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

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 [...]

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 [...]

2 Tax Credits Just for Small Businesses May Reduce 2017 and 2018 Tax Bills

February 6th, 2018|Categories: ACA, Accounting, Burns Firm, Business, C Corporation, Exemptions, Partnership, Retirement Plan, S Corporation, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: ACA, Accounting, deductions, eligiblility, exemptions, expense, IRS, Jobs Act, Retirement, Retirement Plan, tax, tax credits, Tax cuts, tax preparation, tax return, TCJA, The Burns Firm|

Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now [...]