Your Tax Insights from L&H CPAs

Save Taxes by Bunching Medical Expenses into 2018

Posted by L&H CPAs on Nov 14, 2018 1:09:39 PM

Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your tax advantage.

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Tags: Tax Reform

Consider All the Tax Consequences Before Making Gifts to Loved Ones

Posted by L&H CPAs on Nov 6, 2018 9:29:55 AM

Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime gifts, be aware that which assets you give can produce substantially different tax consequences.

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Tags: Tax Reform, Estate Planning

529 Plans Offer 2 Tax-Advantaged Funding Options

Posted by L&H CPAs on Oct 30, 2018 10:15:00 AM

Section 529 plans are a popular education-funding tool because of tax and other benefits. Two types are available: 1) prepaid tuition plans, and 2) savings plans. And one of these plans got even better under the Tax Cuts and Jobs Act (TCJA).

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Tags: Tax Reform, Taxes

TCJA Tax Reform and AMT: What You Should Know

Posted by L&H CPAs on Aug 22, 2018 10:20:00 AM

There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A repeal wasn’t included in the final version of the Tax Cuts and Jobs Act (TCJA), but the TCJA will reduce the number of taxpayers subject to the AMT.

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Tags: Tax Reform

Get Started on 2018 Tax Planning Now!

Posted by L&H CPAs on May 23, 2018 9:05:37 PM



With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be hoping to not think about taxes for the next several months. But for maximum tax savings, now is the time to start tax planning for 2018. It’s especially critical to get an early start this year because the Tax Cuts and Jobs Act (TCJA) has substantially changed the tax environment.

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Tags: Tax Reform

Tax Reform - Taxes on Capital Gains

Posted by L&H CPAs on Mar 26, 2018 4:02:11 PM

As the Tax Cuts and Jobs Act (TCJA) worked its way through the legislative channels last year, there was some uncertainty about how short- and long-term capital gains would be taxed. The final bill, passed into law in December 2017, may affect investors in different ways. There are some aspects of the new tax law as it relates to capital gains that will be familiar to investors. However, new capital gains tax rates are not tied to your ordinary income tax bracket, which can make calculating gains more complex.

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Tags: Tax Reform

Tax Reform: Expanded Use of 529 Education Tax Breaks

Posted by L&H CPAs on Mar 26, 2018 2:45:43 PM
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Tags: Tax Reform

Tax Reform - Federal Estate Tax Exemption

Posted by L&H CPAs on Mar 23, 2018 11:45:46 AM

While recent tax reform signed into law in December 2017, more commonly know as the Tax Cuts and Jobs Act (TJCA),  included a number of significant changes. One of the most notable changes for those of us with complex estate planning issues was the doubling of the federal estate tax exemption amount.

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Tags: Tax Reform

Tax Reform: Simplified Standard Deductions and Personal Exemption

Posted by L&H CPAs on Mar 22, 2018 10:48:53 AM

One of legislators’ stated aims with recent tax reform, formally known as The Tax Cuts and Jobs Act (TCJA), was to simplify the way Americans do their taxes. While the end result wasn’t the ability for taxpayers to file their taxes on a postcard, there are some provisions that will likely make the process of doing taxes easier for millions of Americans.

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Tags: Tax Reform

Tax Reform: Tax Bracket Changes

Posted by L&H CPAs on Mar 20, 2018 11:59:18 AM

Before the Tax Cuts and Jobs Act (TCJA) was finally signed into law in December 2017, there was widespread speculation about what changes it would mean for the existing federal income tax bracket structure. In the end, the number of income tax brackets didn’t change under the TCJA, but their rates – and their ranges – did.

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Tags: Tax Reform

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