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News Archives | Hinton Burdick

Tax Reform Reminder: Changes To Itemized Deductions

July 3, 2019

By: Hinton Burdick

Under tax reform, many tax laws changed, including those affecting itemized deductions. While many people no longer need to itemize due to the nearly doubling of the standard deduction, certain taxpayers whose total deductions exceed the standard deduc …

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IRS Ends Tax Transcript Fax And Third-Party Services

July 3, 2019

By: Hinton Burdick

Due to ongoing efforts to protect taxpayers from identity thieves, the Internal Revenue Service no longer offers tax transcript faxing service and third-party mailing of tax returns and certain transcripts. These measures are effective June 28 and July …

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10 Facts About The Adoption Tax Credit

July 3, 2019

By: Hinton Burdick

If you adopt a child in 2019, you may qualify for a tax credit, and if your employer helped pay for the costs of an adoption, you may be able to exclude some of your income from tax. Here are ten facts you should know about the Adoption Tax Credit. 1. …

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Special Tax Breaks For Members Of The Armed Forces

July 3, 2019

By: Hinton Burdick

Active members of the U.S. Armed Forces should be aware that there are special tax benefits available to them such as not having to pay taxes on some types of income or more time to file and pay their federal taxes. If you’re an active member of the ar …

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Your Canceled Debt Could Be Taxable

July 3, 2019

By: Hinton Burdick

Generally, debt that is forgiven or canceled by a lender is considered taxable income by the IRS and must be included as income on your tax return. When that debt is forgiven, negotiated down (when you pay less than you owe), or canceled you will recei …

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Deducting Business-Related Car Expenses

July 3, 2019

By: Hinton Burdick

If you’re self-employed and use your car for business, you can deduct certain business-related car expenses. There are two options for claiming deductions: Actual Expenses. To use the actual expense method, you need to figure out the actual costs of op …

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