Tax Strategies, Advice & Insights

TAX STRATEGIES, ADVICE, & INSIGHTS

Expanded 529 plans offer unique estate planning benefits

Posted by L&H CPAs on Sep 3, 2019 9:00:00 AM

If you’re putting aside money for college or other educational expenses, consider a tax-advantaged 529 savings plan. Also known as “college savings plans,” 529 plans were expanded by the Tax Cuts and Jobs Act (TCJA) to cover elementary and...

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Tags: Estate Planning

Taking Distributions from Your Traditional IRA

Posted by L&H CPAs on Aug 28, 2019 11:23:47 AM

If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for withdrawals from these retirement-savings vehicles.

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Tags: Taxes

Should You Elect S Corporation Status?

Posted by L&H CPAs on Aug 28, 2019 11:13:44 AM

Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be able to lower their exposure to Social Security...

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Tags: Business Owners & Entrepreneurs

A Poorly Worded Apportionment Clause Can Upend an Estate Plan

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

Federal estate tax liability is no longer an issue for many families, now that the gift and estate tax exemption stands at $11.4 million for 2019. But there are still affluent individuals whose estates may be subject to hefty estate tax bills. If...

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Tags: Estate Planning

“Innocent Spouses” May Get Relief from Tax Liability

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

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS can come after either spouse to collect the entire tax — not just the...

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Tags: Taxes

What to Do If Your Business Receives a “No-Match” Letter

Posted by L&H CPAs on Aug 20, 2019 9:00:00 AM

In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers if there’s a discrepancy between the agency’s...

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Tags: Business Owners & Entrepreneurs

Understanding the Contents of a Will

Posted by L&H CPAs on Aug 15, 2019 12:43:36 PM

You probably don’t have to be told about the need for a will. But do you know what provisions should be included and what’s best to leave out? The answers to those questions depend on your situation and may depend on state law.

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Tags: Estate Planning

The Tax Implications of Being a Winner

Posted by L&H CPAs on Aug 13, 2019 9:00:00 AM

If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune.

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Tags: Taxes

The IRS Is Targeting Business Transactions in Bitcoin and Other Virtual Currencies

Posted by L&H CPAs on Aug 7, 2019 12:50:25 AM

Bitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees and investors are still confused about how they work and how to report transactions on their federal tax returns. And the IRS just...

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Tags: Business Owners & Entrepreneurs

What’s the Difference Between the Two Types of Power of Attorney?

Posted by L&H CPAs on Aug 7, 2019 12:44:37 AM

When drafting your estate plan, you and your attorney must account for what happens to your children and your assets after you die. But your plan must also spell out your wishes for making financial and medical decisions if you’re unable to make...

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Tags: Estate Planning

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