Tax Strategies, Advice & Insights

TAX STRATEGIES, ADVICE, & INSIGHTS

Hiring This Summer? You May Qualify for a Valuable Tax Credit

Posted by L&H CPAs on Jun 13, 2019 9:00:00 AM

Is your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for the Work Opportunity Tax Credit (WOTC). This includes youth whom you bring in this summer for two or three months. The maximum...

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Tags: Business Owners & Entrepreneurs

Employers: Be Aware (Or Beware) of a Harsh Payroll Tax Penalty

Posted by L&H CPAs on Jun 5, 2019 9:00:00 AM

If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make matters worse, the penalty can be assessed personally against a...

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Tags: Business Owners & Entrepreneurs

Tax-Smart Domestic Travel: Combining Business with Pleasure

Posted by L&H CPAs on May 30, 2019 9:00:00 AM

Summer is just around the corner, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner, you have a golden opportunity to combine a business trip with a few extra days of vacation and offset some...

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Tags: Business Owners & Entrepreneurs

Hire Your Children This Summer: Everyone Wins

Posted by L&H CPAs on May 22, 2019 9:00:00 AM

If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money. And you may be...

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Tags: Business Owners & Entrepreneurs

Consider a Roth 401(K) Plan — and Make Sure Employees Use It

Posted by L&H CPAs on May 14, 2019 9:00:00 AM

Roth 401(k) accounts have been around for 13 years now. Studies show that more employers are offering them each year. A recent study by the Plan Sponsor Council of America (PSCA) found that Roth 401(k)s are now available at 70% of employer plans,...

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Tags: Business Owners & Entrepreneurs

Employee vs. Independent Contractor: How Should You Handle Worker Classification?

Posted by L&H CPAs on Apr 30, 2019 9:00:00 AM

Many employers prefer to classify workers as independent contractors to lower costs, even if it means having less control over a worker’s day-to-day activities. But the government is on the lookout for businesses that classify workers as...

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Tags: Business Owners & Entrepreneurs

How Entrepreneurs Must Treat Expenses on Their Tax Returns

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

Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open the doors, you generally have to spend a lot of money. You may have to...

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Tags: Business Owners & Entrepreneurs

Will Leasing Equipment or Buying It Be More Tax Efficient for Your Business?

Posted by L&H CPAs on Apr 18, 2019 9:00:00 AM

Recent changes to federal tax law and accounting rules could affect whether you decide to lease or buy equipment or other fixed assets. Although there’s no universal “right” choice, many businesses that formerly leased assets are now deciding to...

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Tags: Business Owners & Entrepreneurs

When Are LLC Members Subject to Self-Employment Tax?

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

Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the form of guaranteed payments — aren’t subject to self-employment (SE) tax. But the IRS has been...

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Tags: Business Owners & Entrepreneurs

Could Your Business Benefit from the Tax Credit for Family and Medical Leave?

Posted by L&H CPAs on Apr 3, 2019 9:00:00 AM

The Tax Cuts and Jobs Act created a new federal tax credit for employers that provide qualified paid family and medical leave to their employees. It’s subject to numerous rules and restrictions and the credit is only available for two tax years —...

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Tags: Business Owners & Entrepreneurs

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