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Estate Planning Lite: College-Aged Children Need a Basic Estate Plan

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

If your son or daughter currently is home from college on winter break, now is a good time to sit down and discuss a few estate planning documents he or she should have at this stage of life. Let’s take a closer look at four such documents:

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Tags: Estate Planning

You May Be Able to Save More for Retirement in 2019

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

Retirement plan contribution limits are indexed for inflation, and many have gone up for 2019, giving you opportunities to increase your retirement savings:

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Tags: Taxes

A Refresher on Major Tax Law Changes for Small-Business Owners

Posted by L&H CPAs on Feb 12, 2019 8:55:38 AM

The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes or get a refund when they file their returns this spring, so they can plan accordingly.

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Tags: Business Owners & Entrepreneurs

Investment Interest Expense Is Still Deductible, but It Might Not Matter

Posted by L&H CPAs on Feb 8, 2019 9:53:07 AM

As you likely know by now, the Tax Cuts and Jobs Act (TCJA) reduced or eliminated many deductions for individuals. One itemized deduction the TCJA kept intact is for investment interest expense. This is interest on debt used to buy assets held for investment, such as margin debt used to buy securities. But if you have investment interest expense, you can’t count on benefiting from the deduction.

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Tags: Tax Reform

Business Real Estate Depreciation: Before You File 2018 Return

Posted by L&H CPAs on Feb 7, 2019 9:19:21 AM

Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deductions to be taken more quickly are available for certain real estate investments

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Tags: Business Owners & Entrepreneurs

Don't Wait to File Your 2018 Income Tax Return

Posted by L&H CPAs on Feb 6, 2019 10:13:41 AM

The IRS opened the 2018 income tax return filing season on January 28. Even if you typically don’t file until much closer to the April 15 deadline, this year consider filing as soon as you can. Why? You can potentially protect yourself from tax identity theft — and reap other benefits, too.

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Tags: Taxes

Are You Eligible for the New Dependent Credit and HOH Filing Status?

Posted by L&H CPAs on Jan 30, 2019 2:16:32 PM

The IRS continues to publish guidance to clarify provisions of the Tax Cuts and Jobs Act (TCJA). Here's what you need to know about qualifying for the new $500 tax credit for dependents and beneficial head of household (HOH) filing status based on having a non-qualifying-child dependent.

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Tags: Taxes

Can You Have Too Much Tax Deferral?

Posted by L&H CPAs on Jan 30, 2019 1:40:07 PM

Taking steps to defer your individual federal income tax bill is often a good idea. If you expect to be in the same tax bracket in future years, lowering this year's taxable income will postpone your tax bill and give you extra cash to work with until the bill comes due. If your tax rates turn out to be lower in future years, deferring taxable income into those future years will cause the deferred amounts to be taxed at lower rates.

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Tags: Taxes

Should You Switch Your Business to C Corp Status?

Posted by L&H CPAs on Jan 30, 2019 1:07:19 PM

Thanks to the Tax Cuts and Jobs Act (TCJA), the federal income tax rate on C corporations is now a flat 21%, for tax years beginning in 2018 and beyond. Under prior law, C corporations were subject to graduated tax rates ranging from 15% to 35%. This is a permanent change, as long as Congress doesn't reverse it.

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Tags: Business Owners & Entrepreneurs

Own a Business? An Exit Strategy Should Be Part of Your Tax Planning

Posted by L&H CPAs on Jan 30, 2019 10:05:01 AM

Tax planning is a juggling act for business owners. You have to keep your eye on your company’s income and expenses and applicable tax breaks (especially if you own a pass-through entity). But you also must look out for your own financial future.

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Tags: Business Owners & Entrepreneurs

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