Tax Strategies, Advice & Insights

TAX STRATEGIES, ADVICE, & INSIGHTS

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

Leave Your Mark with a Dynasty Trust

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

If a prime objective of your estate plan is to leave a lasting legacy, a dynasty trust may be the right estate planning vehicle for you. And, thanks to the substantially increased generation-skipping transfer (GST) tax exemption amount...

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Tags: Estate Planning

It’s a Good Time to Check Your Withholding and Make Changes, If Necessary

Posted by L&H CPAs on May 23, 2019 8:33:47 AM

Due to the massive changes in the Tax Cuts and Jobs Act (TCJA), the 2019 filing season resulted in surprises. Some filers who have gotten a refund in past years wound up owing money. The IRS reports that the number of refunds paid this year is...

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Tags: Taxes

Hire Your Children This Summer: Everyone Wins

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

If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money. And you may be...

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Tags: Business Owners & Entrepreneurs

Beware If Your Estate Plan Leaves Specific Assets to Specific Heirs

Posted by L&H CPAs on May 21, 2019 9:00:00 AM

Planning your estate around specific assets is risky and, in most cases, should be avoided. If you leave specific assets — such as homes, cars or stock — to specific people, you may inadvertently disinherit them.

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Tags: Estate Planning

Selling Your Home? Consider These Tax Implications

Posted by L&H CPAs on May 17, 2019 6:12:10 AM

Spring and summer are the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may be out in full force in your area. Freddie Mac reports that the average 30-year fixed mortgage rate was 4.14% during the week...

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Tags: Taxes

Consider a Roth 401(K) Plan — and Make Sure Employees Use It

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

Roth 401(k) accounts have been around for 13 years now. Studies show that more employers are offering them each year. A recent study by the Plan Sponsor Council of America (PSCA) found that Roth 401(k)s are now available at 70% of employer plans,...

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Tags: Business Owners & Entrepreneurs

Make health care decisions while you’re healthy

Posted by L&H CPAs on May 9, 2019 9:12:47 AM

Estate planning isn’t just about what happens to your assets after you die. It’s also about protecting yourself and your loved ones. This includes having a plan for making critical medical decisions in the event you’re unable to make them...

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Tags: Estate Planning

Check on Your Refund — and Find out Why the IRS Might Not Send It

Posted by L&H CPAs on May 8, 2019 9:00:00 AM

It’s that time of year when many people who filed their tax returns in April are checking their mail or bank accounts to see if their refunds have landed. According to the IRS, most refunds are issued in less than 21 calendar days. However, it...

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Tags: Taxes

Does Your Estate Plan Include a Formula Funding Clause?

Posted by L&H CPAs on May 2, 2019 10:36:59 AM

The gift and estate tax exemption is higher than it’s ever been, thanks to the Tax Cuts and Jobs Act (TCJA), which temporarily doubled the exemption to an inflation-adjusted $10 million ($20 million for married couples who design their estate...

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Tags: Estate Planning

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