Tax Strategies, Advice & Insights

TAX STRATEGIES, ADVICE, & INSIGHTS

Selling Securities by Year End? Avoid the Wash Sale Rule

Posted by L&H CPAs on Nov 12, 2019 8:15:31 AM

If you’re planning to sell assets at a loss to offset gains that have been realized during the year, it’s important to be aware of the “wash sale” rule.

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Tags: Taxes

Use a Coverdell ESA to Help Pay College, Elementary and Secondary School Costs

Posted by L&H CPAs on Oct 29, 2019 9:37:31 AM

There are several ways to save for your child’s or grandchild’s education, including with a Coverdell Education Savings Account (ESA). Although for federal tax purposes there’s no upfront deduction for contributions made to an ESA, the earnings...

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Tags: Taxes

Watch out for tax-related scams

Posted by L&H CPAs on Oct 13, 2019 2:49:15 PM

“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. Criminals can contact victims through regular mail, telephone calls and email messages. Here are just two of the scams the tax...

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Take Advantage of the Gift Tax Exclusion Rules

Posted by L&H CPAs on Oct 13, 2019 2:38:00 PM

As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of gift taxes to their children and others each year through the use of the...

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When Is Tax Due on Series EE Savings Bonds?

Posted by L&H CPAs on Oct 9, 2019 8:18:30 AM

 

You may have Series EE savings bonds that were bought many years ago. Perhaps you store them in a file cabinet or safe deposit box and rarely think about them. You may wonder how the interest you earn on EE bonds is taxed. And if they reach...

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Tags: Taxes

Uncle Sam May Provide Relief from College Costs on Your Tax Return

Posted by L&H CPAs on Oct 2, 2019 7:28:05 AM

We all know the cost of college is expensive. The latest figures from the College Board show that the average annual cost of tuition and fees was $10,230 for in-state students at public four-year universities — and $35,830 for students at private...

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Tags: Taxes

Getting a Divorce? There Are Tax Issues You Need to Understand

Posted by L&H CPAs on Sep 24, 2019 6:49:29 AM

In addition to the difficult personal issues that divorce entails, several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are four issues to understand...

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Expenses That Teachers Can and Can’t Deduct on Their Tax Returns

Posted by L&H CPAs on Sep 10, 2019 11:03:18 AM

As teachers head back for a new school year, they often pay for various expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct them on their tax returns. However, there are limits on this special deduction,...

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Taking Distributions from Your Traditional IRA

Posted by L&H CPAs on Aug 28, 2019 11:23:47 AM

If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for withdrawals from these retirement-savings vehicles.

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Tags: Taxes

“Innocent Spouses” May Get Relief from Tax Liability

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

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS can come after either spouse to collect the entire tax — not just the...

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Tags: Taxes

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