Tax Strategies, Advice & Insights

TAX STRATEGIES, ADVICE, & INSIGHTS

Answers to questions about the CARES Act employee retention tax credit

Posted by L&H CPAs on Apr 6, 2020 10:26:19 AM

The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit...

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Tags: Business Owners & Entrepreneurs, Business Owners, Business Consulting

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

Beware the Ides of March — if you own a pass-through entity

Posted by L&H CPAs on Mar 19, 2019 9:00:00 AM

Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March, more...

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Tags: Business Owners & Entrepreneurs

If You’re Driven to Transfer a Vehicle’s Ownership to a Trust, Know the Risks

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

A revocable trust — often referred to as a “living trust” — can help ensure smooth management of your assets during life and avoid probate at death. And you may know that the trust isn’t effective unless you “fund” it — that is, transfer...

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Tags: Estate Planning

2 Major Tax Law Changes for Individuals in 2019

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

While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under the act for 2019. Here’s a closer look.

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Tags: Taxes

Higher Mileage Rate May Mean Larger Tax Deductions for Business Miles in 2019

Posted by L&H CPAs on Mar 12, 2019 9:00:00 AM

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the highest level since 2008. As a result, you might be able to claim a larger deduction for...

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Tags: Business Owners & Entrepreneurs

Have You Properly Substantiated Your 2018 Charitable Gifts?

Posted by L&H CPAs on Mar 7, 2019 9:00:00 AM

Donating to charity is a key estate planning strategy for many people. It reduces the size of your taxable estate and it can help you leave a lasting legacy with organizations you care about.

The benefit of making such gifts during life rather...

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Tags: Estate Planning

What You Need to Know About Filing Gift and Estate Tax Returns

Posted by L&H CPAs on Mar 6, 2019 9:00:00 AM

Have you made substantial gifts of wealth to family members? Or are you the executor of the estate of a loved one who died recently? If so, you need to know whether you must file a gift or estate tax return.

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Tags: Estate Planning

A Review of Significant TCJA Provisions Impacting Individual Taxpayers

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

Now that 2019 has begun, there isn’t too much you can do to reduce your 2018 income tax liability. But it’s smart to begin preparing for filing your 2018 return. Because the Tax Cuts and Jobs Act (TCJA), which was signed into law at the end of...

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Tags: Taxes

3 Big TCJA Changes Affecting 2018 Individual Tax Returns and Beyond

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

When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and reduced itemized deductions. For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) makes...

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Tags: Taxes

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