Tax Strategies, Advice & Insights

TAX STRATEGIES, ADVICE, & INSIGHTS

Accelerate Depreciation Deductions with a Cost Segregation Study

Posted by L&H CPAs on Nov 12, 2019 8:06:58 AM

Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain...

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Tags: Business Owners & Entrepreneurs

Setting up a Health Savings Account for Your Small Business

Posted by L&H CPAs on Oct 29, 2019 9:32:14 AM

Given the escalating cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, HSAs offer a tax-advantaged way...

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Tags: Business Owners & Entrepreneurs

The Chances of an IRS Audit Are Low, but Business Owners Should Be Prepared

Posted by L&H CPAs on Oct 13, 2019 2:33:20 PM

Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In fiscal year 2018, the IRS audited approximately 0.6% of individuals. Businesses, large corporations and high-income...

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Tags: Business Owners & Entrepreneurs

How to Treat Your Business Website Costs for Tax Purposes

Posted by L&H CPAs on Oct 9, 2019 8:11:01 AM

 

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Tags: Business Owners & Entrepreneurs

5 Ways to Withdraw Cash from Your Corporation While Avoiding Dividend Treatment

Posted by L&H CPAs on Sep 24, 2019 6:58:08 AM

Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient, since it’s taxable to you to the extent of your...

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Tags: Business Owners & Entrepreneurs

2019 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

Posted by L&H CPAs on Sep 17, 2019 10:58:53 AM

 

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Tags: Business Owners & Entrepreneurs

The Key to Retirement Security Is Picking the Right Plan for Your Business

Posted by L&H CPAs on Sep 17, 2019 10:52:18 AM

If you’re a small business owner or you’re involved in a start-up, you may want to set up a tax-favored retirement plan for yourself and any employees. Several types of plans are eligible for tax advantages.

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Tags: Business Owners & Entrepreneurs

The Tax Implications of a Company Car

Posted by L&H CPAs on Sep 10, 2019 11:00:06 AM

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course,...

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Tags: Business Owners & Entrepreneurs

Should You Elect S Corporation Status?

Posted by L&H CPAs on Aug 28, 2019 11:13:44 AM

Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be able to lower their exposure to Social Security...

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Tags: Business Owners & Entrepreneurs

What to Do If Your Business Receives a “No-Match” Letter

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

In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers if there’s a discrepancy between the agency’s...

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Tags: Business Owners & Entrepreneurs

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