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

A Nonworking Spouse Can Still Have An IRA

June 4th, 2020|Categories: Accounting, Burns Firm, Retirement Plan, Tax, Tax Planning, Tax Preparation, Tax Return|Tags: can a spouse who doesn't work have an IRA, CPA Dallas, IRA, IRA contribution, Retirement Plan, spouse IRA, tax, The Burns Firm|

It is often difficult for married couples to save as much as they need for retirement when one spouse does not work outside the home — perhaps so that spouse [...]

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 [...]

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 [...]

Early Withdrawals from Retirement Plans

March 27th, 2018|Categories: Accounting, Burns Firm, Tax, Tax Planning, Tax Preparation, Tax Return|Tags: Accounting, Denis Burns, Early Withdrawal, IRA, Planning, Retirement, Retirement Plan, tax, tax return, The Burns Firm|

At some point, there may be a need to take out money early from a Individual Retirement Account or retirement plan. Doing so, however, can trigger an additional tax on [...]

The TCJA temporarily expands bonus depreciation

January 4th, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Exemptions, Law, Partnership, S Corporation, Sell Business, Selling a Business, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: Accounting, Assets, Bonus depreciation, deductions, Denis Burns, dependents, exemptions, IRA, IRS, qualified plan, tax, tax credits, tax preparation, tax return, The Burns Firm|

The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation. While most [...]