The Burns Firm, Ltd.

Claiming the QBI Deduction for Rental Real Estate: The One Big Beautiful Bill Act (OBBBA), enacted in 2025, made permanent the federal income tax deduction for qualified business income (QBI). This break was originally introduced under the Tax Cuts and Jobs Act. Many business owners have been curious about whether and how this tax break may apply to their rental real estate activities. If you count yourself among them, here's the scoop. https://www.theburnsfirm.com/about-us/blog/

If you’re thinking about relocating, don’t choose a new state based only on climate, cost of living or proximity to family. Also review the tax implications.

For example, some states don’t have a personal income tax, and some that do have one offer tax breaks for pension payments, retirement plan distributions and Social Security payments. Also be aware that a state with no personal income tax may impose high property, sales or estate taxes.

Before making a move, contact us to review the potential income, property, sales and estate tax implications. We can help you minimize potential negative tax consequences and make the most of any tax advantages offered by the new state. https://www.theburnsfirm.com/about-us/blog/

Does your business own commercial real property? A closer look at your building costs could change how quickly you can deduct those expenses.

Business buildings generally have a 39-year depreciation period. A cost segregation study separates various building components, such as electrical systems and flooring. It then allows these components to be reclassified and deducted over a much shorter period, thereby deferring taxes and boosting cash flow. Recent tax law changes enhanced these benefits by increasing first-year depreciation write-offs.

Contact us to discuss whether this strategy is right for your business. We can determine reasonable cost allocations to help withstand IRS scrutiny. https://www.theburnsfirm.com/about-us/blog/

Is Your Business Eligible for Tariff Refunds? The U.S. Supreme Court recently ruled that certain tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were illegal. As a result, U.S. Customs and Border Protection (CBP) has begun implementing a process to issue refunds to affected businesses. For some companies, this may provide an opportunity to recover cash from tariffs paid on imports over the past year. https://www.theburnsfirm.com/about-us/blog/

Tax Mitigation Strategies When Rebalancing Your Investment Portfolio: Rebalancing your investment portfolio periodically is necessary to maintain your desired asset allocation, which can help manage risk and achieve your goals. Here are some tips for tax-smart rebalancing. https://www.theburnsfirm.com/about-us/blog/

10 Ideas for Boosting Profits: By cutting costs, you can enhance your bottom line in several ways. Here are 10 ideas. https://www.theburnsfirm.com/about-us/blog/

Business Tax Update: IRS Guidance on QPP Depreciation Rules. Under the One Big Beautiful Bill Act (OBBBA), eligible businesses can claim 100% first-year depreciation for nonresidential real estate that's classified as qualified production property (QPP). This provision can accelerate depreciation deductions and potentially reduce tax obligations for businesses that invest in qualifying property. However, it's available for a limited time only.

Earlier this year, in Notice 2026-16, the IRS issued interim guidance on the QPP rules. Taxpayers may rely on it until proposed regulations are issued. Let's take a look at some of the many points addressed in the guidance. https://www.theburnsfirm.com/about-us/blog/

Tax Returns: Spouses Can Be Guilty Until Proven Innocent.
When you got married, you knew it was for "better or worse." But you might not know about laws that hold you responsible if your spouse or ex-spouse cheats on a tax return. https://www.theburnsfirm.com/about-us/blog/

Here are a few key tax-related deadlines for individuals for the rest of 2026. JUNE 15: Pay the second installment of 2026 estimated taxes, if applicable. SEPT. 15: Pay the third installment of 2026 estimated taxes, if applicable. OCT. 15: File a 2025 income tax return and pay any tax, interest and penalties due if an automatic six-month extension was filed. DEC. 31: Incur various expenses that potentially can be deducted on your 2026 tax return. Contact us for more information about the filing requirements and to help ensure you meet all deadlines that apply to you. https://www.theburnsfirm.com/about-us/blog/

Testing the Waters Before Jumping In With a Merger or Acquisition: When considering a merger or acquisition, the most opportune time to find out about possible culture clashes is obviously before the deal is complete. In fact, one often-cited reason for mergers or acquisitions that fail to get off the ground is concern about potential cultural integration problems. Avoiding such costly pitfalls by conducting a cultural evaluation has become a high priority for most companies considering transactions.