Tax Strategies, Advice & Insights

TAX STRATEGIES, ADVICE, & INSIGHTS

Donating Your Vehicle to Charity May Not Be a Taxwise Decision

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

You’ve probably seen or heard ads urging you to donate your car to charity. “Make a difference and receive tax savings,” one organization states. But donating a vehicle may not result in a big tax deduction — or any deduction at all.

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Thinking About Moving to Another State in Retirement? Don’t Forget About Taxes

Posted by L&H CPAs on Jun 4, 2019 9:30:14 AM

When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more...

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The Chances of IRS Audit Are down but You Should Still Be Prepared

Posted by L&H CPAs on May 29, 2019 9:00:00 AM

The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined as compared with prior years. However, even though a small percentage of tax returns are being chosen for audit these days, that...

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It’s a Good Time to Check Your Withholding and Make Changes, If Necessary

Posted by L&H CPAs on May 23, 2019 8:33:47 AM

Due to the massive changes in the Tax Cuts and Jobs Act (TCJA), the 2019 filing season resulted in surprises. Some filers who have gotten a refund in past years wound up owing money. The IRS reports that the number of refunds paid this year is...

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Selling Your Home? Consider These Tax Implications

Posted by L&H CPAs on May 17, 2019 6:12:10 AM

Spring and summer are the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may be out in full force in your area. Freddie Mac reports that the average 30-year fixed mortgage rate was 4.14% during the week...

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Check on Your Refund — and Find out Why the IRS Might Not Send It

Posted by L&H CPAs on May 8, 2019 9:00:00 AM

It’s that time of year when many people who filed their tax returns in April are checking their mail or bank accounts to see if their refunds have landed. According to the IRS, most refunds are issued in less than 21 calendar days. However, it...

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Plug in Tax Savings for Electric Vehicles

Posted by L&H CPAs on May 1, 2019 9:00:00 AM

 While the number of plug-in electric vehicles (EVs) is still small compared with other cars on the road, it’s growing — especially in certain parts of the country. If you’re interested in purchasing an electric or hybrid vehicle, you may be...

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Casualty Loss Deductions: You Can Claim One Only for a Federally Declared Disaster

Posted by L&H CPAs on Apr 23, 2019 10:01:02 AM

 Unforeseen disasters happen all the time and they may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act, eligible casualty loss victims could claim a deduction on their tax returns. But there are new restrictions...

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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...

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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...

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