax planning
As year end approaches, you may be trying to accelerate deductible expenses into 2013 to reduce, or at least defer, tax. But you must beware of the alternative minimum tax [...]
Smart timing of business income and expenses can save tax — or at least defer it!
By projecting your business’s income and expenses for 2013 and 2014, you can determine how to time them to save — or at least defer — tax. If you’ll be [...]
Don’t Skimp on S-Corporation Salaries
S-Corporation owners often take modest salaries as a tax-saving strategy. By distributing most of the corporation’s profits in the form of dividends rather than wages, the company and its owners [...]
How to use your home equity
Article By Melinda Fulmer of MSN Real Estate Home values are creeping back up, and equity is making a comeback. Here's what to do with the money your home is [...]
Even with rising exemptions, 2013 annual exclusion gifts still a good idea
Recently, the IRS released the 2014 annually adjusted amount for the unified gift and estate tax exemption and the generation-skipping transfer (GST) tax exemption: $5.34 million (up from $5.25 million [...]
Maximize your 2013 depreciation deductions with a cost segregation study
If you’ve recently purchased or built a building or are remodeling existing space, consider a cost segregation study. It identifies property components and related costs that can be depreciated much [...]
Will your executive compensation be subject to expanded Medicare taxes?
Maybe. The following types of executive compensation could be subject to the health care act’s 0.9% additional Medicare tax: Fair market value (FMV) of restricted stock once the stock is no [...]
2013 may be your last chance for a “charitable IRA rollover”
If you’re age 70½ or older, you can make a direct contribution — up to $100,000 — from your IRA to a qualified charitable organization in 2013 without owing any [...]
Why you should max out your 2013 401(k) contribution
Contributing the maximum you’re allowed to an employer-sponsored defined contribution plan, such as a 401(k), 403(b) or 457 plan, is likely a smart move: Contributions are typically pretax, reducing your modified [...]