Accounting – Page 2 – The Burns Firm – Advisors of Complex Financial Matters

Be Aware of the Tax Consequences Before Selling Your Home

May 29th, 2018|Categories: Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, TCJA|Tags: 2018 tax planning, Accounting, deductions, expense, home sales, homesales, Planning, sale gain exclusion, salegainexclusion, selling a home, selling our home, sellyourhome, tax basis on home, tax when selling a home, taxbasisonhome, taxconsiderationonhomesale, taxonhomesale, taxonsellofhome, taxwhensellinghome, The Burns Firm|

In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, you’re probably thinking about things [...]

Capital Gains Rates Before and After the New Tax Law

May 15th, 2018|Categories: Accounting, Burns Firm, Business, Merger & Acquisition, Services, Tax, Tax Credits, Tax Cuts, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: Accounting, Assets, business, Capital Gains, Capital gains and my business, deductions, expense, IRS, Loss, new tax law, Planning, tax, tax credits, tax preparation, tax return, TCJA, The Burns Firm|

Are you confused about the federal income tax rates on capital gains and dividends under the Tax Cuts and Jobs Act (TCJA)? If so, you're not alone. Here's what you [...]

Get started on 2018 tax planning now!

May 8th, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Merger & Acquisition, Partnership, Retirement Plan, S Corporation, Selling a Business, Services, Tax, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: 2018 tax planning, Accounting, business, C corp, Denis Burns, expense, IRS, Planning, Retirement, tax, Tax planning, tax return, TCJA, The Burns Firm|

With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be [...]

Handle with Care: The Nanny Tax Rules

May 3rd, 2018|Categories: Accounting, Burns Firm, Law, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: Accounting, deductions, dependents, Employees, exemptions, expense, IRS, nanny tax rules, tax preparation, tax return, The Burns Firm|

When you hire a nanny, housekeeper or other domestic worker, pay close attention to the tax rules. Over the years, there have been news stories about political appointees and others [...]

Stakeholders and Your Business

May 3rd, 2018|Categories: Accounting, Burns Firm, C Corporation, Partnership, S Corporation, Services, Tax|Tags: Accounting, business, Denis Burns, Stakeholders, stakeholdersandyourbusiness, The Burns Firm|

Long ago business owners believed that as long as they served their customers effectively and made sure that their stock maintained or increased its value, all was taken care of. [...]

Tax Document Retention Guidelines for Small Businesses

May 1st, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Countdown to Transition, EBITDA, Merger & Acquisition, Partnership, S Corporation, Sell Business, Selling a Business, Services, Tax, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: Accounting, Acquisition, business, Buying a business, expense, Merger, merging businesses, payroll, payroll tax, Planning, Sell a business, Selling, Selling a business, tax, TCJA, The Burns Firm, The Burns Firm Venture Partners|

You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting [...]

Congress Raises 401(k) Hardship Withdrawal Limits

April 26th, 2018|Categories: Accounting, Burns Firm, Business, Partnership, Services, Tax, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: 401K, 401K participation rule, Accounting, IRA, IRS, Planning, tax, The Burns Firm|

Most 401(k) plans permit hardship withdrawals, though plan sponsors aren't required to allow them. As it stands today, employees seeking to take money out of their 401(k) accounts are limited [...]

Absorbing a Business? Realize Payroll Tax Savings

April 24th, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Merger & Acquisition, Partnership, S Corporation, Sell Business, Selling a Business, Tax, Tax Planning, Tax Preparation, Tax Return|Tags: Accounting, Acquisition, Assets, deductions, EBITDA, M&A, Merger, payroll, payroll tax, Selling your business, tax, The Burns Firm|

Conversely if one employer acquires another employer during the year -- and it continues to employ some of the same workers -- the successor can count the wages paid by [...]

Individual Tax Calendar: Important Deadlines for the Remainder of 2018

April 17th, 2018|Categories: Accounting, Burns Firm, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: 2017 filing deadline, 2018 filing deadline, Accounting, Denis Burns, dependents, exemptions, Home office, IRS, Marital status, Planning, tax, tax credits, tax filing deadline, tax preparation, tax return, tax return filing|

While April 15 (April 17 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that you also need [...]

Haven’t Filed Your 2017 Income Tax Return Yet? Beware of These Pitfalls

April 12th, 2018|Categories: Accounting, Burns Firm, Tax, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: Accounting, deadline, Denis Burns, exemptions, IRS, Non-filing of tax return, Penalties and interest, tax, tax preparation, tax return, The Burns Firm|

The federal income tax filing deadline is slightly later than usual this year — April 17 — but it’s now nearly upon us. So, if you haven’t filed your individual [...]

No Single Factor Determines Contractor Status

April 5th, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Law, Partnership, S Corporation, Services, Tax, Tax Planning, Tax Preparation, Tax Return|Tags: Accounting, business, contractor vs employee, employee vs contractor, Employees, Independent contractor, Planning, tax, tax preparation, tax return, The Burns Firm|

Hiring someone as an independent contractor can have many advantages for employers. Among them are that independent contractors: Can be hired on a per-project basis and let go when the [...]

There’s Still Time to Make a 2017 IRA contributions

April 3rd, 2018|Categories: Accounting, Burns Firm, Tax, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: Accounting, Contribution, deadline, Denis Burns, exemptions, IRA, IRA contribution, IRA contribution deadline, Planning, Retirement, Retirement Plan, tax, tax preparation, tax return, The Burns Firm|

Tax-advantaged retirement plans like IRAs allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. The deadline for 2017 contributions is April 17, 2018. Deductible [...]

March 22nd, 2018|Categories: Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: 2018 personal tax return, 2018 Tax returns, Accounting, Debt forgiveness exclusion, deductions, expense, home equity debt interset deduction, Home office, Home office deduction, Home sale gain exclusion, IRS, Mortgage insurance premium deduction, mortgage interest, mortgage interest deduction, Planning, property tax deduction, tax, tax preparation, tax return, The Burns Firm|

Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax breaks that help support this dream. If you own a [...]