Tax Strategies, Advice & Insights

TAX STRATEGIES, ADVICE, & INSIGHTS

You Have Options When Addressing Life Insurance in Your Estate Plan

Posted by L&H CPAs on Jun 10, 2019 9:00:00 AM

Life insurance has long provided a source of liquidity to pay estate taxes and other expenses. But, with the estate tax exemption currently set at an inflation-adjusted $10 million ($11.40 million for 2019), estate taxes are no longer a concern...

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Tags: Estate Planning

Employers: Be Aware (Or Beware) of a Harsh Payroll Tax Penalty

Posted by L&H CPAs on Jun 5, 2019 9:00:00 AM

If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make matters worse, the penalty can be assessed personally against a...

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Tags: Business Owners & Entrepreneurs

Thinking About Moving to Another State in Retirement? Don’t Forget About Taxes

Posted by L&H CPAs on Jun 4, 2019 9:30:14 AM

When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more...

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Tags: Taxes

Tax-Smart Domestic Travel: Combining Business with Pleasure

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

Summer is just around the corner, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner, you have a golden opportunity to combine a business trip with a few extra days of vacation and offset some...

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Tags: Business Owners & Entrepreneurs

The Chances of IRS Audit Are down but You Should Still Be Prepared

Posted by L&H CPAs on May 29, 2019 9:00:00 AM

The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined as compared with prior years. However, even though a small percentage of tax returns are being chosen for audit these days, that...

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Tags: Taxes

Leave Your Mark with a Dynasty Trust

Posted by L&H CPAs on May 28, 2019 9:00:00 AM

If a prime objective of your estate plan is to leave a lasting legacy, a dynasty trust may be the right estate planning vehicle for you. And, thanks to the substantially increased generation-skipping transfer (GST) tax exemption amount...

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Tags: Estate Planning

It’s a Good Time to Check Your Withholding and Make Changes, If Necessary

Posted by L&H CPAs on May 23, 2019 8:33:47 AM

Due to the massive changes in the Tax Cuts and Jobs Act (TCJA), the 2019 filing season resulted in surprises. Some filers who have gotten a refund in past years wound up owing money. The IRS reports that the number of refunds paid this year is...

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Tags: Taxes

Hire Your Children This Summer: Everyone Wins

Posted by L&H CPAs on May 22, 2019 9:00:00 AM

If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money. And you may be...

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Tags: Business Owners & Entrepreneurs

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.

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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...

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Tags: Taxes

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