Burnett's Tax & Accounting

Burnett's Tax & Accounting We are proud to provide professional accounting & tax service for individual & small business

Summer Activities and Taxes – Did You Know?Summer is a time to relax and have fun, but some seasonal activities may have...
06/01/2026

Summer Activities and Taxes – Did You Know?

Summer is a time to relax and have fun, but some seasonal activities may have tax consequences. Being aware of them now may save you time and hassle later.

If your child attends a day camp so you can work or look for work, some of the cost may qualify for the Child and Dependent Care Credit. Be sure to keep records and obtain the camp's tax identification information.

Students with summer jobs may be entitled to tax refunds if income tax is withheld from their pay. Adults earning income from seasonal, part-time, or gig work may need additional withholding or quarterly estimated tax payments.

Summer is also a popular wedding season. If you change your name after marriage, update your records with the Social Security Administration. If you move, update your address with the IRS and submit a new Form W-4 to your employer so your withholding reflects your current tax situation.

National 529 Day – Did You Know?If you put money into a 529 education savings plan, earnings may be withdrawn federal in...
05/29/2026

National 529 Day – Did You Know?

If you put money into a 529 education savings plan, earnings may be withdrawn federal income tax-free when used for qualified education expenses. Qualified expenses can include tuition, fees, books, supplies, computers, and for students enrolled at least half-time, certain room and board costs.

While 529 contributions are not deductible for federal income tax purposes, many states offer a full or partial state income tax deduction or credit for contributions. Some states and plan sponsors may also offer special incentives around National 529 Day.

Recent law changes expanded the use of 529 plans. In 2026, up to $20,000 per year, per student, may be used for qualified K–12 education expenses at public, private, or religious schools. Prior years were generally limited to $10,000 annually.

Qualifying Dependents – Did You Know?In addition to your children and parents, a number of other individuals may qualify...
05/18/2026

Qualifying Dependents – Did You Know?

In addition to your children and parents, a number of other individuals may qualify as your dependents for tax purposes. Important factors can include the person's income, how much support you provide, and how much of the year the person lives with you. In some limited cases, even a non-relative who lives with you year round as a member of your household may qualify as a dependent.

Now that the main tax filing season is over, criminals continue to use IRS impersonation scams to steal money and person...
05/13/2026

Now that the main tax filing season is over, criminals continue to use IRS impersonation scams to steal money and personal information. Understanding how the IRS actually communicates can help you recognize and avoid these schemes.

The IRS generally initiates contact by sending a letter through the mail on official letterhead. If you have an IRS online account, you can log in to verify whether a notice is legitimate. If you are unsure, you can contact the IRS directly at 800-829-1040.

Scammers, however, often pose as the IRS in several ways:

By mail: Fake letters may look official but include incorrect contact details or suspicious language such as “in relation to your unclaimed refund.”

By email or text: The IRS does not initiate contact this way. Messages promising refunds, credits or urgent fixes often contain links to fraudulent websites designed to steal your information.

By phone: Scammers may leave threatening messages or demand immediate payment using gift cards or other unusual methods—tactics the IRS does not use.

In person: Unannounced visits are extremely rare. Most legitimate IRS appointments are scheduled in advance by letter.

If you suspect a scam, do not respond, click links or share information. Instead, contact the IRS using an official phone number to verify the situation.

With every goal comes challenges, but those challenges are part of the process, not a reason to stop.Shifting strategies...
05/12/2026

With every goal comes challenges, but those challenges are part of the process, not a reason to stop.

Shifting strategies, staying consistent, and keeping the bigger picture in mind can make all the difference. Small pivots often lead to the biggest breakthroughs!

Health Savings Accounts - Did You Know?Changing jobs? If you have a health savings account (HSA), you can take it with y...
05/11/2026

Health Savings Accounts - Did You Know?

Changing jobs? If you have a health savings account (HSA), you can take it with you. Unlike flexible spending accounts (FSAs), which are usually tied to your employer, your HSA belongs to you. You can continue using your HSA funds after leaving the job where you opened the account. However, you may make new HSA contributions only if you remain eligible to contribute. To remain eligible, you generally must be covered by an HSA-eligible high-deductible health plan (HDHP) and have no disqualifying coverage.

With the April tax deadline behind us, May is a good time to take care of a few follow-up tax items and get organized fo...
05/07/2026

With the April tax deadline behind us, May is a good time to take care of a few follow-up tax items and get organized for the rest of the year.
If you filed an extension, remember that the extension gives you more time to file – not more time to pay. The extended federal filing deadline for most individual returns is October 15, 2026, but any tax owed was generally due by the April deadline.

If your return has already been filed, this is also a good time to save a copy of your return, review your refund or balance due, and make note of anything that changed this year, such as a new job, marriage, home purchase, dependent, side income, or retirement contribution. These changes can affect your 2026 tax situation.

Taxpayers with self-employment income, investment income, rental income, or other income not covered by withholding should also keep upcoming estimated tax deadlines in mind. For calendar-year taxpayers, the next 2026 federal estimated tax payment is due June 15, 2026.

May is also a good time to check your withholding. The IRS Tax Withholding Estimator can help employees determine whether they should update Form W-4 with their employer, especially if their refund or balance due was larger than expected.

Finally, if you notice an error on a return that has already been filed, don’t panic. In many cases, a return can be corrected by filing an amended return. Generally, refund claims must be filed within three years of the original filing date or two years from the date the tax was paid, whichever is later.

A little attention now can make next tax season much easier. If you have questions about your filing, payments, withholding, or tax planning for the year ahead, please reach out.

Today we celebrate the brave individuals who run toward danger to protect our communities. 🚒🔥On International Firefighte...
05/04/2026

Today we celebrate the brave individuals who run toward danger to protect our communities. 🚒🔥

On International Firefighters’ Day, we recognize the courage, sacrifice, and unwavering commitment of firefighters who risk their lives to keep others safe. Their strength goes far beyond the uniform — it’s found in every call answered and every life protected.

Thank you for your service, your heart, and your heroism. ❤️

Receiving Online Payments - Did You Know?If you are self-employed and receive payments through online payment processing...
05/04/2026

Receiving Online Payments - Did You Know?

If you are self-employed and receive payments through online payment processing platforms, take care to separate business and personal transactions. You can do this by setting up separate business accounts on the platforms, or by using features that allow you to specify the purpose of payments. Otherwise, the platforms may overreport your income.

Your business deserves more than just numbers—it deserves a true partner.At Burnett Tax & Accounting, we go beyond tradi...
04/30/2026

Your business deserves more than just numbers—it deserves a true partner.

At Burnett Tax & Accounting, we go beyond traditional services to help you navigate the decisions that shape your future. Whether you’re planning to expand, considering a sale, or restructuring your operations, we bring the insight and analytical expertise needed to guide you forward with confidence.

Every opportunity—and every challenge—comes with important choices. We’re here to help you make the right ones.

Let’s build a stronger future for your business together.

www.BurnettTax.com

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Pace, FL
32571

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