Tax Strategies, Advice & Insights

TAX STRATEGIES, ADVICE, & INSIGHTS

Using Your 401(K) Plan to Save This Year and Next

Posted by L&H CPAs on Nov 18, 2019 4:04:27 AM

You can reduce taxes and save for retirement by contributing to a tax-advantaged retirement plan. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a taxwise way to build a nest egg.

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You May Be ABLE to Save for a Disabled Family Member with a Tax-Advantaged Account

Posted by L&H CPAs on Nov 18, 2019 3:46:33 AM

There’s a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done though an Achieving a Better Life...

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IRA Charitable Donations Are an Alternative to Taxable Required Distributions

Posted by L&H CPAs on Nov 18, 2019 3:24:25 AM

Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older, and don’t need the money from required minimum distributions, you may benefit by giving these amounts to charity.

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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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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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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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Tags: Taxes

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