TAX STRATEGIES, ADVICE, & INSIGHTS

Could Your Business Benefit from the Tax Credit for Family and Medical Leave?

Posted by L&H CPAs on Apr 3, 2019 9:00:00 AM

The Tax Cuts and Jobs Act created a new federal tax credit for employers that provide qualified paid family and medical leave to their employees. It’s subject to numerous rules and restrictions and the credit is only available for two tax years — those beginning between January 1, 2018, and December 31, 2019. However, it may be worthwhile for some businesses.

 

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Tags: Business Owners & Entrepreneurs

Stretch Your College Student’s Spending Money with the Dependent Tax Credit

Posted by L&H CPAs on Apr 2, 2019 9:00:00 AM

If you’re the parent of a child who is age 17 to 23, and you pay all (or most) of his or her expenses, you may be surprised to learn you’re not eligible for the child tax credit. But there’s a dependent tax credit that may be available to you. It’s not as valuable as the child tax credit, but when you’re saving for college or paying tuition, every dollar counts!

 

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Tags: Taxes

The 2018 Gift Tax Return Deadline Is Almost Here

Posted by L&H CPAs on Mar 27, 2019 9:00:00 AM

Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return — or whether filing one would be beneficial even if it isn’t required.

 

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Tags: Taxes

There’s Still Time for Small Business Owners to Set up a Sep Retirement Plan for Last Year

Posted by L&H CPAs on Mar 26, 2019 9:00:00 AM

If you own a business and don’t have a tax-advantaged retirement plan, it’s not too late to establish one and reduce your 2018 tax bill. A Simplified Employee Pension (SEP) can still be set up for 2018, and you can make contributions to it that you can deduct on your 2018 income tax return.

 

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Tags: Business Owners & Entrepreneurs

Vehicle-Expense Deduction Ins and Outs for Individual Taxpayers

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

It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return.

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Tags: Taxes

Careful Tax Planning Required for Incentive Stock Options

Posted by L&H CPAs on Mar 20, 2019 9:00:00 AM

Incentive stock options (ISOs) are a popular form of compensation for executives and other employees of corporations. They allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the ISO grant date. If the stock appreciates, you can buy shares at a price below what they’re then trading for. But careful tax planning is required because of the complex rules that apply.

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Tags: Taxes

Beware the Ides of March — if you own a pass-through entity

Posted by L&H CPAs on Mar 19, 2019 9:00:00 AM

Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March, more commonly known as March 15, is the federal income tax filing deadline for these “pass-through” entities.

 

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Tags: Business Owners & Entrepreneurs

If You’re Driven to Transfer a Vehicle’s Ownership to a Trust, Know the Risks

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

A revocable trust — often referred to as a “living trust” — can help ensure smooth management of your assets during life and avoid probate at death. And you may know that the trust isn’t effective unless you “fund” it — that is, transfer ownership of your assets to the trust.

But what about assets such as automobiles and other vehicles? Should you transfer them to your revocable trust?

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Tags: Estate Planning

2 Major Tax Law Changes for Individuals in 2019

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

While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under the act for 2019. Here’s a closer look.

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Tags: Taxes

Higher Mileage Rate May Mean Larger Tax Deductions for Business Miles in 2019

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

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the highest level since 2008. As a result, you might be able to claim a larger deduction for vehicle-related expense for 2019 than you can for 2018.

 

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Tags: Business Owners & Entrepreneurs

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