TAX STRATEGIES, ADVICE, & INSIGHTS

Which Tax-Related Limits Affecting Your Business Are Increasing in 2019?

Posted by L&H CPAs on Jan 24, 2019 10:35:35 AM

A variety of tax-related limits affecting businesses are annually indexed for inflation, and many have gone up for 2019. Here’s a look at some of the most important changes that may affect you and your business.

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Tags: Business Owners & Entrepreneurs

There’s Still Time to Get Proof for 2018 Deductible Donations

Posted by L&H CPAs on Jan 23, 2019 10:01:41 AM

 

If you’re like many generous Americans, letters from your favorite charities have been appearing in your mailbox in recent weeks acknowledging your 2018 year-end donations. But what happens if you haven’t received such a letter — can you still claim an itemized deduction for the gift on your 2018 income tax return? It depends.

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Tags: Taxes

Is There Still Time to Pay 2018 Bonuses and Deduct on 2018 Return?

Posted by L&H CPAs on Jan 22, 2019 9:23:03 AM

There aren’t too many things businesses can do after a year ends to reduce tax liability for that year. However, you might be able to pay employee bonuses for 2018 in 2019 and still deduct them on your 2018 tax return. In certain circumstances, businesses can deduct bonuses employees have earned during a tax year if the bonuses are paid within 2½ months after the end of that year (by March 15 for a calendar-year company).

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Tags: Business Owners & Entrepreneurs

Automatic Extension Available for Making Portability Election

Posted by L&H CPAs on Jan 10, 2019 8:23:00 AM

Portability allows a surviving spouse to apply a deceased spouse’s unused estate tax exemption amount toward his or her own transfers during life or at death.

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Tags: Estate Planning

Here We Grow Again!

Posted by L&H CPAs on Jan 9, 2019 9:17:24 AM

L&H CPAs, one of REGION’S fastest-growing CPA firms, COMPLETES SECOND double merger In 18 months.

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Tags: Taxes

DAPT-Better Than a Prenup for Protecting Family Assets

Posted by L&H CPAs on Jan 9, 2019 7:15:00 AM

If you or one of your adult children is getting married, you may be concerned about protecting your family’s assets in the event of a divorce.

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Tags: Estate Planning

Liquidity an Issue? An Intrafamily Loan Can Cover Estate Taxes

Posted by L&H CPAs on Jan 8, 2019 8:59:00 AM

 

Sometimes estates that are large enough for estate taxes to be a concern are asset rich but cash poor, without the liquidity needed to pay those taxes. An intrafamily loan is one option.

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Tags: Estate Planning

Unleash the Benefits of a Nonspringing Power of Attorney

Posted by L&H CPAs on Jan 4, 2019 9:27:00 AM

 

Estate planning typically focuses on what happens to your children and your assets when you die. But it’s equally important to have a plan for making critical financial and medical decisions if you’re unable to make those decisions yourself. A crucial component of this plan is the power of attorney (POA) • specifically, a nonspringing POA.

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Tags: Estate Planning

Tax Reform & Cash Accounting for Your Business

Posted by L&H CPAs on Jan 3, 2019 7:50:00 AM

 

Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash method of accounting for federal tax purposes. The cash method offers greater tax-planning flexibility, allowing some businesses to defer taxable income. Newly eligible businesses should determine whether the cash method would be advantageous and, if so, consider switching methods.

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Tags: Business Owners & Entrepreneurs

Read This Before You Name a Trust as IRA Beneficiary

Posted by L&H CPAs on Jan 2, 2019 9:40:53 AM

An IRA is a popular vehicle to save for retirement, and it can also be a powerful estate planning tool. Some people designate a trust as beneficiary of their IRAs, but is that a good idea? The answer: possibly.

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Tags: Estate Planning

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