Your Tax Insights from L&H CPAs

Donate Appreciated Stock for Twice the Tax Benefits

Posted by L&H CPAs on Nov 22, 2018 8:40:00 AM

A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you donate long-term appreciated stock instead of cash?

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Tags: Taxes

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 Planning for Gains & Losses: What You Need to Know

Posted by L&H CPAs on Oct 10, 2018 12:18:57 PM

Fall is a good time to review year-to-date gains and losses on your investments. Not only can it help you assess your financial health, but it also can help you determine whether to buy or sell investments before year end to save taxes. This year, you also need to keep in mind the impact of the Tax Cuts and Jobs Act (TCJA). While the TCJA didn’t change long-term capital gains rates, it did change the tax brackets for long-term capital gains and qualified dividends.

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Tags: Taxes

Tax Deduction Ins and Outs of Donating Artwork to Charity

Posted by L&H CPAs on Oct 4, 2018 10:27:00 AM

If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property. The extra benefit from donating artwork comes from the fact that the top long-term capital gains rate for art and other “collectibles” is 28%, as opposed to 20% for most other appreciated property. 

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Tags: Taxes

Are You Playing Your Tax Cards Right with Gambling Wins and Losses?

Posted by L&H CPAs on Sep 19, 2018 11:49:01 AM

If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) could also have an impact.

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Tags: Taxes

Plan Ahead for Vacation Home Rentals

Posted by L&H CPAs on Sep 18, 2018 10:40:17 AM

Do you own a vacation home? If you both rent it out and use it personally, you might save tax by taking steps to ensure it qualifies as a rental property this year. Vacation home expenses that qualify as rental property expenses aren’t subject to the Tax Cuts and Jobs Act’s ( TCJA’s ) new limit on the itemized deduction for state and local taxes (SALT) or the lower debt limit for the itemized mortgage interest deduction.

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Tags: Taxes

Don't Be Surprised by Extenders Legislation

Posted by L&H CPAs on Sep 12, 2018 9:43:00 AM

The pieces of tax legislation garnering the most attention these days are the Tax Cuts and Jobs Act (TCJA) signed into law last December and the possible “Tax Reform 2.0” that Congress might pass this fall. But for certain individual taxpayers, what happens with “extenders” legislation is also important. 

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Tags: Taxes

Roth IRA Conversions Can't Be Undone Under Tax Reform

Posted by L&H CPAs on Aug 30, 2018 10:22:00 AM

 

Converting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement. But what if you convert your traditional IRA — subject to income taxes on all earnings and deductible contributions — and then discover you would have been better off if you hadn’t converted it?

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Tags: Taxes

What You Can Deduct When Volunteering

Posted by L&H CPAs on Aug 2, 2018 9:48:00 AM


Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you — your time — would also be deductible. Unfortunately, that’s not the case. 

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Tags: Taxes

Save Taxes with Green Tax Credits

Posted by L&H CPAs on Jul 26, 2018 11:01:00 AM


“Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill in addition to your energy bill, all while helping the environment, too. The catch is that, to reap all three benefits, you need to buy and install certain types of renewable energy equipment in the home.

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Tags: Taxes

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