Tax Strategies, Advice & Insights

TAX STRATEGIES, ADVICE, & INSIGHTS

L&H CPAs

Recent Posts

Key Questions to Ask Before Joining Another Business

Posted by L&H CPAs on Jun 23, 2019 9:00:00 AM

Merging with another company can be the most efficient way to grow -- if you plan carefully. Failed mergers and acquisitions are often the result of management problems, not market conditions.

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Sales Need a Jump-Start?

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

Even successful businesses get snarled up in a rut now and then -- a vicious cycle of status-quo marketing and current-customer dependence. If you're nodding your head thinking, "Yeah, that's our company," maybe it's time to take action to help...

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Donating Your Vehicle to Charity May Not Be a Taxwise Decision

Posted by L&H CPAs on Jun 18, 2019 9:00:00 AM

You’ve probably seen or heard ads urging you to donate your car to charity. “Make a difference and receive tax savings,” one organization states. But donating a vehicle may not result in a big tax deduction — or any deduction at all.

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Tags: Taxes

Ways a Company Health Care Plan Can Lose Grandfathered Status

Posted by L&H CPAs on Jun 13, 2019 1:36:53 PM

Health care plans that weren't in place before March 23, 2010 don't have grandfathered status under the AffordableCare Act. Consequently, these newer plans must meet the provisions under the law including:

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Seasonal Workers and the ACA Shared Responsibility Penalty

Posted by L&H CPAs on Jun 13, 2019 1:19:46 PM

If your organization employs seasonal workers or part-timers for the holidays, take note: The IRS has issued a Health Care Tax Tip on how these individuals affect whether your business is subject to the shared responsibility provisions of the...

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Hiring This Summer? You May Qualify for a Valuable Tax Credit

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

Is your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for the Work Opportunity Tax Credit (WOTC). This includes youth whom you bring in this summer for two or three months. The maximum...

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Tags: Business Owners & Entrepreneurs

You Have Options When Addressing Life Insurance in Your Estate Plan

Posted by L&H CPAs on Jun 10, 2019 9:00:00 AM

Life insurance has long provided a source of liquidity to pay estate taxes and other expenses. But, with the estate tax exemption currently set at an inflation-adjusted $10 million ($11.40 million for 2019), estate taxes are no longer a concern...

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Tags: Estate Planning

Employers: Be Aware (Or Beware) of a Harsh Payroll Tax Penalty

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

If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make matters worse, the penalty can be assessed personally against a...

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Tags: Business Owners & Entrepreneurs

Thinking About Moving to Another State in Retirement? Don’t Forget About Taxes

Posted by L&H CPAs on Jun 4, 2019 9:30:14 AM

When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more...

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Tags: Taxes

Tax-Smart Domestic Travel: Combining Business with Pleasure

Posted by L&H CPAs on May 30, 2019 9:00:00 AM

Summer is just around the corner, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner, you have a golden opportunity to combine a business trip with a few extra days of vacation and offset some...

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Tags: Business Owners & Entrepreneurs

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