TAX STRATEGIES, ADVICE, & INSIGHTS

Beware If Your Estate Plan Leaves Specific Assets to Specific Heirs

Posted by L&H CPAs on May 21, 2019 9:00:00 AM

Planning your estate around specific assets is risky and, in most cases, should be avoided. If you leave specific assets — such as homes, cars or stock — to specific people, you may inadvertently disinherit them.

 

 

Read More

Tags: Estate Planning

Selling Your Home? Consider These Tax Implications

Posted by L&H CPAs on May 17, 2019 6:12:10 AM

Spring and summer are the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may be out in full force in your area. Freddie Mac reports that the average 30-year fixed mortgage rate was 4.14% during the week of May 2, 2019, while the 15-year mortgage rate was 3.6%. This is down 0.41 and 0.43%, respectively, from a year earlier.

Read More

Tags: Taxes

Consider a Roth 401(K) Plan — and Make Sure Employees Use It

Posted by L&H CPAs on May 14, 2019 9:00:00 AM

Roth 401(k) accounts have been around for 13 years now. Studies show that more employers are offering them each year. A recent study by the Plan Sponsor Council of America (PSCA) found that Roth 401(k)s are now available at 70% of employer plans, up from 55.6% of plans in 2016.

Read More

Tags: Business Owners & Entrepreneurs

Make health care decisions while you’re healthy

Posted by L&H CPAs on May 9, 2019 9:12:47 AM

Estate planning isn’t just about what happens to your assets after you die. It’s also about protecting yourself and your loved ones. This includes having a plan for making critical medical decisions in the event you’re unable to make them yourself. And, as with other aspects of your estate plan, the time to act is now, while you’re healthy. If an illness or injury renders you unconscious or otherwise incapacitated, it will be too late.

Read More

Tags: Estate Planning

Check on Your Refund — and Find out Why the IRS Might Not Send It

Posted by L&H CPAs on May 8, 2019 9:00:00 AM

It’s that time of year when many people who filed their tax returns in April are checking their mail or bank accounts to see if their refunds have landed. According to the IRS, most refunds are issued in less than 21 calendar days. However, it may take longer — and in rare cases, refunds might not come at all.

 

Read More

Tags: Taxes

Does Your Estate Plan Include a Formula Funding Clause?

Posted by L&H CPAs on May 2, 2019 10:36:59 AM

The gift and estate tax exemption is higher than it’s ever been, thanks to the Tax Cuts and Jobs Act (TCJA), which temporarily doubled the exemption to an inflation-adjusted $10 million ($20 million for married couples who design their estate plans properly). This year, the exemption amount is $11.4 million ($22.8 million for married couples).

Read More

Tags: Estate Planning

Plug in Tax Savings for Electric Vehicles

Posted by L&H CPAs on May 1, 2019 9:00:00 AM

 While the number of plug-in electric vehicles (EVs) is still small compared with other cars on the road, it’s growing — especially in certain parts of the country. If you’re interested in purchasing an electric or hybrid vehicle, you may be eligible for a federal income tax credit of up to $7,500. (Depending on where you live, there may also be state tax breaks and other incentives.)

 

Read More

Tags: Taxes

Employee vs. Independent Contractor: How Should You Handle Worker Classification?

Posted by L&H CPAs on Apr 30, 2019 9:00:00 AM

Many employers prefer to classify workers as independent contractors to lower costs, even if it means having less control over a worker’s day-to-day activities. But the government is on the lookout for businesses that classify workers as independent contractors simply to reduce taxes or avoid their employee benefit obligations.

 

Read More

Tags: Business Owners & Entrepreneurs

Estate Planning for Single Parents Requires Special Considerations

Posted by L&H CPAs on Apr 27, 2019 9:00:00 AM

Here’s a fast fact: The percentage of U.S. children who live with an unmarried parent has jumped from 13% in 1968 to 32% in 2017, according to Pew Research Center’s most recent poll.

While estate planning for single parents is similar to estate planning for families with two parents, when only one parent is involved, certain aspects demand your special attention.

Read More

Tags: Estate Planning

How Entrepreneurs Must Treat Expenses on Their Tax Returns

Posted by L&H CPAs on Apr 24, 2019 9:00:00 AM

Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more. 

 

Read More

Tags: Business Owners & Entrepreneurs

Contact L&H CPAs and Advisors Today

Welcome to your L&H Insights!

Your specialists in holistic financial management solutions. Our firm provides accounting, tax planning, CFO services, business consulting, and wealth advisory services to manage your complete financial needs. 

Subscribe to Email Updates

Recent Posts