Tax Strategies, Advice & Insights

TAX STRATEGIES, ADVICE, & INSIGHTS

Flex Plan: In an Unpredictable Estate Planning Environment, Flexibility Is Key

Posted by L&H CPAs on Nov 18, 2019 4:10:38 AM

The Tax Cuts and Jobs Act (TCJA) made only one change to the federal gift and estate tax regime, but it was a big one. It more than doubled the combined gift and estate tax exemption, as well as the generation-skipping transfer (GST) tax...

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Tags: Estate Planning

Using Your 401(K) Plan to Save This Year and Next

Posted by L&H CPAs on Nov 18, 2019 4:04:27 AM

You can reduce taxes and save for retirement by contributing to a tax-advantaged retirement plan. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a taxwise way to build a nest egg.

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Tags: Taxes

Small Businesses: Get Ready for Your 1099-Misc Reporting Requirements

Posted by L&H CPAs on Nov 18, 2019 3:58:14 AM

A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors and others. You may have to send 1099-MISC forms to those whom you pay nonemployee compensation, as...

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Tags: Business Owners & Entrepreneurs

BDIT Lets You Give Away Property Without Losing Control

Posted by L&H CPAs on Nov 18, 2019 3:52:13 AM

By temporarily doubling the gift and estate tax exemption, the Tax Cuts and Jobs Act (TCJA) opened a window of opportunity for affluent families to transfer assets tax-free. To take advantage of the higher exemption amount, many families that own...

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Tags: Estate Planning

You May Be ABLE to Save for a Disabled Family Member with a Tax-Advantaged Account

Posted by L&H CPAs on Nov 18, 2019 3:46:33 AM

There’s a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done though an Achieving a Better Life...

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Tags: Taxes

Small Businesses: Stay Clear of a Severe Payroll Tax Penalty

Posted by L&H CPAs on Nov 18, 2019 3:34:41 AM

One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time.

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Tags: Business Owners & Entrepreneurs

The Net Investment Income Tax Is Alive and Well: How It Can Affect Your Estate Plan

Posted by L&H CPAs on Nov 18, 2019 3:28:43 AM

The Tax Cuts and Jobs Act (TCJA) reduced individual income tax rates, but it left the 3.8% net investment income tax (NIIT) in place. It’s important to address the NIIT in your estate plan, because it can erode your earnings from interest,...

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Tags: Estate Planning

IRA Charitable Donations Are an Alternative to Taxable Required Distributions

Posted by L&H CPAs on Nov 18, 2019 3:24:25 AM

Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older, and don’t need the money from required minimum distributions, you may benefit by giving these amounts to charity.

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Tags: Taxes

Thinking About Converting from a C Corporation to an S Corporation?

Posted by L&H CPAs on Nov 18, 2019 3:10:57 AM

The right entity choice can make a difference in the tax bill you owe for your business. Although S corporations can provide substantial tax advantages over C corporations in some circumstances, there are plenty of potentially expensive tax...

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Tags: Business Owners & Entrepreneurs

Don’t Worry! a Broken Trust Can Be Fixed

Posted by L&H CPAs on Nov 12, 2019 8:22:57 AM

There are good reasons why estate planning advisors recommend you revisit and, if necessary, revise your estate plan periodically: changing circumstances, including family situations and new tax laws. While it’s relatively simple to change a...

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Tags: Estate Planning

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