Your Tax Insights from L&H CPAs

When Holiday Gifts & Parties Are Deductible or Taxable

Posted by L&H CPAs on Dec 6, 2018 8:12:00 AM

The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invitations, though, it’s a good idea to find out whether the expense is tax deductible and whether it’s taxable to the recipient. Here’s a brief review of the rules.

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Tags: Business Owners & Entrepreneurs

Mutual Funds: Handle with Care at Year End

Posted by L&H CPAs on Dec 5, 2018 6:49:00 AM

As we approach the end of 2018, it’s a good idea to review the mutual fund holdings in your taxable accounts and take steps to avoid potential tax traps. Here are some tips for you.

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Tags: Investing

It’s Not Too Late: You Can Still Set up a Retirement Plan for 2018

Posted by L&H CPAs on Dec 4, 2018 7:57:00 AM

If most of your money is tied up in your business, retirement can be a challenge. So if you haven’t already set up a tax-advantaged retirement plan, consider doing so this year. There’s still time to set one up and make contributions that will be deductible on your 2018 tax return!

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Tags: Retirement Planning, Business Owners & Entrepreneurs

Deferral of Income Tax for Executives

Posted by L&H CPAs on Nov 30, 2018 8:07:00 AM

If you’re an executive or other key employee, your employer may offer you a nonqualified deferred compensation (NQDC) plan. What do you need to do before year end to defer taxes? 

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Tags: Executives

Reduce 2018 Tax Liability - Buy Business Assets Before Year End

Posted by L&H CPAs on Nov 29, 2018 6:08:00 AM

The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses.

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Tags: Business Owners & Entrepreneurs

Remember to Include Intellectual Property in Your Estate Plan

Posted by L&H CPAs on Nov 28, 2018 7:06:00 AM

 

If your estate includes forms of intellectual property (IP), such as patents and copyrights, it’s important to know how to address them in your estate plan. Although these intangible assets can have great value, in many ways they’re treated differently from other property types.

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Tags: Business Owners & Entrepreneurs

Donate Appreciated Stock for Twice the Tax Benefits

Posted by L&H CPAs on Nov 22, 2018 8:40:00 AM

A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you donate long-term appreciated stock instead of cash?

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Tags: Taxes

Research Credit Available to Some Businesses for the First Time

Posted by L&H CPAs on Nov 21, 2018 7:05:00 AM

The Tax Cuts and Jobs Act (TCJA) didn’t change the federal tax credit for “increasing research activities,” but several TCJA provisions have an indirect impact on the credit. As a result, the research credit may be available to some businesses for the first time.

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Tags: Business Owners & Entrepreneurs

Including Employees in Your Estate Plan? Be Careful

Posted by L&H CPAs on Nov 20, 2018 8:30:00 AM

If you’re the owner of a small business, you may think of your tight-knit group of employees as a family. If you wish to include them as beneficiaries in your estate plan, it’s critical to be aware of possible unintended tax consequences.

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Tags: Business Owners & Entrepreneurs, Estate Planning

Save Taxes by Bunching Medical Expenses into 2018

Posted by L&H CPAs on Nov 14, 2018 1:09:39 PM

Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your tax advantage.

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Tags: Tax Reform

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