Tax Strategies, Advice & Insights

TAX STRATEGIES, ADVICE, & INSIGHTS

“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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The Tax Implications of Being a Winner

Posted by L&H CPAs on Aug 13, 2019 9:00:00 AM

If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune.

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The “Kiddie Tax” Hurts Families More Than Ever

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

Years ago, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. And while the tax caused some families pain in the...

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The “Nanny Tax” Must Be Paid for More Than Just Nannies

Posted by L&H CPAs on Jul 25, 2019 9:00:00 AM

You may have heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a housekeeper, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other...

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Summer: A Good Time to Review Your Investments

Posted by L&H CPAs on Jul 18, 2019 9:41:46 AM

You may have heard about a proposal in Washington to cut the taxes paid on investments by indexing capital gains to inflation. Under the proposal, the purchase price of assets would be adjusted so that no tax is paid on the appreciation due to...

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Volunteering for Charity: Do You Get a Tax Break?

Posted by L&H CPAs on Jul 11, 2019 9:00:00 AM

If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth.

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If Your Kids Are off to Day Camp, You May Be Eligible for a Tax Break

Posted by L&H CPAs on Jun 26, 2019 6:14:04 AM

Now that most schools are out for the summer, you might be sending your children to day camp. It’s often a significant expense. The good news: You might be eligible for a tax break for the cost.

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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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