Tax Strategies, Advice & Insights

TAX STRATEGIES, ADVICE, & INSIGHTS

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...

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Tags: Estate Planning

Useful Q4 Tax Calendar for Businesses & Employers

Posted by L&H CPAs on Sep 11, 2018 9:26:00 AM

Here are some of the key tax-related deadlines affecting your businesses during the fourth quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re...

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Tags: Business Owners & Entrepreneurs

Document Your Most Important Wishes

Posted by L&H CPAs on Aug 16, 2018 10:46:00 AM

It may be difficult to consider, but funeral arrangements are a critical component of your estate plan. Failure to clearly communicate your wishes regarding the disposition of your remains can lead to tension, disputes and even litigation among...

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Tags: Estate Planning

Kiddie Tax Grows up - More Dangerous Than Ever

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

Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets. To discourage such strategies, Congress created the “kiddie” tax...

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Tags: Estate Planning

Ensure Your Business Deductions Pass Muster with the IRS

Posted by L&H CPAs on Aug 14, 2018 12:37:30 PM

Meal, vehicle and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by the IRS.

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Charitable Gift Annuities - Double Duty Giving

Posted by L&H CPAs on Aug 9, 2018 10:48:00 AM

If you’re charitably inclined, you may wish to consider a charitable gift annuity. It can combine the benefits of an immediate income tax deduction and a lifetime income stream. Furthermore, it allows you to support a favorite charity and reduce...

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Tags: Estate Planning

Small Business Entity Choices and QBI Deductions

Posted by L&H CPAs on Aug 8, 2018 11:30:17 AM

The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships,...

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Tags: Business Owners & Entrepreneurs

What Happens to Your Bitcoin When You Die?

Posted by L&H CPAs on Aug 7, 2018 10:30:00 AM

Don't let digital assets complicate your estate planning process. Even though you can’t physically touch digital assets, they’re just as important to include in your estate plan as your material assets. Cryptocurrency is just the tip of the...

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Tags: Estate Planning

What You Can Deduct When Volunteering

Posted by L&H CPAs on Aug 2, 2018 9:48:00 AM

Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you — your time — would also be deductible. Unfortunately, that’s not the...

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Tags: Taxes

How to Avoid Getting Hit with Payroll Tax Penalties

Posted by L&H CPAs on Aug 1, 2018 10:45:00 AM

For small businesses, managing payroll can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income tax withholding based on the new tables issued by the IRS. (Those tables account for changes under the Tax...

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Tags: Business Owners & Entrepreneurs

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