Your Tax Insights from L&H CPAs

Selling Your Business? Defer & Possibly Reduce the Tax Hit

Posted by L&H CPAs on Nov 8, 2018 9:41:00 AM

You’ve spent years building your company and now are ready to move on to something else, whether launching a new business, taking advantage of another career opportunity or retiring. Whatever your plans, you want to get the return from your business that you’ve earned from all of the time and money you’ve put into it.

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Tags: Business Owners & Entrepreneurs

Tenancy-In-Common: A Versatile Estate Planning Tool

Posted by L&H CPAs on Nov 7, 2018 9:35:37 AM

If you hold significant real estate investments, tenancy-in-common (TIC) ownership can be a powerful, versatile estate planning tool. A TIC interest is an undivided fractional interest in property. The property isn’t split into separate parcels. Rather, each TIC owner has the right to use and enjoy the entire property.

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Tags: Estate Planning

Consider All the Tax Consequences Before Making Gifts to Loved Ones

Posted by L&H CPAs on Nov 6, 2018 9:29:55 AM

Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime gifts, be aware that which assets you give can produce substantially different tax consequences.

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Tags: Tax Reform, Estate Planning

Now’s the Time to Review Your Business Expenses

Posted by L&H CPAs on Nov 1, 2018 10:07:00 AM

As we approach the end of the year, it’s a good idea to review your business’s expenses for deductibility. At the same time, consider whether your business would benefit from accelerating certain expenses into this year.

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Tags: Business Owners & Entrepreneurs

Why Turn Down an Inheritance?  To Save Gift & Estate Tax

Posted by L&H CPAs on Oct 31, 2018 10:26:00 AM

If you are about to receive an inheritance from a family member, you can use a qualified disclaimer to refuse the bequest. The assets will then bypass your estate and go directly to the next beneficiary in line. It’s as if the successor beneficiary, not you, had been named as the beneficiary in the first place.

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Tags: Estate Planning

529 Plans Offer 2 Tax-Advantaged Funding Options

Posted by L&H CPAs on Oct 30, 2018 10:15:00 AM

Section 529 plans are a popular education-funding tool because of tax and other benefits. Two types are available: 1) prepaid tuition plans, and 2) savings plans. And one of these plans got even better under the Tax Cuts and Jobs Act (TCJA).

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Tags: Tax Reform, Taxes

Tax-Free Fringe Benefits: Help for Your Businesses & Employees

Posted by L&H CPAs on Oct 25, 2018 9:31:10 AM

 

In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Benefits that are tax-free are especially attractive to employees. Let’s take a quick look at some popular options.

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Tags: Business Owners & Entrepreneurs

Raising Money-Smart Children

Posted by L&H CPAs on Oct 23, 2018 8:53:00 AM

If you’ve worked a lifetime to build a large estate, you undoubtedly would like to leave a lasting legacy to your children and future generations. Educating your children about saving, investing and other money management skills can help keep your legacy alive.

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Tags: Estate Planning

IRA Charitable Rollover - Even More Beneficial in 2018

Posted by L&H CPAs on Oct 18, 2018 7:07:00 AM

If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on the distributions. This break may be especially beneficial now because of Tax Cuts and Jobs Act (TCJA) changes that affect who can benefit from the itemized deduction for charitable donations.

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Tags: Estate Planning

Will a Cost Segregation Study Help Your Business Accelerate Depreciation Deductions?

Posted by L&H CPAs on Oct 17, 2018 9:08:00 AM

Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a cost segregation study. It may allow you to accelerate depreciation deductions, thus reducing taxes and boosting cash flow. And the potential benefits are now even greater due to enhancements to certain depreciation-related breaks under the Tax Cuts and Jobs Act (TCJA).

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Tags: Business Owners & Entrepreneurs

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