tax filing

Six Key Tax Breaks that Homeowners May Be Able to Claim

March 4th, 2021|Categories: Accounting, Burns Firm, Exemptions, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation|Tags: , , , , , , , , , |

The days of classic "tax shelters"— such as cattle breeding or oil drilling deals — are long gone. But at least one major tax shelter is still standing: Your home. [...]

Last-Minute Tips for Your 2020 Personal Return

February 18th, 2021|Categories: Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , , , |

Goodbye, 2020. Hello, tax season. Individual taxpayers have until April 15, 2021, to pay Uncle Sam for taxes owed for 2020. (Remember, you can extend the deadline for filing your return [...]

Getting A Divorce: How Should You File Your Tax Return?

July 14th, 2020|Categories: Accounting, Burns Firm, Services, Tax, Tax Deductions, Tax Return|Tags: , , , , , , , , , |

A divorced or divorcing couple's tax filing status is determined as of the last day of a tax year. A couple in the process of divorce may find that they [...]

Rx for Itemizing Medical Expenses

July 14th, 2020|Categories: Accounting, Burns Firm, Exemptions, Services, Tax, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , , , , , , |

Medical expenses can be costly — and they're not always covered by insurance. But there may be a silver lining: You may be able to claim an itemized deduction for [...]

The Tax Aspects of Selling Mutual Fund Shares

February 21st, 2020|Categories: Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Return|Tags: , , , , , , , , , , , , , , |

Perhaps you’re an investor in mutual funds or you’re interested in putting some money into them. You’re not alone. The Investment Company Institute estimates that 56.2 million households owned mutual [...]

Taxpayers Should Know the Difference Between Standard and Itemized Deductions

February 12th, 2020|Categories: Accounting, Burns Firm, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , , , , , , |

Information from irs.gov Should you file using the standard deduction, or should you itemize your deductions? Deductions reduce the amount of taxable income when filing a federal income tax return. [...]

10 Tax Elections to Save Money on Your 2019 Tax Return

February 6th, 2020|Categories: Accounting, Burns Firm, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Return|Tags: , , , , , , , , , , |

Here are ten important tax choices that individuals and small business owners can make this tax season. Tax Filing Status Tax filing status has numerous ramifications, so it's important to [...]

Educators Can Claim Deduction to Get Money Back for Classroom Expenses

July 16th, 2019|Categories: Accounting, Burns Firm, Services, Tax, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , |

Information courtesy of irs.gov   Educators may be able to deduct unreimbursed expenses on their tax return. This deduction can put money right back in the pockets of eligible teachers [...]

It’s Not Too Late for Some Business Owners to Lower Their 2018 Taxes

April 9th, 2019|Categories: Accounting, Burns Firm, Business, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Return|Tags: , , , , , , , , , , , , |

Most businesses will owe less tax for the 2018 tax year than they would have under prior law, thanks to changes brought by the Tax Cuts and Jobs Act (TCJA). [...]

Some of Your Deductions May Be Smaller (or nonexistent) When You File Your 2018 Tax Return

February 21st, 2019|Categories: Accounting, Burns Firm, Tax, Tax Cuts, Tax Deductions, Tax Return, TCJA|Tags: , , , , , , , , , , |

While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to [...]

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