TAX STRATEGIES, ADVICE, & INSIGHTS

Still Working After Age 70½? You May Not Have to Begin 401(K) Withdrawals

Posted by L&H CPAs on Apr 16, 2019 9:00:00 AM

If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required withdrawals from the plan no later than April 1 of the year after which you turn age 70½. However, there’s an exception that applies to certain plan participants who are still working for the entire year in which they turn 70½.

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Tags: Taxes

Investment Interest Expense Is Still Deductible, but That Doesn’t Necessarily Mean You’ll Benefit

Posted by L&H CPAs on Apr 11, 2019 9:00:00 AM

As you likely know by now, the Tax Cuts and Jobs Act (TCJA) reduced or eliminated many deductions for individuals. One itemized deduction the TCJA kept intact is for investment interest expense. This is interest on debt used to buy assets held for investment, such as margin debt used to buy securities. But if you have investment interest expense, you can’t count on benefiting from the deduction.

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Tags: Taxes

Stretch Your College Student’s Spending Money with the Dependent Tax Credit

Posted by L&H CPAs on Apr 2, 2019 9:00:00 AM

If you’re the parent of a child who is age 17 to 23, and you pay all (or most) of his or her expenses, you may be surprised to learn you’re not eligible for the child tax credit. But there’s a dependent tax credit that may be available to you. It’s not as valuable as the child tax credit, but when you’re saving for college or paying tuition, every dollar counts!

 

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Tags: Taxes

The 2018 Gift Tax Return Deadline Is Almost Here

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

Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return — or whether filing one would be beneficial even if it isn’t required.

 

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Tags: Taxes

Vehicle-Expense Deduction Ins and Outs for Individual Taxpayers

Posted by L&H CPAs on Mar 21, 2019 9:00:00 AM

It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return.

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Tags: Taxes

Careful Tax Planning Required for Incentive Stock Options

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

Incentive stock options (ISOs) are a popular form of compensation for executives and other employees of corporations. They allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the ISO grant date. If the stock appreciates, you can buy shares at a price below what they’re then trading for. But careful tax planning is required because of the complex rules that apply.

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Tags: Taxes

2 Major Tax Law Changes for Individuals in 2019

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

While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under the act for 2019. Here’s a closer look.

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Tags: Taxes

A Review of Significant TCJA Provisions Impacting Individual Taxpayers

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

Now that 2019 has begun, there isn’t too much you can do to reduce your 2018 income tax liability. But it’s smart to begin preparing for filing your 2018 return. Because the Tax Cuts and Jobs Act (TCJA), which was signed into law at the end of 2017, likely will have a major impact on your 2018 taxes, it’s a good time to review the most significant provisions impacting individual taxpayers.

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Tags: Taxes

3 Big TCJA Changes Affecting 2018 Individual Tax Returns and Beyond

Posted by L&H CPAs on Feb 28, 2019 9:00:00 AM

When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and reduced itemized deductions. For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) makes significant changes to personal exemptions, standard deductions and the child credit. The degree to which these changes will affect you depends on whether you have dependents and, if so, how many. It also depends on whether you typically itemize deductions.

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Tags: Taxes

Some of Your Deductions May Be Smaller (Or Nonexistent) When You File Your 2018 Tax Return

Posted by L&H CPAs on Feb 26, 2019 9:00:00 AM

While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five deductions you may see shrink or disappear when you file your 2018 income tax return:

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Tags: Taxes

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