TAX STRATEGIES, ADVICE, & INSIGHTS

You May Be Able to Save More for Retirement in 2019

Posted by L&H CPAs on Feb 12, 2019 9:00:00 AM

Retirement plan contribution limits are indexed for inflation, and many have gone up for 2019, giving you opportunities to increase your retirement savings:

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Tags: Taxes

Don't Wait to File Your 2018 Income Tax Return

Posted by L&H CPAs on Feb 6, 2019 10:13:41 AM

The IRS opened the 2018 income tax return filing season on January 28. Even if you typically don’t file until much closer to the April 15 deadline, this year consider filing as soon as you can. Why? You can potentially protect yourself from tax identity theft — and reap other benefits, too.

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Tags: Taxes

Are You Eligible for the New Dependent Credit and HOH Filing Status?

Posted by L&H CPAs on Jan 30, 2019 2:16:32 PM

The IRS continues to publish guidance to clarify provisions of the Tax Cuts and Jobs Act (TCJA). Here's what you need to know about qualifying for the new $500 tax credit for dependents and beneficial head of household (HOH) filing status based on having a non-qualifying-child dependent.

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Tags: Taxes

Can You Have Too Much Tax Deferral?

Posted by L&H CPAs on Jan 30, 2019 1:40:07 PM

Taking steps to defer your individual federal income tax bill is often a good idea. If you expect to be in the same tax bracket in future years, lowering this year's taxable income will postpone your tax bill and give you extra cash to work with until the bill comes due. If your tax rates turn out to be lower in future years, deferring taxable income into those future years will cause the deferred amounts to be taxed at lower rates.

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Tags: Taxes

There’s Still Time to Get Proof for 2018 Deductible Donations

Posted by L&H CPAs on Jan 23, 2019 10:01:41 AM

 

If you’re like many generous Americans, letters from your favorite charities have been appearing in your mailbox in recent weeks acknowledging your 2018 year-end donations. But what happens if you haven’t received such a letter — can you still claim an itemized deduction for the gift on your 2018 income tax return? It depends.

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Tags: Taxes

Here We Grow Again!

Posted by L&H CPAs on Jan 9, 2019 9:17:24 AM

L&H CPAs, one of REGION’S fastest-growing CPA firms, COMPLETES SECOND double merger In 18 months.

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Tags: Taxes

2018 Year-End Tax Planning

Posted by L&H CPAs on Dec 21, 2018 1:26:01 PM

TAX REFORM IMPACT: INDIVIDUALS

Tax rates have decreased, personal exemption was eliminated, standard deduction doubled, & some popular deductions changed. Here’s a recap of some of the most common changes our clients are asking about:

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Tags: Taxes

Does Prepaying Property Taxes Make Sense Anymore?

Posted by L&H CPAs on Dec 18, 2018 8:54:00 AM

Prepaying property taxes related to the current year but due the following year has long been one of the most popular and effective year-end tax-planning strategies. But does it still make sense in 2018?

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Tags: Taxes

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

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