Your Tax Insights from L&H CPAs

When Holiday Gifts & Parties Are Deductible or Taxable

Posted by L&H CPAs on Dec 6, 2018 8:12:00 AM

The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invitations, though, it’s a good idea to find out whether the expense is tax deductible and whether it’s taxable to the recipient. Here’s a brief review of the rules.

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Tags: Business Owners & Entrepreneurs

It’s Not Too Late: You Can Still Set up a Retirement Plan for 2018

Posted by L&H CPAs on Dec 4, 2018 7:57:00 AM

If most of your money is tied up in your business, retirement can be a challenge. So if you haven’t already set up a tax-advantaged retirement plan, consider doing so this year. There’s still time to set one up and make contributions that will be deductible on your 2018 tax return!

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Tags: Retirement Planning, Business Owners & Entrepreneurs

Reduce 2018 Tax Liability - Buy Business Assets Before Year End

Posted by L&H CPAs on Nov 29, 2018 6:08:00 AM

The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses.

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Tags: Business Owners & Entrepreneurs

Remember to Include Intellectual Property in Your Estate Plan

Posted by L&H CPAs on Nov 28, 2018 7:06:00 AM

 

If your estate includes forms of intellectual property (IP), such as patents and copyrights, it’s important to know how to address them in your estate plan. Although these intangible assets can have great value, in many ways they’re treated differently from other property types.

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Tags: Business Owners & Entrepreneurs

Research Credit Available to Some Businesses for the First Time

Posted by L&H CPAs on Nov 21, 2018 7:05:00 AM

The Tax Cuts and Jobs Act (TCJA) didn’t change the federal tax credit for “increasing research activities,” but several TCJA provisions have an indirect impact on the credit. As a result, the research credit may be available to some businesses for the first time.

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Tags: Business Owners & Entrepreneurs

Including Employees in Your Estate Plan? Be Careful

Posted by L&H CPAs on Nov 20, 2018 8:30:00 AM

If you’re the owner of a small business, you may think of your tight-knit group of employees as a family. If you wish to include them as beneficiaries in your estate plan, it’s critical to be aware of possible unintended tax consequences.

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Tags: Business Owners & Entrepreneurs, Estate Planning

Selling Your Business? Defer & Possibly Reduce the Tax Hit

Posted by L&H CPAs on Nov 8, 2018 9:41:00 AM

You’ve spent years building your company and now are ready to move on to something else, whether launching a new business, taking advantage of another career opportunity or retiring. Whatever your plans, you want to get the return from your business that you’ve earned from all of the time and money you’ve put into it.

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Tags: Business Owners & Entrepreneurs

Now’s the Time to Review Your Business Expenses

Posted by L&H CPAs on Nov 1, 2018 10:07:00 AM

As we approach the end of the year, it’s a good idea to review your business’s expenses for deductibility. At the same time, consider whether your business would benefit from accelerating certain expenses into this year.

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Tags: Business Owners & Entrepreneurs

Tax-Free Fringe Benefits: Help for Your Businesses & Employees

Posted by L&H CPAs on Oct 25, 2018 9:31:10 AM

 

In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Benefits that are tax-free are especially attractive to employees. Let’s take a quick look at some popular options.

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Tags: Business Owners & Entrepreneurs

Will a Cost Segregation Study Help Your Business Accelerate Depreciation Deductions?

Posted by L&H CPAs on Oct 17, 2018 9:08:00 AM

Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a cost segregation study. It may allow you to accelerate depreciation deductions, thus reducing taxes and boosting cash flow. And the potential benefits are now even greater due to enhancements to certain depreciation-related breaks under the Tax Cuts and Jobs Act (TCJA).

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Tags: Business Owners & Entrepreneurs

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