Tax Strategies, Advice & Insights

TAX STRATEGIES, ADVICE, & INSIGHTS

Take a Closer Look at Home Office Deductions

Posted by L&H CPAs on Jul 31, 2019 9:00:00 AM

Working from home has its perks. Not only can you skip the commute, but you also might be eligible to deduct home office expenses on your tax return. Deductions for these expenses can save you a bundle, if you meet the tax law qualifications.

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Tags: Business Owners & Entrepreneurs

Naming a Trustee May Be One of the Most Important Decisions of Your Life

Posted by L&H CPAs on Jul 30, 2019 10:23:10 AM

When it comes to estate planning, trusts are appealing for many reasons. They can enable you to hold and transfer assets for beneficiaries, avoid probate and reduce estate tax exposure. But they can be complicated to set up. One of the major...

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Tags: Estate Planning

Write Off Business-Related Vehicle Expenses

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

Q. I'm using my personal car in my business. How much can I deduct on my tax return for the vehicle expenses?

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Want to File an Amended Tax Return?

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

Let's say you discover a deduction that was overlooked on a federal tax return that has already been filed. Or yourealize that you didn't report some income. Perhaps you heard about a recently passed tax law that includes retroactive tax breaks...

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The “Nanny Tax” Must Be Paid for More Than Just Nannies

Posted by L&H CPAs on Jul 25, 2019 9:00:00 AM

You may have heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a housekeeper, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other...

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Tags: Taxes

Businesses Can Utilize the Same Information IRS Auditors Use to Examine Tax Returns

Posted by L&H CPAs on Jul 24, 2019 9:00:00 AM

The IRS uses Audit Techniques Guides (ATGs) to help IRS examiners get ready for audits. Your business can use the same guides to gain insight into what the IRS is looking for in terms of compliance with tax laws and regulations.

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Tags: Business Owners & Entrepreneurs

A Buy-Sell Agreement Can Provide the Liquidity to Cover Estate Taxes

Posted by L&H CPAs on Jul 23, 2019 11:08:22 AM

If you own an interest in a closely held business, it’s critical to have a well-designed, properly funded buy-sell agreement. Without one, an owner’s death can have a negative effect on the surviving owners.

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Tags: Estate Planning

Does Your Business Need a Temporary CFO?

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

Does your company need a chief financial officer but can't afford to hire one full time? Or does it simply need someone to help position your business for sale, see it through a special project or temporarily replace an executive who has fallen...

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Don’t Gamble With Your Home-Based Business

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

With today's technology, more and more people are setting up home-based businesses. However, many of these ventures are vulnerable to huge financial losses in the event of fire, theft, natural disaster or other catastrophes.

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Summer: A Good Time to Review Your Investments

Posted by L&H CPAs on Jul 18, 2019 9:41:46 AM

You may have heard about a proposal in Washington to cut the taxes paid on investments by indexing capital gains to inflation. Under the proposal, the purchase price of assets would be adjusted so that no tax is paid on the appreciation due to...

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Tags: Taxes

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