car – The Burns Firm – Advisors of Complex Financial Matters

How Accountable is Your Business?

June 12th, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax, TCJA|Tags: 2018 tax planning, accountable, accountable plan, accountableplan, Accounting, business-related expenses, business-relatedexpenses, C corp, car, deductions, Employees, exemptions, expense, IRS, payroll, payroll tax, payroll withholding, payrolltax, payrollwithholding, Planning, tax, Tax planning, TCJA, The Burns Firm|

Follow Detailed Recordkeeping Rules for Vehicle Expense Deductions

April 19th, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: business, car, deductions, Employees, expense, IRS, Mileage log, record keeping, recordkeeping, tax, tax credits, tax preparation, tax return, The Burns Firm, Vehicle expense|

Many business owners fail to follow the strict tax rules for substantiating vehicle expenses. But if your business is audited, the IRS will most likely ask for mileage logs if [...]

Size of Charitable Deductions Depends on Many factors

March 8th, 2018|Categories: Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: 2018 tax planning, Accounting, automobile, bunching donations, car, cash, cash donation, Charitable donation, Charity, deductions, Donations, expense, furniture, giving, IRS, long-term capital gains, ordinary income propeprty, personal property, Planning, tax, tax credits, Tax planning, tax preparation, tax return, TCJA, The Burns Firm, Vehicle|

Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more [...]

Standard Mileage Rates for 2018 Up from Rates for 2017

January 30th, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Law, Partnership, S Corporation, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: Accounting, car, car expense, deductions, exemptions, expense, Miles, tax, tax credits, tax preparation, tax return, The Burns Firm, Travel, travel log|

The Internal Revenue Service today issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning [...]