Run The Numbers Before Donating Appreciated Assets To Charity

Are you charitably inclined? If so, you probably know that donations of long-term appreciated assets, such as stocks, have an advantage over cash donations. But in some cases, selling appreciated assets and donating the proceeds may be a better strategy. That’s because adjusted gross income (AGI) li..........

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Scott Henvey
Scott Henvey

16 January, 2023

Run The Numbers Before Donating Appreciated Assets To Charity

Are you charitably inclined? If so, you probably know that donations of long-term appreciated assets, such as stocks, have an advantage over cash donations. But in some cases, selling appreciated a..........

Read More
Scott Henvey
Scott Henvey

16 January, 2023

The Standard Business Mileage Rate Is Going Up In 2023

Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be go..........

Read More
Scott Henvey
Scott Henvey

16 January, 2023

SECURE 2.0 Law May Make You More Secure In Retirement

A new law was recently signed to help Americans save more for retirement, although many of the provisions don’t kick in for a few years. The Setting Every Community Up for Retirement Enhancement 2...........

Read More
Maurice La Verdure
Maurice La Verdure

16 January, 2023

Can You Qualify For The QBI Deduction In 2022?

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduc..........

Read More
Scott Henvey
Scott Henvey

16 December, 2022

Selling stock by year-end? Watch out for the wash sale rule.

If you’re thinking about selling stock shares at a loss to offset gains that you’ve realized during 2022, it’s important to watch out for the “wash sale” rule.

Read More
Maurice La Verdure
Maurice La Verdure

16 December, 2022

Business Owners

Choosing a business entity? Here are the pros and cons of a C corporation.

If you’re launching a new business venture, you’re probably wondering which form of business is most suitable. Here is a summary of the major advantages and disadvantages of doing business as a C&n..........

Read More
Maurice La Verdure
Maurice La Verdure

5 December, 2022

Business Owners

Intangible assets: How must the costs incurred be capitalized?

These days, most businesses have some intangible assets. The tax treatment of these assets can be complex.

Read More
Scott Henvey
Scott Henvey

29 November, 2022

Taxes, Planning

How Inflation Will Affect Your 2022 And 2023 Tax Bills

The effects of inflation are all around. You’re probably paying more for gas, food, health care and other expenses than you were last year. Are you wondering how high inflation will affect your fed..........

Read More
Maurice La Verdure
Maurice La Verdure

17 November, 2022

Investing, Retirement Planning, Taxes

How Savings Bonds Are Taxed

Many people have savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself. You may wonder how the interest you earn is t..........

Read More
Maurice La Verdure
Maurice La Verdure

17 November, 2022

Taxes, Gift Tax

Annual Gift Tax Exclusion Amount Increases For 2023

Did you know that one of the most effective estate-tax-saving techniques is also one of the simplest and most convenient? By making maximum use of the annual gift tax exclusion, you can pass substa..........

Read More
Scott Henvey
Scott Henvey

17 November, 2022

Year-End Tax Planning Ideas For Individuals

Now that fall is officially here, it’s a good time to start taking steps that may lower your tax bill for this year and next.

Read More
Scott Henvey
Scott Henvey

10 October, 2022

Worried about an IRS audit? Prepare in advance.

IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) Read More

Scott Henvey
Scott Henvey

10 October, 2022

Trusting A Trust To Keep Your Assets Secure

Whether the economic climate is stable or volatile, one thing never changes: the need to protect your assets from risk. Hazards may occur as a result of factors entirely outside of your control, su..........

Read More
Maurice La Verdure
Maurice La Verdure

10 October, 2022

The Inflation Reduction Act: what’s in it for you?

You may have heard that the Inflation Reduction Act (IRA) was signed into law recently. While experts have varying opinions about whether it will reduce inflation in the near future, it contains, e..........

Read More
Maurice La Verdure
Maurice La Verdure

6 September, 2022

Taxes

Is your income high enough to owe two extra taxes?

High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Here’s an overview of the taxes and wha..........

Read More
Scott Henvey
Scott Henvey

6 September, 2022

Estate Planning

Does your trust provide for the removal of a trustee?

To ensure that a trust operates as intended, it’s critical to appoint a trustee that you can count on to carry out your wishes. But to avoid protracted court battles in the event that the trustee i..........

Read More
Maurice La Verdure
Maurice La Verdure

6 September, 2022

How to avoid the early withdrawal tax penalty on IRA distributions

When you take withdrawals from your traditional IRA, you probably know that they’re taxable. But there may be a penalty tax on early withdrawals depending on how old you are when you take them and ..........

Read More
Maurice La Verdure
Maurice La Verdure

9 August, 2022

How to treat business website costs for tax purposes

These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on when website costs can be deducted.

Read More
Maurice La Verdure
Maurice La Verdure

9 August, 2022

Is your tax withholding adequate? Here’s how to check

When you filed your federal tax return this year, were you surprised to find you owed money? You might want to change your withholding so that this doesn’t happen again next year. You might even wa..........

Read More
Scott Henvey
Scott Henvey

9 August, 2022

The tax obligations if your business closes its doors

The tax obligations if your business closes its doors

Sadly, many businesses have been forced to shut down recently due to the pandemic and the economy. If this is your situation, we can ..........

Read More
Maurice La Verdure
Maurice La Verdure

11 July, 2022

Taxes, Planning

The GST tax and your estate plan: What you need to know

The GST tax and your estate plan: What you need to know

Here’s a not-so-fun fact: The generation-skipping transfer (GST) tax is among the harshest and most complex in the tax code. So, if..........

Read More
Scott Henvey
Scott Henvey

11 July, 2022

Business Owners & Entrepreneurs

How do taxes factor into an M&A transaction?

How do taxes factor into an M&A transaction?

Although merger and acquisition activity has been down in 2022, according to various reports, there are still companies being bought and s..........

Read More
Maurice La Verdure
Maurice La Verdure

11 July, 2022

Your estate plan: Don’t forget about income tax planning

As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned with the federal estate tax. Before 2011, a much smaller amount res..........

Read More
Maurice La Verdure
Maurice La Verdure

21 June, 2022

Understanding the increase in mileage deduction.

Businesses will soon be able to deduct more under the standard mileage rate

Business owners are aware that the price of gas is historically high, which has made their v..........

Read More
Scott Henvey
Scott Henvey

21 June, 2022

4 estate planning documents your college-aged child should have

Does your college-aged child have a basic estate plan? In more cases than not, the answer is “no.” The good news is that the summer months are the perfect time to enlist the help of an estate..........

Read More
Maurice La Verdure
Maurice La Verdure

21 June, 2022

Want to turn a hobby into a business? Watch out for the tax rules

Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is pr..........

Read More
Maurice La Verdure
Maurice La Verdure

9 May, 2022

smallbusiness

Tax considerations when adding a new partner at your business

Adding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a ne..........

Read More
Maurice La Verdure
Maurice La Verdure

9 May, 2022

Are you and your spouse considering “splitting” gifts?

Gift splitting can be a valuable estate planning tool, allowing you and your spouse to maximize the amount of wealth you can transfer tax-free..........

Read More
Scott Henvey
Scott Henvey

9 May, 2022

Fully deduct business meals this year

The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the..........

Read More
Maurice La Verdure
Maurice La Verdure

11 April, 2022

Taxes

The tax rules of renting out a vacation property

Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out for p..........

Read More
Maurice La Verdure
Maurice La Verdure

11 April, 2022

Estate Planning

Power up your trust with Crummey powers

The unified gift and estate tax exemption is set at an inflation-adjusted $12.06 million for 2022, up from $11.7 million for 2021. This means that for..........

Read More
Scott Henvey
Scott Henvey

11 April, 2022

Business Owners & Entrepreneurs, Retirement Planning, Tax Reform, Planning, Business Owners, smallbusiness

There still may be time to cut your tax bill with an IRA

If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it. If yo..........

Read More
Scott Henvey
Scott Henvey

11 March, 2022

Estate Planning, Tax Reform, Retirees, Investment Advisory & Wealth Mangement

Defined-value gifts: Plan carefully to avoid unpleasant tax surprises

For 2022, the federal gift and estate tax exemption has reached its highest level ever. In fact, you can transfer up to $12.06 million by gift..........

Read More
Maurice La Verdure
Maurice La Verdure

11 March, 2022

Retirement Planning, Estate Planning, Tax Reform, Retirees, Investment Advisory & Wealth Mangement

Owning real estate in more than one state may multiply probate costs

One goal of estate planning is to avoid or minimize probate. This is particularly important if you own real estate in more than one state. Why..........

Read More
Scott Henvey
Scott Henvey

9 March, 2022

Executives, Accounting Services, Business Owners, smallbusiness

The election to apply the research tax credit against payroll taxes

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break ava..........

Read More
Maurice La Verdure
Maurice La Verdure

9 March, 2022

Taxes, Unemployed

Lost your job? Here are the tax aspects of an employee termination

Despite the robust job market, there are still some people losing their jobs. If you’re laid off or terminated from employment, taxes are prob..........

Read More
Scott Henvey
Scott Henvey

9 March, 2022

Taxes, Tax Reform, Business Owners, smallbusiness

Important tax aspects of operating your business as a sole proprietor

If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of you..........

Read More
Maurice La Verdure
Maurice La Verdure

16 February, 2022

Taxes, Tax Reform, Planning, Accounting Services, Tax Audit

Did you give to charity in 2021? Make sure you have substantiation

If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But wh..........

Read More
Scott Henvey
Scott Henvey

16 February, 2022

Taxes, Estate Planning, Planning, Business Consulting

The donor-advised fund: A powerful vehicle for charitable giving

If charitable giving is important to you, consider a donor-advised fund (DAF). A DAF — typically sponsored and managed by a community foundati..........

Read More
Maurice La Verdure
Maurice La Verdure

16 February, 2022

Taxes, Planning, Business Consulting, Advance Child Tax Credit, Tax Audit

Making withdrawals from your closely held corporation that aren’t taxed as dividends

Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. H..........

Read More
Scott Henvey
Scott Henvey

16 February, 2022

Taxes, Planning, Business Consulting, Advance Child Tax Credit, Tax Audit

Married couples filing separate tax returns: Why would they do it?

If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation.<..........

Read More
Maurice La Verdure
Maurice La Verdure

21 February, 2022

Business Owners & Entrepreneurs, Taxes, Executives, Business Consulting, smallbusiness, Tax Audit

Commission fraud: When salespeople get paid more than they’ve earned

Many employees — from retail workers to sales staffers involved in complex business-to-business transactions — receive part of their compensat..........

Read More
Scott Henvey
Scott Henvey

20 January, 2022

Retirement Planning, Taxes, Retirees, Divorcees and Widows, Investment Advisory & Wealth Mangement

Avoiding undue influence claims

A primary purpose of estate planning is to ensure that your wealth is distributed according to your wishes after you die. But if a family memb..........

Read More
Maurice La Verdure
Maurice La Verdure

18 January, 2022

Retirement Planning, Taxes, Tax Reform, Planning, Retirees, Divorcees and Widows

Are you eligible for a medical expense tax deduction?

You may pay out a bundle in out-of-pocket medical costs each year. But can you deduct them on your tax return? It’s possible but not easy. Med..........

Read More
Scott Henvey
Scott Henvey

12 January, 2022

Investing, Taxes, Executives, Tax Reform, Planning, Investment Advisory & Wealth Mangement

With proper planning, a charitable remainder trust can replicate a “stretch” IRA

The “stretch” IRA generally no longer exists. But if you have a substantial balance in a traditional IRA, a properly designed charitable remai..........

Read More
Maurice La Verdure
Maurice La Verdure

12 January, 2022

Taxes, Executives, Tax Reform, Planning, Business Owners, smallbusiness

Businesses with employees who receive tips may be eligible for a tax credit

If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit in..........

Read More
Scott Henvey
Scott Henvey

12 January, 2022

Taxes, Executives, Tax Reform, Planning, Retirees, Divorcees and Widows

How will revised tax limits affect your 2022 taxes?

While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. Th..........

Read More
Maurice La Verdure
Maurice La Verdure

12 January, 2022

Taxes, Tax Reform, Planning, Business Owners, smallbusiness

Small businesses: There still may be time to cut your 2021 taxes

Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. You still have time to execute a ..........

Read More
Scott Henvey
Scott Henvey

15 December, 2021

Taxes, Estate Planning, Tax Reform, Planning, Divorcees and Widows

Is your estate plan up to date following a divorce?

If you’ve recently divorced, your time likely has been consumed with attorney meetings and negotiations, even if everything was amicable. Prob..........

Read More
Scott Henvey
Scott Henvey

13 December, 2021

Business Owners & Entrepreneurs, Taxes, Tax Reform, Planning, Business Owners, smallbusiness

Providing a company car? Here’s how taxes are handled

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions fo..........

Read More
Maurice La Verdure
Maurice La Verdure

13 December, 2021

Taxes, Estate Planning, Tax Reform, Planning, Retirees, Divorcees and Widows, Investment Advisory & Wealth Mangement

With year-end approaching, 3 ideas that may help cut your tax bill

If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three qui..........

Read More
Maurice La Verdure
Maurice La Verdure

13 December, 2021

Taxes, Estate Planning, Tax Reform, Planning, Retirees, Divorcees and Widows, Investment Advisory & Wealth Mangement

Prepare for a new year by reviewing your estate plan

Hopefully, you already have a sound estate plan in place to protect the interests of your heirs and minimize potential estate tax liability. B..........

Read More
Scott Henvey
Scott Henvey

9 December, 2021

Taxes, Estate Planning, Tax Reform, Planning, Retirees, Divorcees and Widows, Investment Advisory & Wealth Mangement

Do you have a will?

The need for a will as a key component of your estate plan may seem obvious, but you’d be surprised by the number of people — even affluent in..........

Read More
Maurice La Verdure
Maurice La Verdure

15 November, 2021

Taxes, Estate Planning, Tax Reform, Planning, Retirees, Divorcees and Widows, Investment Advisory & Wealth Mangement, Gift Tax

Feeling generous at year end? Strategies for donating to charity or gifting to loved ones

As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the ..........

Read More
Scott Henvey
Scott Henvey

15 November, 2021

Business Owners & Entrepreneurs, Taxes, Tax Reform, Business Owners, smallbusiness

Businesses can show appreciation — and gain tax breaks — with holiday gifts and parties

With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its grati..........

Read More
Maurice La Verdure
Maurice La Verdure

15 November, 2021

Business Owners & Entrepreneurs, Taxes, Tax Reform, Planning, Business Owners, smallbusiness

Employers: The Social Security wage base is increasing in 2022

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 ..........

Read More
Scott Henvey
Scott Henvey

3 November, 2021

Taxes, Tax Reform, Planning

The tax score of winning

Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more trad..........

Read More
Maurice La Verdure
Maurice La Verdure

5 October, 2021

Business Owners & Entrepreneurs, Investing, Taxes, Executives, Tax Reform

Is a significant portion of your wealth concentrated in a single stock?

Estate planning and investment risk management go hand in hand. After all, an estate plan is effective only if you have some wealth to transfe..........

Read More
Scott Henvey
Scott Henvey

1 October, 2021

Taxes, Executives, Tax Reform, Business Owners, smallbusiness

Tax depreciation rules for business automobiles

If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, ..........

Read More
Maurice La Verdure
Maurice La Verdure

27 September, 2021

Retirement Planning, Taxes, Tax Reform, Planning

Is a Health Savings Account right for you?

Given the escalating cost of health care, there may be a more cost-effective way to pay for it. For eligible individuals, a Health Savings Acc..........

Read More
Scott Henvey
Scott Henvey

23 September, 2021

Taxes, Tax Reform, Planning, Divorcees and Widows, Gift Tax

Planning for year-end gifts with the gift tax annual exclusion

As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly usin..........

Read More
Maurice La Verdure
Maurice La Verdure

21 September, 2021

Taxes, Executives, Tax Reform, Planning, Business Owners, smallbusiness

Claiming theft loss deduction if business is victim of embezzlement

A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it does b..........

Read More
Scott Henvey
Scott Henvey

16 September, 2021

Business Owners & Entrepreneurs, Taxes, Executives, Planning, Business Owners, smallbusiness

Tax breaks to consider during National Small Business Week

The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week, here..........

Read More
Maurice La Verdure
Maurice La Verdure

14 September, 2021

Taxes, Planning, Divorcees and Widows, Casualty Loss, Federally Declared Disaster

You can only claim a casualty loss tax deduction in certain situations

In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where yo..........

Read More
Scott Henvey
Scott Henvey

9 September, 2021

Retirement Planning, Taxes, Planning, Retirees, Divorcees and Widows, Investment Advisory & Wealth Mangement, Education

Estate planning in a socially distanced environment

As many states continue to struggle with the current surge in COVID-19 cases, the “new normal” demands continued social distancing in many are..........

Read More
Maurice La Verdure
Maurice La Verdure

7 September, 2021

Taxes, Planning, Investment Advisory & Wealth Mangement, Education

Scholarships are usually tax free but may result in taxable income

If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fello..........

Read More
Scott Henvey
Scott Henvey

3 September, 2021

Retirement Planning, Taxes, Estate Planning, Planning, Retirees, Divorcees and Widows

Is recording my will signing on video a good idea?

Some people make video recordings of their will signings in an effort to create evidence that they possess the requisite testamentary capacity..........

Read More
Maurice La Verdure
Maurice La Verdure

1 September, 2021

Business Owners & Entrepreneurs, Taxes, Executives, Planning, Business Owners, Divorcees and Widows, smallbusiness

Getting a divorce? Be aware of tax implications if you own a business

If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your bi..........

Read More
Scott Henvey
Scott Henvey

30 August, 2021

Business Owners & Entrepreneurs, Taxes, Executives, Business Owners, smallbusiness, Tax Audit

Does your employer provide life insurance? See the tax consequences

Employer-provided life insurance is a coveted fringe benefit. However, if group term life insurance is part of your benefit package, and the c..........

Read More
Maurice La Verdure
Maurice La Verdure

26 August, 2021

Business Owners & Entrepreneurs, Executives, Business Owners, Business Consulting, smallbusiness, Tax Audit

Large cash transactions with your business must be reported to the IRS

If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS.

Read More
Scott Henvey
Scott Henvey

24 August, 2021

Business Owners & Entrepreneurs, Retirement Planning, Executives, Retirees, Business Owners, Investment Advisory & Wealth Mangement, smallbusiness

With a self-directed IRA, you choose your own investments

If you’re the type who would rather order ala carte rather than a set entrée, you might prefer a “self-directed” IRA. With this option, you ma..........

Read More
Maurice La Verdure
Maurice La Verdure

20 August, 2021

Business Owners & Entrepreneurs, Taxes, Executives, Retirees, Business Owners, Investment Advisory & Wealth Mangement

Possible tax consequences of guaranteeing a loan to your corporation

What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser or indemnitor of..........

Read More
Maurice La Verdure
Maurice La Verdure

18 August, 2021

Retirement Planning, Taxes, Retirees, Divorcees and Widows, Investment Advisory & Wealth Mangement

5 possible tax aspects of a parent moving into a nursing home

If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications. Here a..........

Read More
Scott Henvey
Scott Henvey

12 August, 2021

Business Owners & Entrepreneurs, Taxes, Business Owners, Investment Advisory & Wealth Mangement, smallbusiness

Is an LLC the right choice for your small business?

Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or..........

Read More
Maurice La Verdure
Maurice La Verdure

10 August, 2021

Business Owners & Entrepreneurs, Taxes, Retirees, Business Owners, Divorcees and Widows, Investment Advisory & Wealth Mangement

A family bank professionalizes intrafamily lending

Because of the COVID-19 pandemic and the resulting economic turndown in some areas, you may have family members in need of financial support. ..........

Read More
Scott Henvey
Scott Henvey

6 August, 2021

Retirement Planning, Taxes, Estate Planning, Planning, Retirees, Divorcees and Widows, Investment Advisory & Wealth Mangement

Understanding the current "step-up" basis rules

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes.

Read More
Maurice La Verdure
Maurice La Verdure

30 July, 2021

Taxes, Estate Planning, Planning, Retirees, Investment Advisory & Wealth Mangement

Can a broken trust be fixed?

An irrevocable trust has long been a key component of many estate plans. But what if it no longer serves your purposes? Is it too late to chan..........

Read More
Scott Henvey
Scott Henvey

28 July, 2021

Taxes, Executives, Tax Reform, Business Owners, Business Consulting, Tax Audit

Deductibility of corporate expenses covered by officers/shareholders

Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up bei..........

Read More
Maurice La Verdure
Maurice La Verdure

26 July, 2021

Taxes, Tax Reform, Retirees, Business Owners, Divorcees and Widows, smallbusiness, Tax Audit

IRS audits may be increasing, so be prepared

The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior year..........

Read More
Scott Henvey
Scott Henvey

16 July, 2021

Retirement Planning, Taxes, Estate Planning, Tax Reform, Planning, Retirees, Business Owners, Divorcees and Widows, Investment Advisory & Wealth Mangement

Does your estate plan address your grandchildren in a fair manner?

Many people, when planning their estates, simply divide their assets equally among their children. But “equal” may not necessarily mean “fair...........

Read More
Maurice La Verdure
Maurice La Verdure

14 July, 2021

Taxes, Tax Reform, Planning, Business Owners, Divorcees and Widows, smallbusiness, Advance Child Tax Credit

Many parents will receive advance tax credit payments starting July 15

Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC..........

Read More
Scott Henvey
Scott Henvey

12 July, 2021

Business Owners & Entrepreneurs, Taxes, Executives, Tax Reform, Business Owners, smallbusiness

Hiring your minor children this summer? Reap tax and nontax benefits

If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-t..........

Read More
Maurice La Verdure
Maurice La Verdure

8 July, 2021

Taxes, Executives, Tax Reform, Retirees, Business Owners, Divorcees and Widows, smallbusiness

Still have questions after you file your tax return?

Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers t..........

Read More
Scott Henvey
Scott Henvey

6 July, 2021

Business Owners & Entrepreneurs, Executives, Planning, Business Owners, Business Consulting, smallbusiness

Are you holding a joint title to property with a family member?

Owning assets jointly with one or more of your children or other heirs is a common estate planning “shortcut.” But like many shortcuts, it may..........

Read More
Maurice La Verdure
Maurice La Verdure

1 July, 2021

Business Owners & Entrepreneurs, Executives, Planning, Business Owners, Business Consulting, smallbusiness

Recordkeeping DOs and DON’Ts for business meal and vehicle expenses

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomp..........

Read More
Scott Henvey
Scott Henvey

29 June, 2021

Taxes, Executives, Tax Reform, Planning, Business Owners, smallbusiness

Traveling for business again? What can you deduct?

As we continue to come out of the COVID-19 pandemic, you may be traveling again for business. Under tax law, there are a number of rules for d..........

Read More
Maurice La Verdure
Maurice La Verdure

24 June, 2021

Executives, Tax Reform, Planning, Retirees, Text Preparation Planning, Business Owners, Divorcees and Widows, Investment Advisory & Wealth Mangement

Help guide your family with a road map for your estate plan

You’ve likely spent a lot of time working with your advisor to plan your estate. While documents such as your will, various trusts and a power..........

Read More
Scott Henvey
Scott Henvey

22 June, 2021

Business Owners & Entrepreneurs, Estate Planning, Executives, Planning

Estate planning in the FAST lane

Traditionally, estate planning has focused on more technical objectives, such as minimizing gift and estate taxes and protecting assets against credit..........

Read More
Maurice La Verdure
Maurice La Verdure

18 June, 2021

Retirement Planning, Taxes, Estate Planning, Executives, Retirees, Investment Advisory & Wealth Mangement

Retiring soon? 4 tax issues you may face

If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications...........

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Maurice La Verdure
Maurice La Verdure

17 June, 2021

Taxes, Executives, Planning

2021 Q3 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Keep in mind that this list ..........

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Scott Henvey
Scott Henvey

17 June, 2021

Estate Planning, Executives, Planning, Retirees

Members of the sandwich generation find themselves in a unique situation

The “sandwich generation” is a large segment of the population. These are people who find themselves caring for both their children and their parents ..........

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Maurice La Verdure
Maurice La Verdure

17 June, 2021

Investing, Estate Planning, Tax Reform, Planning, Business Owners, Investment Advisory & Wealth Mangement, smallbusiness

Tax-favored ways to build up a college fund

If you’re a parent with a college-bound child, you may be concerned about being able to fund future tuition and other higher education costs. ..........

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Scott Henvey
Scott Henvey

17 June, 2021

Business Owners & Entrepreneurs, Tax Reform, Business Owners, smallbusiness

Ensure the IRS doesn’t reclassify independent contractors as employees

Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers are properly classified ..........

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Maurice La Verdure
Maurice La Verdure

18 May, 2021

Business Owners & Entrepreneurs, Taxes, Executives, smallbusiness

Tax filing deadline is coming up: What to do if you need more time

"Tax day” is just around the corner. This year, the deadline for filing 2020 individual tax returns is Monday, May 17, 2021. The IRS postponed..........

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Scott Henvey
Scott Henvey

14 May, 2021

Business Owners & Entrepreneurs, Retirement Planning, Taxes, Estate Planning, Planning, Retirees

4 Reasons to Revisit Your Powers of Attorney

Although much of estate planning deals with what happens after you die, it’s equally important to have a plan for making critical financial or..........

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Maurice La Verdure
Maurice La Verdure

12 May, 2021

Business Owners & Entrepreneurs, Taxes, Executives, Tax Reform, smallbusiness

Simple retirement savings options for your small business

Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrat..........

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Scott Henvey
Scott Henvey

29 April, 2021

Business Owners & Entrepreneurs, Taxes, Tax Reform, Planning

Unemployed last year? Buying health insurance this year?

In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to help..........

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Maurice La Verdure
Maurice La Verdure

27 April, 2021

Business Owners & Entrepreneurs, Retirement Planning, Estate Planning, Retirees, Business Owners

Keep it all in the family: Transferring your vacation home

If your family owns a vacation home, you know what a relaxing refuge it can be. This is especially true these days due to the limited travel o..........

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Scott Henvey
Scott Henvey

7 April, 2021

Business Owners & Entrepreneurs, Business Owners

Need a new business vehicle? Consider a heavy SUV

Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able..........

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Maurice La Verdure
Maurice La Verdure

30 March, 2021

Taxes

How to ensure life insurance isn’t part of your taxable estate

If you have a life insurance policy, you may want to ensure that the benefits your family will receive after your death won’t be included in your esta..........

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Scott Henvey
Scott Henvey

30 March, 2021

Taxes

New law tax break may make child care less expensive

The new American Rescue Plan Act (ARPA) provides eligible families with an enhanced child and dependent care credit for 2021. This is the credit avail..........

Read More
Maurice La Verdure
Maurice La Verdure

29 March, 2021

Taxes

Estimated tax payments: The deadline for the first 2021 installment is coming ups

April 15 is not only the deadline for filing your 2020 tax return, it’s also the deadline for the first quarterly estimated tax payment for 2021, if y..........

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Scott Henvey
Scott Henvey

29 March, 2021

Taxes

New law: Parents and other eligible Americans to receive direct payments

The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19..........

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Scott Henvey
Scott Henvey

29 March, 2021

Business highlights in the new American Rescue Plan Act

President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. While the new law is best known for the provisions providing rel..........

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Maurice La Verdure
Maurice La Verdure

15 March, 2021

Business Owners & Entrepreneurs, Business Owners

If you run a business from home, you could qualify for home office deductions

During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain funct..........

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Scott Henvey
Scott Henvey

15 March, 2021

Estate Planning

Not disclosing all of your assets helps no one

People sometimes keep assets hidden without letting their families know about their location or even that they exist. Similarly, they may have life in..........

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Maurice La Verdure
Maurice La Verdure

15 March, 2021

Taxes

Did you make donations in 2020? There’s still time to get substantiation

If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happe..........

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Scott Henvey
Scott Henvey

15 March, 2021

Estate Planning

Now or later: When’s the right time to transfer your wealth?

To gift or not to gift? It’s a deceptively complex question. The temporary doubling of the federal gift and estate tax exemption — to an inflation-adj..........

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Maurice La Verdure
Maurice La Verdure

12 March, 2021

Business Owners & Entrepreneurs, Business Owners

Launching a small business? Here are some tax considerations

While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these peop..........

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Maurice La Verdure
Maurice La Verdure

11 March, 2021

Estate Planning

Dissecting the contents of a will

For many people, the first thing they think of when they hear the words “estate plan” is a will. And for good reason, as it’s the cornerstone of any e..........

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Scott Henvey
Scott Henvey

11 March, 2021

Estate Planning

Creating an education legacy using a family education trust

For many people, an important goal of estate planning is to leave a legacy for their children, grandchildren and future generations. And what better w..........

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Maurice La Verdure
Maurice La Verdure

4 March, 2021

Taxes

Retiring soon? Recent law changes may have an impact on your retirement savings

If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware th..........

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Scott Henvey
Scott Henvey

2 March, 2021

Take control of your charitable donations using restrictions

Did you know that you can put restrictions on charitable donations you make through your estate? If you want the peace of mind that your donations are..........

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Scott Henvey
Scott Henvey

1 March, 2021

Business Owners & Entrepreneurs, Business Owners

Work Opportunity Tax Credit extended through 2025

Are you a business owner thinking about hiring? Be aware that a recent law extended a credit for hiring individuals from one or more targeted groups. ..........

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Maurice La Verdure
Maurice La Verdure

2 March, 2021

Business Owners & Entrepreneurs, Business Owners

What are the tax implications of buying or selling a business?

Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes ..........

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Maurice La Verdure
Maurice La Verdure

22 February, 2021

Taxes

2021 individual taxes: Answers to your questions about limits

Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed i..........

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Scott Henvey
Scott Henvey

10 February, 2021

Business Owners & Entrepreneurs, Business Owners

Many tax amounts affecting businesses have increased for 2021

A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. Some stayed the same due to low inflation. And the deduction for business..........

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Maurice La Verdure
Maurice La Verdure

9 February, 2021

Taxes

The power of the tax credit for buying an electric vehicle

Although electric vehicles (or EVs) are a small percentage of the cars on the road today, they’re increasing in popularity all the time. And if you bu..........

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Scott Henvey
Scott Henvey

3 February, 2021

Business Owners & Entrepreneurs, Business Owners

The cents-per-mile rate for business miles decreases again for 2021

The cents-per-mile rate for business miles decreases again for 2021

This year, the optional standard mi..........

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Scott Henvey
Scott Henvey

2 February, 2021

Estate Planning

Getting sentimental over your tangible personal property

As a formal estate planning term, “tangible personal property” likely won’t elicit much emotion from you or your loved ones. However, the items that m..........

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Maurice La Verdure
Maurice La Verdure

29 January, 2021

Taxes

Don’t forget to take required minimum distributions this year

If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when..........

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Scott Henvey
Scott Henvey

28 January, 2021

Business Owners & Entrepreneurs, Business Owners

The new Form 1099-NEC and the revised 1099-MISC are due to recipients soon

There’s a new IRS form for business taxpayers that pay or receive certain types of nonemployee compensation and it must be furnished to most recipient..........

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Maurice La Verdure
Maurice La Verdure

26 January, 2021

Estate Planning

What does a trustee do?

Your estate plan may include several different trusts. The reason is that various types of trusts can accomplish a myriad of estate planning goals. Th..........

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Scott Henvey
Scott Henvey

22 January, 2021

Business Owners & Entrepreneurs, Business Owners

PPP loans have reopened: Let’s review the tax consequences

The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate..........

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Maurice La Verdure
Maurice La Verdure

21 January, 2021

Taxes

One reason to file your 2020 tax return early

The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new..........

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Scott Henvey
Scott Henvey

20 January, 2021

Estate Planning

Reduce gift and estate tax exposure by making direct payments of tuition and medical expenses

Now that the gift and estate tax exemption has risen to $11.7 million for 2021, you may be less concerned about these taxes. But if you have children ..........

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Maurice La Verdure
Maurice La Verdure

19 January, 2021

Taxes

Educate yourself about the revised tax benefits for higher education

Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may..........

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Scott Henvey
Scott Henvey

18 January, 2021

Business Owners & Entrepreneurs, Business Owners

Can your business benefit from the enhanced Employee Retention Tax Credit?

COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Cre..........

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Scott Henvey
Scott Henvey

15 January, 2021

Estate Planning

4 questions single parents should ask about their estate plans

Did you know that the United States has the highest rate of children living in single parent households? According to the Pew Research Center, nearly a quarter (23%) of U.S. children under the age ..........

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Scott Henvey
Scott Henvey

14 January, 2021

Business Owners & Entrepreneurs, Business Owners

New law doubles business meal deductions and makes favorable PPP loan changes

The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. He..........

Read More
Maurice La Verdure
Maurice La Verdure

13 January, 2021

Taxes

The COVID-19 relief law: What’s in it for you?

The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated Appropriations Act, whi..........

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Maurice La Verdure
Maurice La Verdure

12 January, 2021

Estate Planning

Make your legacy last by educating your children about wealth management

If you’ve worked to build a large estate, you undoubtedly would like to leave a lasting legacy to your children and future generations. Educating your children about saving, investing and other mon..........

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Maurice La Verdure
Maurice La Verdure

4 January, 2021

Business Owners & Entrepreneurs, Business Owners

The right entity choice: Should you convert from a C to an S corporation?

The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to switch from one entity type to another. Although S cor..........

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Scott Henvey
Scott Henvey

1 January, 2021

Taxes

Your taxpayer filing status: You may be eligible to use more than one

When it comes to taxes, December 31 is more than just New Year’s Eve. That date will affect the filing status box that will be checked on your 2020 tax return. When filing a return, you do so with ..........

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Maurice La Verdure
Maurice La Verdure

31 December, 2020

Estate Planning

Does your estate plan clearly communicate your wishes?

Precise language is critical in wills, trusts and other estate planning documents. A lack of clarity may be an invitation to litigation. An example of this is the dispute that arose after Tom Petty..........

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Scott Henvey
Scott Henvey

30 December, 2020

Fraud

Prevent and detect insider cyberattacks

In one recent cybercrime scheme, a mortgage company employee accessed his employer’s records without authorization, then used stolen customer lists to start his own mortgage business. The perpetrat..........

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Scott Henvey
Scott Henvey

30 December, 2020

Taxes

The next estimated tax deadline is January 15 if you have to make a payment

If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to th..........

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Maurice La Verdure
Maurice La Verdure

22 December, 2020

Business Owners & Entrepreneurs, Business Owners

2021 Q1 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2021. Keep in mind that this list ..........

Read More
Scott Henvey
Scott Henvey

21 December, 2020

Estate Planning

With a flick of the switch: Build an on-off mechanism into your estate plan

When planning your estate, it’s critical to balance estate tax planning and income tax planning. The rub is that, currently, strategies for reducing e..........

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Maurice La Verdure
Maurice La Verdure

18 December, 2020

Taxes

Can you qualify for a medical expense tax deduction?

You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for..........

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Scott Henvey
Scott Henvey

16 December, 2020

Business Owners & Entrepreneurs, Business Owners

Drive more savings to your business with the heavy SUV tax break

Are you considering replacing a car that you’re using in your business? There are several tax implications to keep in mind.

Read More
Maurice La Verdure
Maurice La Verdure

15 December, 2020

Estate Planning

2 options for families with disabled loved ones: ABLE accounts and SNTs

If you have a family member who’s disabled, you likely know that financial and estate planning can be tricky. You don’t want to jeopardize his or her ..........

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Scott Henvey
Scott Henvey

11 December, 2020

Taxes

Maximize your 401(k) plan to save for retirement

Contributing to a tax-advantaged retirement plan can help you reduce taxes and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a smart way to build ..........

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Maurice La Verdure
Maurice La Verdure

8 December, 2020

Business Owners & Entrepreneurs, Business Owners

The QBI deduction basics and a year-end tax tip that might help you qualify

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduc..........

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Scott Henvey
Scott Henvey

7 December, 2020

Estate Planning

Review your estate plan in light of a new presidential administration

As President-elect Joe Biden moves forward with the transition and prepares for the inau..........

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Maurice La Verdure
Maurice La Verdure

7 December, 2020

Taxes

Steer clear of the wash sale rule if you’re selling stock by year end

Are you thinking about selling stock shares at a loss to offset gains that you’ve realized during 2020? If so, it’s important not to run afoul of the ..........

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Scott Henvey
Scott Henvey

3 December, 2020

Business Owners & Entrepreneurs, Business Owners

Small businesses: Cash in on depreciation tax savers

As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable proper..........

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Scott Henvey
Scott Henvey

2 December, 2020

Estate Planning

Avoid these four estate planning deadly sins

According to literature, the “seven deadly sins” are lust, gluttony, greed, laziness, wrath, envy and pride. Although individuals may be guilty of the..........

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Maurice La Verdure
Maurice La Verdure

1 December, 2020

Taxes

Employees: Don’t forget about your FSA funds

Many employees take advantage of the opportunity to save taxes by placing funds in their employer’s health or dependent care flexible spending arrange..........

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Scott Henvey
Scott Henvey

24 November, 2020

Taxes

The importance of S corporation basis and distribution elections

S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect that the business will in..........

Read More
Maurice La Verdure
Maurice La Verdure

24 November, 2020

Only specific trusts are eligible to hold S corporation stock

S corporations must comply with several strict requirements or risk losing their tax-advantaged status. Among other things, they can have no more th..........

Read More
Scott Henvey
Scott Henvey

19 November, 2020

Taxes

Taking distributions from a traditional IRA

Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more..........

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Maurice La Verdure
Maurice La Verdure

17 November, 2020

Business Owners & Entrepreneurs, Business Owners

Health Savings Accounts for your small business

Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in provid..........

Read More
Scott Henvey
Scott Henvey

16 November, 2020

Estate Planning

Name the right person as executor to help ensure your planning objectives are carried through

The executor’s role is critical to the administration of your estate and the achievement of your estate planning objectives. So your first instinct ..........

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Maurice La Verdure
Maurice La Verdure

16 November, 2020

Taxes

How Series EE savings bonds are taxed

Many people have Series EE savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought t..........

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L&H CPAs
L&H CPAs

11 November, 2020

Business Owners & Entrepreneurs, Business Owners

Do you want to withdraw cash from your closely held corporation at a low tax cost?

Owners of closely held corporations are often interested in easily withdrawing money from their businesses at the lowest possible tax cost. The simp..........

Read More
Scott Henvey
Scott Henvey

10 November, 2020

Estate Planning

Estate planning and your art collection

If you’re an art collector, it’s critical for your estate plan to address your collection separately from other types of assets. Investments in artw..........

Read More
Maurice La Verdure
Maurice La Verdure

5 November, 2020

Taxes

Disability income: How is it taxed?

Many Americans receive disability income. You may wonder if — and how — it’s taxed. As is often the case with tax questions, the answer is … it depe..........

Read More
Scott Henvey
Scott Henvey

4 November, 2020

Business Owners & Entrepreneurs, Business Owners

Tax responsibilities if your business is closing amid the pandemic

Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we can,..........

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Maurice La Verdure
Maurice La Verdure

3 November, 2020

Estate Planning

Don’t forget about making a portability election

When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some people find d..........

Read More
Scott Henvey
Scott Henvey

30 October, 2020

Taxes

Divorcing couples should understand these 4 tax issues

When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some people find d..........

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Maurice La Verdure
Maurice La Verdure

28 October, 2020

Business Owners & Entrepreneurs, Business Owners

New business? It’s a good time to start a retirement plan

If you recently launched a business, you may want to set up a tax-favored retirement plan for yourself and your employees. There are several types o..........

Read More
Maurice La Verdure
Maurice La Verdure

27 October, 2020

Estate Planning

4 ways to address elderly parents in your estate plan

Typically, an estate plan includes accommodations for your spouse, children, grandchildren and even future generations. But you may overlook some ol..........

Read More
Scott Henvey
Scott Henvey

23 October, 2020

Taxes

Buying and selling mutual fund shares: Avoid these tax pitfalls

If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares.

Read More
Maurice La Verdure
Maurice La Verdure

20 October, 2020

Business Owners & Entrepreneurs, Business Owners

The 2021 “Social Security wage base” is increasing

If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing.

Read More
Scott Henvey
Scott Henvey

19 October, 2020

Taxes

What tax records can you throw away?

October 15 is the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was extended this ye..........

Read More
Maurice La Verdure
Maurice La Verdure

15 October, 2020

Business Owners & Entrepreneurs, Business Owners

Understanding the passive activity loss rules

Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in?

Read More
Scott Henvey
Scott Henvey

14 October, 2020

Estate Planning

Is a noncharitable purpose trust right for you?

There are two trust types that don’t require one or more human beneficiaries: charitable trusts and noncharitable purpose (NCP) trusts. A charitable..........

Read More
Maurice La Verdure
Maurice La Verdure

8 October, 2020

Business Owners & Entrepreneurs, Business Owners

The easiest way to survive an IRS audit is to get ready in advance

IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be exami..........

Read More
Scott Henvey
Scott Henvey

6 October, 2020

Taxes

Why it’s important to plan for income taxes as part of your estate plan

As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax..........

Read More
Maurice La Verdure
Maurice La Verdure

30 September, 2020

Estate Planning

Don’t procrastinate if you plan to transfer ownership of your life insurance policy

Generally, the proceeds of your life insurance policy are included in your taxable estate. You can remove them by transferring ownership of the poli..........

Read More
Scott Henvey
Scott Henvey

29 September, 2020

Taxes

Can investors who manage their own portfolios deduct related expenses?

In some cases, investors have significant related expenses, such as the cost of subscriptions to financial periodicals and clerical expenses. Are th..........

Read More
Maurice La Verdure
Maurice La Verdure

23 September, 2020

Business Owners & Entrepreneurs, Business Owners

Business website costs: How to handle them for tax purposes

The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deduct..........

Read More
Scott Henvey
Scott Henvey

22 September, 2020

Estate Planning

A health care power of attorney is an essential element of any estate plan

What happens if illness, injury or age-related dementia renders you unable to make decisions or communicate your wishes regarding your health care o..........

Read More
Maurice La Verdure
Maurice La Verdure

17 September, 2020

Tax implications of working from home and collecting unemployment

COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations. Read More

Scott Henvey
Scott Henvey

16 September, 2020

Business Owners & Entrepreneurs, Business Owners

2020 Q4 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. Keep in mind that this li..........

Read More
Maurice La Verdure
Maurice La Verdure

14 September, 2020

Estate Planning

Buy-sell agreements: A smart business decision also makes estate planning sense

Do you own a business with one or more individuals? Undoubtedly, your interest in the business represents a substantial part of your net worth and i..........

Read More
Scott Henvey
Scott Henvey

11 September, 2020

Business Owners & Entrepreneurs, Business Owners

Employers have questions and concerns about deferring employees’ Social Security taxes

The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment..........

Read More
Maurice La Verdure
Maurice La Verdure

9 September, 2020

Taxes

Homebuyers: Can you deduct seller-paid points?

Despite the COVID-19 pandemic, the National Association of Realtors (NAR) reports that existing home sales and prices are up nationwide, compared wi..........

Read More
Scott Henvey
Scott Henvey

8 September, 2020

Estate Planning

Making lifetime gifts continues to be a smart estate planning strategy

With the federal gift and estate tax exemption now at a record high $11.58 million for 2020, most estates aren’t taxable. But that doesn’t mean making lifetime gifts isn’t without significant benef..........

Read More
Maurice La Verdure
Maurice La Verdure

4 September, 2020

Taxes

Back-to-school tax breaks on the books

Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, parents may be eligible for certain tax breaks to he..........

Read More
Scott Henvey
Scott Henvey

1 September, 2020

Business Owners & Entrepreneurs, Business Owners

5 key points about bonus depreciation

You’re probably aware of the 100% bonus depreciation tax break that’s available for a wide range of qualifying property. Here are five important points to be aware of when it comes to this powerful..........

Read More
Maurice La Verdure
Maurice La Verdure

31 August, 2020

Estate Planning

Oh, no, your original will is missing!

In a world that’s increasingly paperless, you’re likely becoming accustomed to conducting a variety of transactions digitally. But when it comes to your last will and testament, only an original, s..........

Read More
Scott Henvey
Scott Henvey

27 August, 2020

Taxes

Will You Have to Pay Tax on Your Social Security Benefits?

If you’re getting close to retirement, you may wonder: Are my Social Security benefits going to be taxed? And if so, how much will you have to pay?

Read More
Maurice La Verdure
Maurice La Verdure

31 August, 2020

Business Owners & Entrepreneurs, Business Owners

CARES Act made changes to excess business losses

The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some busines..........

Read More
Scott Henvey
Scott Henvey

24 August, 2020

Estate Planning, Divorcees and Widows

Divorcing? Revise your estate plan

If you’re going through a divorce, you probably feel a little overwhelmed by all the legal and financial items you must attend to before the marriage termination is final. These tasks can be diffic..........

Read More
Maurice La Verdure
Maurice La Verdure

20 August, 2020

Taxes

What happens if an individual can’t pay taxes

While you probably don’t have any problems paying your tax bills, you may wonder: What happens in the event you (or someone you know) can’t pay taxes on time? Here’s a look at the options.

..........

Read More
Scott Henvey
Scott Henvey

31 August, 2020

Business Owners & Entrepreneurs, Business Owners

The President’s action to defer payroll taxes: What does it mean for your business?

On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were tak..........

Read More
Maurice La Verdure
Maurice La Verdure

17 August, 2020

Estate Planning

5 good reasons to turn down an inheritance

You may use a qualified disclaimer to refuse a bequest from a loved one. Doing so will cause an asset to bypass your estate and go to the next beneficiary in line. What are the reasons you’d take t..........

Read More
Scott Henvey
Scott Henvey

13 August, 2020

Taxes

More parents may owe “nanny tax” this year, due to COVID-19

In the COVID-19 era, many parents are hiring nannies and babysitters because their daycare centers and summer camps have closed. This may result in federal “nanny tax” obligations.

Read More
Maurice La Verdure
Maurice La Verdure

12 August, 2020

Business Owners & Entrepreneurs, Business Owners

The possible tax consequences of PPP loans

If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications.

<..........
Read More
Scott Henvey
Scott Henvey

31 August, 2020

Estate Planning

Because of COVID-19, college-aged children need a basic estate plan

It’s August, and that means it’s time to get ready to go back to school for many students. If your child recently graduated from high school and is heading to college in the next few weeks, besides..........

Read More
Maurice La Verdure
Maurice La Verdure

6 August, 2020

Taxes

The tax implications of employer-provided life insurance

Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you.

Read More
Scott Henvey
Scott Henvey

5 August, 2020

Business Owners & Entrepreneurs, Business Owners

File cash transaction reports for your business

Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these transactions.

Read More
Maurice La Verdure
Maurice La Verdure

4 August, 2020

Estate Planning

Avoid “bad blood” among family members: Protect your will from legal challenges

You’ve probably seen it in the movies or on TV: A close-knit family gathers to find out what’s contained in the will of a wealthy patriarch or matriarch. When the terms are revealed, a niece, for e..........

Read More
Scott Henvey
Scott Henvey

31 July, 2020

Taxes

Are scholarships tax-free or taxable?

COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition bill..........

Read More
Maurice La Verdure
Maurice La Verdure

28 July, 2020

Estate Planning

Fortify your assets against creditors with a trust

You may think of trusts as estate planning tools — vehicles for reducing taxes after y..........

Read More
Maurice La Verdure
Maurice La Verdure

27 July, 2020

Taxes

Take advantage of a “stepped-up basis” when you inherit property

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure..........

Read More
Scott Henvey
Scott Henvey

24 July, 2020

Business Owners & Entrepreneurs, Business Owners

Even if no money changes hands, bartering is a taxable transaction

During the COVID-19 pandemic, many small businesses are strapped for cash. They may fi..........

Read More
Scott Henvey
Scott Henvey

23 July, 2020

Taxes

Conduct a “paycheck checkup” to make sure your withholding is adequate

Did you recently file your federal tax return and were surprised to find you owed money? You might want to change your withholding so that this doesn’t happen next year. You might even want to do t..........

Read More
Maurice La Verdure
Maurice La Verdure

22 July, 2020

Business Owners & Entrepreneurs, Business Owners

Businesses: Get ready for the new Form 1099-NEC

There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation.

Read More
Scott Henvey
Scott Henvey

21 July, 2020

Estate Planning

Family matters: Estate planning considerations if you have adopted children or unadopted stepchildren

If you have adopted children or unadopted stepchildren, estate planning is critical to..........

Read More
Scott Henvey
Scott Henvey

20 July, 2020

Estate Planning

Zeros and ones: Estate planning for your digital assets and accounts

Nearly everyone owns at least some digital assets, such as online bank and brokerage a..........

Read More
Maurice La Verdure
Maurice La Verdure

17 July, 2020

Taxes

After you file your tax return: 3 issues to consider

The tax filing deadline for 2019 tax returns has been extended until July 15 this year..........

Read More
Scott Henvey
Scott Henvey

10 July, 2020

Business Owners & Entrepreneurs, Business Owners

Steer clear of the Trust Fund Recovery Penalty

If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to the Social Security and income taxes..........

Read More
Maurice La Verdure
Maurice La Verdure

9 July, 2020

Estate Planning

A win-win proposition: A CRT can benefit you and your favorite charity

Are you a multitasker? If so, you may appreciate an estate planning technique that can..........

Read More
Scott Henvey
Scott Henvey

8 July, 2020

Taxes

Some people are required to return Economic Impact Payments that were sent erroneously

The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EI..........

Read More
Maurice La Verdure
Maurice La Verdure

1 July, 2020

Business Owners & Entrepreneurs, Business Owners

Haven’t filed your 2019 business tax return yet?

The extended federal income tax deadline is coming up fast. As you know, the IRS postp..........

Read More
Scott Henvey
Scott Henvey

30 June, 2020

Estate Planning

Avoid pitfalls when splitting gifts with your spouse

The annual gift tax exclusion allows you to transfer up to $15,000 per beneficiary gif..........

Read More
Maurice La Verdure
Maurice La Verdure

26 June, 2020

Retirement Planning, Retirees

What qualifies as a “coronavirus-related distribution” from a retirement plan?

As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act a..........

Read More
Scott Henvey
Scott Henvey

23 June, 2020

Business Owners & Entrepreneurs, Business Owners

Launching a business? How to treat start-up expenses on your tax return

While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being lau..........

Read More
Maurice La Verdure
Maurice La Verdure

22 June, 2020

Taxes, Planning

If you’re selling your home, don’t forget about taxes

Traditionally, spring and summer are popular times for selling a home. Unfortunately, the COVID-19 crisis has resulted in a slowdown in sales. The National Association of Realtors (NAR) reports tha..........

Read More
Scott Henvey
Scott Henvey

17 June, 2020

Retirement Planning, Retirees

Seniors: Can you deduct Medicare premiums?

If you’re age 65 and older, and you have basic Medicare insurance, you may need to pay..........

Read More
Maurice La Verdure
Maurice La Verdure

14 July, 2020

Business Owners & Entrepreneurs, Business Owners

Rioting damage at your business? You may be able to claim casualty loss deductions

The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the case of stores or other businesses with inventory, some of th..........

Read More
Scott Henvey
Scott Henvey

14 July, 2020

Retirement Planning, Traditional IRA

A nonworking spouse can still have an IRA

It’s often difficult for married couples to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly pare..........

Read More
Maurice La Verdure
Maurice La Verdure

14 July, 2020

Business Owners & Entrepreneurs, Business Owners

Business meal deductions: The current rules amid proposed changes

Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that President Trump has proposed to help them is an increase in the amou..........

Read More
Scott Henvey
Scott Henvey

14 July, 2020

Business Owners & Entrepreneurs, Business Owners

IRS releases 2021 amounts for Health Savings Accounts

The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). 

Read More
Maurice La Verdure
Maurice La Verdure

14 July, 2020

Estate Planning

Estate planning when time is short

The novel coronavirus (COVID-19) pandemic has caused some people to contemplate their own mortality or that of a family member. For those whose life expectancies are short — because of COVID-19 or ..........

Read More
Scott Henvey
Scott Henvey

14 July, 2020

IRS Extends Payment Date

Treasury Secretary Steven Mnuchin announced that the IRS will allow taxpayers to defer payments for 2019 tax returns until July 15, subject to certain caps. For individuals, the amount of tax which..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs, Executives, Retirees, Business Owners, Physicians

There’s still time to make a deductible IRA contribution for 2019

Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now and the extended ..........

Read More
Scott Henvey
Scott Henvey

14 July, 2020

Business Owners & Entrepreneurs, Business Owners

Business charitable contribution rules have changed under the CARES Act

In light of the novel coronavirus (COVID-19) pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Sec..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs, Executives, Retirees, Business Owners, Physicians, Divorcees and Widows

Do you have tax questions related to COVID-19? Here are some answers

The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now.

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs, Business Owners

The CARES Act liberalizes net operating losses

The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming c..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs, Business Owners

Hiring independent contractors? Make sure they’re properly classified

As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for fede..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs, Executives, Retirees, Physicians, Divorcees and Widows

IRA account value down? It might be a good time for a Roth conversion

The coronavirus (COVID-19) pandemic has caused the value of some retirement accounts to decrease because of the stock market downturn. But if you have a traditional IRA, this downturn may provide a..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

The rules have changed regarding your IRAs, RMDs and estate plan

Many people’s estates typically include IRAs. Be aware that two major laws passed into..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs, Executives, Retirees, Physicians, Divorcees and Widows

Answers to questions you may have about Economic Impact Payments

Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs, Business Owners, Business Consulting

New COVID-19 law makes favorable changes to “qualified improvement property”

The law providing relief due to the coronavirus (COVID-19) pandemic contains a benefic..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Your legacy: Charitable giving is vital during the COVID-19 crisis

Your legacy: Charitable giving is vital during the COVID-19 crisis

The novel coronavirus (COVID-19) pandemic and the resulting economic fallout is dealing a crushing blow to charitable or..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Executives, Retirees, Business Owners, Physicians, Divorcees and Widows

COVID-19: IRS announces more relief and details

In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs, Business Owners, Business Consulting

Relief from not making employment tax deposits due to COVID-19 tax credits

The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Review your estate plan in the midst of a major life shock

Generally, it’s recommended that you review your estate plan at year’s end. It’s a good time to check whether any life events have taken place in the past 12 months or so that affect your plan.

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Retirement Planning

CARES ACT changes retirement plan and charitable contribution rules

As we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes that were part of a tax..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Answers to questions about the CARES Act employee retention tax credit

The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs, Business Consulting

The new COVID-19 law provides businesses with more relief

On March 27, President Trump signed into law another coronavirus (COVID-19) law, which..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

L&H Coronavirus Update

With regular updates about the Coronavirus in the news and increasing reports of confirmed cases, we wanted to take this opportunity to reach out and share some insight and the actions we are takin..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Planning, Text Preparation Planning, Accounting Services, Investment Advisory & Wealth Mangement

Sec. 529 vs. Roth IRA plans - Choosing a college savings tool

Many people assume that a Section 529 plan is the ideal college savings tool. But the Roth IRA can also help parents save for college expenses. This article reviews the strengths of each. For examp..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Investment Advisory & Wealth Mangement

How to make market volatility your friend

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs, Business Owners, Business Consulting, Investment Advisory & Wealth Mangement

Naming a trustee - It's one of the most important decisoins of your life

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Retirement Planning, Traditional IRA, Retirees, Investment Advisory & Wealth Mangement

Planning for a tax-efficient retirement

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Traditional IRA, Retirees

Using the 4% rule to make retirement fund withdrawals

Determining how much to withdraw from a retirement nest egg annually can be stressful. As this article argues, the 4% rule can help reduce uncertainty. Retirees withdraw 4% of a portfolio in the fi..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Accounting Services, Investment Advisory & Wealth Mangement

Substantiating charitable gifts Do you know the rules

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes, Tax Reform, Traditional IRA

What to do if you’re audited by the IRS

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

A trust can be a mighty financial fortress

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Removing money from a qualified plan, Accounting Services, Investment Advisory & Wealth Mangement

3 options if your term life insurance is expiring

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Accounting Services, Investment Advisory & Wealth Mangement

Intrafamily loans offer family value

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Planning, Traditional IRA, Retirees

Take it or leave it - How to handle your 401(K) plan when you retire

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs, Estate Planning, Business Owners, Business Consulting

Estate planning and business succession planning - The lines blur when a family business comes into play

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes, Tax Reform, Text Preparation Planning

Asset protection is just as important as tax planning

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Traditional IRA, Retirees

Living the dream of early retirement

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes, Tax Reform, Text Preparation Planning

Making gifts to loved ones Don’t forget tax planning

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes, Tax Reform

Planning for the net investment income tax

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes, Tax Reform

Vacation homes Do you understand the tax nuances

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Planning, Removing money from a qualified plan, Business Owners, Business Consulting

Running your personal finances like a business

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes, Tax Reform

Do you know your tax bracket

The Tax Cuts and Jobs Act generally reduced individual tax rates through 2025, but some taxpayers have actually seen their taxes go up because of reductions or eliminations of certain tax breaks. T..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Accounting Services, Business Owners, Business Consulting, Investment Advisory & Wealth Mangement

Every business owner needs an exit strategy

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Physicians

Improve the efficiency of your practice - 8 steps to a better flow

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Physicians

3 keys to providing terrific patient service

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Physicians

Does your practice run like a well-oiled machine

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Physicians

Do you want a dynamic practice - Choose and use the right key performance indicators

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Planning, Physicians

5 ways to improve practice efficiency

Practice efficiency is tied to practice profitability — and it can help physicians and staff members continue to provide good health care over time. This article lists five specific ways physicians..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Physicians

Enhancing practice success with a board of directors

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs, Business Owners, Physicians

What are the elements of a medical practice business plan

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Physicians

The art and science of patient scheduling

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Divorcees and Widows

Till death do us part - Settling a spouse’s financial affairs

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners, Business Consulting

Your business’s real estate Avoiding a costly mistake

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners, Business Consulting

Ownership structures - How should you own your vacation home

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Retirement Planning, Traditional IRA, Retirees

Choosing an employee retirement plan

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Accounting Services, Business Owners, Business Consulting

Borrowing alternatives for businesses - Your need for capital will color your financing choice

Bank loans come in a variety of shapes and sizes, but most fall into one of several broad categories. This article sums up lines of credit, term loans, commercial mortgages and government loan prog..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Accounting Services, Business Owners, Investment Advisory & Wealth Mangement

Document storage solutions - Should you use an electronic filing cabinet

Traditionally, important financial and tax documents have been stored in paper form in a filing cabinet, fireproof safe or bank safe deposit box. But in the digital age, electronic document storage..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Investing, Investment Advisory & Wealth Mangement

Raising financially responsible kids

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Investing, Investment Advisory & Wealth Mangement

Is silence golden - The good and the bad of keeping your trust a secret

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Consulting

Decisions, decisions - Personal circumstances figure into when to begin taking Social Security

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes, Tax Reform

Estate Planning Red Flag - You're splitting gifts with your spouse

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes, Tax Reform

7 ways to prevent elder financial abuse

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes, Tax Reform

Are income taxes taking a bite out of your trusts

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Flex Plan: In an Unpredictable Estate Planning Environment, Flexibility Is Key

The Tax Cuts and Jobs Act (TCJA) made only one change to the federal gift and estate tax regime, but it was a big one. It more than doubled the combined gi..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

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

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 ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Small Businesses: Get Ready for Your 1099-Misc Reporting Requirements

A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors and others. You may have to send 1099-MISC forms to ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

BDIT Lets You Give Away Property Without Losing Control

By temporarily doubling the gift and estate tax exemption, the Tax Cuts and Jobs Act (TCJA) opened a window of opportunity for affluent families to transfe..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

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

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 wh..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Small Businesses: Stay Clear of a Severe Payroll Tax Penalty

One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paych..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

The Net Investment Income Tax Is Alive and Well: How It Can Affect Your Estate Plan

The Tax Cuts and Jobs Act (TCJA) reduced individual income tax rates, but it left the 3.8% net investment income tax (NIIT) in place. It’s important to address the NI..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

IRA Charitable Donations Are an Alternative to Taxable Required Distributions

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..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Thinking About Converting from a C Corporation to an S Corporation?

The right entity choice can make a difference in the tax bill you owe for your business. Although S corporations can provide substantial tax advantages over C corporations in some circumstances, th..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Don’t Worry! a Broken Trust Can Be Fixed

There are good reasons why estate planning advisors recommend you revisit and, if necessary, revise your estate plan periodically: changing circumstances, including family situations and new tax la..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Taxes

Selling Securities by Year End? Avoid the Wash Sale Rule

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.

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Taxes

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

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..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Take Advantage of the Gift Tax Exclusion Rules

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 childr..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

The Chances of an IRS Audit Are Low, but Business Owners Should Be Prepared

Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In fiscal year 2018..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Sec. 6166: Estate Tax Relief for Family Businesses

Fewer people currently are subject to transfer taxes than ever before. But gift, estate and generation-skipping transfer (GST) taxes continue to place a burden on families with significant amounts ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

When Is Tax Due on Series EE Savings Bonds?

 

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..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

How to Treat Your Business Website Costs for Tax Purposes

 

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

The Crummey Trust: Still Relevant After All These Years

Traditionally, trusts used in estate planning contain “Crummey” withdrawal powers to ensure that contributions qualify for the annual gift tax exclusion. Today, the exclus..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

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

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 u..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

5 Ways to Withdraw Cash from Your Corporation While Avoiding Dividend Treatment

Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distributi..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

When It Comes to Asset Protection, a Hybrid Dapt Offers the Best of Both Worlds

A primary estate planning goal for most people is to hold on to as much of their wealth as possible to pass on to their children and other loved ones. To achieve this..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

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

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 impor..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

2019 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

 

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Control How Your Charitable Gifts Are Used by Adding Restrictions

If philanthropy is an important part of your estate planning legacy, consider taking steps to ensure that your donations are used to fulfill your intended charitable ..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

The Key to Retirement Security Is Picking the Right Plan for Your Business

If you’re a small business owner or you’re involved in a start-up, you may want to set up a tax-favored retirement plan for yourself and any employees. Several types of plans are eligible for tax a..........

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L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Take Intrafamily Lending to the Next Level by Establishing a Family Bank

One of the primary goals of estate planning is to put in writing how you want your wealth distributed to loved ones after your death. But what if you’d like to use that wealth to help a family memb..........

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L&H CPAs
L&H CPAs

13 June, 2020

Taxes

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

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 t..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

The Tax Implications of a Company Car

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as tax breaks for the owners ..........

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L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Expanded 529 plans offer unique estate planning benefits

If you’re putting aside money for college or other educational expenses, consider a tax-advantaged 529 savings plan. Also known as “college savings plans,” 529 plans were expanded by the Tax Cuts a..........

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L&H CPAs
L&H CPAs

13 June, 2020

Taxes

Taking Distributions from Your Traditional IRA

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 ret..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

Should You Elect S Corporation Status?

Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Business Owners, Business Consulting

LHCPA Post 14

What is Lorem Ipsum?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Retirees, Divorcees and Widows, Business Consulting

LHCPA Post 13

What is Lorem Ipsum?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Retirees, Divorcees and Widows

LHCPA Post 9

What is Lorem Ipsum?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes, Estate Planning, Traditional IRA

LHCPA Post 8

What is Lorem Ipsum?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes, Estate Planning, Traditional IRA

LHCPA Post 7

What is Lorem Ipsum?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes, Estate Planning, Traditional IRA

LHCPA Post 6

What is Lorem Ipsum?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

LHCPA Post 1

What is Lorem Ipsum?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

LHCPA Post 2

What is Lorem Ipsum?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Retirement Planning

LHCPA Post 3

What is Lorem Ipsum?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Executives, Tax Reform

LHCPA Post 5

What is Lorem Ipsum?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Traditional IRA, Removing money from a qualified plan

LHCPA Post 4

What is Lorem Ipsum?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

A Poorly Worded Apportionment Clause Can Upend an Estate Plan

Federal estate tax liability is no longer an issue for many families, now that the gift and estate tax exemption stands at $11.4 million for 2019. But there are still affluent individuals whose est..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Taxes

“Innocent Spouses” May Get Relief from Tax Liability

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 sp..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

What to Do If Your Business Receives a “No-Match” Letter

In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers i..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Understanding the Contents of a Will

You probably don’t have to be told about the need for a will. But do you know what provisions should be included and what’s best to leave out? The answers to those questions depend on your situatio..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

The Tax Implications of Being a Winner

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.

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

The IRS Is Targeting Business Transactions in Bitcoin and Other Virtual Currencies

Bitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees and investors are still confused about how they work and..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

What’s the Difference Between the Two Types of Power of Attorney?

When drafting your estate plan, you and your attorney must account for what happens to your children and your assets after you die. But your plan must also spell out ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Executive Compensation: What Are IRS Auditors Looking For?

When IRS auditors begin the task of examining a company, they must first learn the in-house terminology utilized by the firm, as well as how records are maintained. In the case of executive compens..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Should You Buy or Lease?

Is it better to buy or lease business assets? The answer can be complicated. One rule of thumb: It's generally better to lease assets that will substantially decrease in value over time. Conversely..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

The “Kiddie Tax” Hurts Families More Than Ever

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..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Take a Closer Look at Home Office Deductions

Working from home has its perks. Not only can you skip the commute, but you also might be eligible to deduct home office expenses on your tax return. Deductions for these expenses can save you a bu..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Naming a Trustee May Be One of the Most Important Decisions of Your Life

When it comes to estate planning, trusts are appealing for many reasons. They can enable you to hold and transfer assets for beneficiaries, avoid probate and reduce estate tax exposure. But they ca..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Write Off Business-Related Vehicle Expenses

Q. I'm using my personal car in my business. How much can I deduct on my tax return for the..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Want to File an Amended Tax Return?

Let's say you discover a deduction that was overlooked on a federal tax return that has already been filed. Or you
realize that you didn't report some income. Perhaps you heard about a recently ..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

M&A Transactions: Avoid Surprises From the IRS

If you’re considering buying or selling a business — or you’re in the process of a merger or acquisition — it’s important that both parties report the transaction to ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Do You Have the Correct Amount of Insurance?

As risk management consultants, we don't sell insurance. Instead, we analyze a company's exposure to loss..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Consultants Can Help Your Business Achieve Success

Like business executives, you may have expertise in marketing, production and sales. Yet the short and long-term profitability of your company relies on strategic planning that looks at marketing, ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Assets with Sentimental Value Require Extra Planning

When planning your estate, you’re likely focused on major assets, such as real estate, investments and retirement plans. But it’s also important to “sweat the small s..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Bartering: A Taxable Transaction Even If Your Business Exchanges No Cash

Small businesses may find it beneficial to barter for goods and services instead of paying cash for them. If your business engages in bartering, be aware that the fair market value of goods t..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Create a Plan for Family Business Succession

Sooner or later, it will be time to "hand over the reins" to the younger generation. But it's not as simple as walking out the door at retirement time with a few plaques in your hands. In order to ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Starting a New Business or Organization

When starting a new venture, there are a variety of entity choices -- although some will be easily ruled out based on your operation. Most entities are governed by state statutes, with federal inco..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Which Entity Is Most Suitable for Your New or Existing Business?

The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced a flat 21% f..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

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

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 co..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Key Questions to Ask Before Joining Another Business

Merging with another company can be the most efficient way to grow -- if you plan carefully. Failed mergers and acquisitions are often the result of management problems, not market conditions.

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Leave Your Mark with a Dynasty Trust

If a prime objective of your estate plan is to leave a lasting legacy, a dynasty trust may be the right estate planning vehicle for you. And, thanks to the substantia..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

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

Due to the massive changes in the Tax Cuts and Jobs Act (TCJA), the 2019 filing season resulted in surprises. Some filers who hav..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Hire Your Children This Summer: Everyone Wins

If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job exp..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Beware If Your Estate Plan Leaves Specific Assets to Specific Heirs

Planning your estate around specific assets is risky and, in most cases, should be avoided. If you leave specific assets — such as homes, cars or stock — to specific ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Selling Your Home? Consider These Tax Implications

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-y..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Consider a Roth 401(K) Plan — and Make Sure Employees Use It

Roth 401(k) accounts have been around for 13 years now. Studies show that more employers are offering them each year. A recent study by the ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Make health care decisions while you’re healthy

Estate planning isn’t just about what happens to your assets after you die. It’s also about protecting yourself and your loved ones. This includes having a plan for making critical medical de..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

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

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 refund..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Does Your Estate Plan Include a Formula Funding Clause?

The gift and estate tax exemption is higher than it’s ever been, thanks to the Tax Cuts and Jobs Act (TCJA), which temporarily doubled the exemption..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Plug in Tax Savings for Electric Vehicles

 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 ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Employee vs. Independent Contractor: How Should You Handle Worker Classification?

Many employers prefer to classify workers as independent contractors to lower costs, even if it means having less control over a worker’s day-to-day activities. But the government is on the l..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Estate Planning for Single Parents Requires Special Considerations

Here’s a fast fact: The percentage of U.S. children who live with an unmarried parent has jumped from 13% in 1968 to 32% in 2017, according to Pew Research Center’s most recent poll. Read More

L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

How Entrepreneurs Must Treat Expenses on Their Tax Returns

Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

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

 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 victim..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Will Leasing Equipment or Buying It Be More Tax Efficient for Your Business?

Recent changes to federal tax law and accounting rules could affect whether you decide to lease or buy equipment or other fixed assets. Although there’s no univ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Properly Funding Your Revocable Trust Is the Key to Unlocking Its Benefits

If your estate plan includes a revocable trust — also known as a “living” trust — it’s critical to ensure that the trust is properly funded. Revocable trusts offer significant benefits, inclu..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Still Working After Age 70½? You May Not Have to Begin 401(K) Withdrawals

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 a..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Planning

Defeating Age Discrimination in the Workplace

Despite record-breaking low unemployment rates, "age discrimination remains a significant and costly problem for workers, their families and our economy," says a report from the Equal Employment O..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

When Life Insurance Becomes Taxable

Consider these facts on aging from the 2010 Census¹:

  • The highest growth rate for a 10-year age group within the older population (age 65+) was for men 85 to 94 years old (46.5%). ..........
Read More
L&H CPAs
L&H CPAs

14 July, 2020

Retirement Planning

5 Benefits of Working in Retirement

In the past, retirement has been portrayed as an ending, a grand exit from your years in the workplace. But the rules are shifting. Labor force participation among those aged 65-74 is predicted to..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Investment Interest Expense Is Still Deductible, but That Doesn’t Necessarily Mean You’ll Benefit

As you likely know by now, the Tax Cuts and Jobs Act (TCJA) reduced or eliminated many deductions for individuals. One itemized d..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Building an On-Off Switch into Your Estate Plan

The right estate planning strategy for you likely is the one that will produce the greatest tax savings for your family. Unfortunately, there can be tension between strategies that save ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

When Are LLC Members Subject to Self-Employment Tax?

Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the form of guaranteed payments — aren’t sub..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Create a Road Map to Protect Your Estate

No matter how much effort you’ve invested in designing your estate plan, your will, trusts and other official documents may not be enough. Consider creating a Read More

L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Could Your Business Benefit from the Tax Credit for Family and Medical Leave?

The Tax Cuts and Jobs Act created a new federal tax credit for employers that provide qualified paid family and medical leave to ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Stretch Your College Student’s Spending Money with the Dependent Tax Credit

If you’re the parent of a child who is age 17 to 23, and you pay all (or most) of his or her expenses, you may be surprised to learn you’re not<..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

The 2018 Gift Tax Return Deadline Is Almost Here

Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re require..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

There’s Still Time for Small Business Owners to Set up a Sep Retirement Plan for Last Year

If you own a business and don’t have a tax-advantaged retirement plan, it’s not too late to establish one and reduce your 2018..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Vehicle-Expense Deduction Ins and Outs for Individual Taxpayers

It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Read More

L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Careful Tax Planning Required for Incentive Stock Options

Incentive stock options (ISOs) are a popular form of compensation for executives and other employees of corporations. They allow you to buy company stock in the future at a fixed price equal ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

The Home Office Deduction: Actual Expenses vs. the Simplified Method

If you run your business from your home or perform certain functions at home that are related to your business, you might be able to claim a home office deduction against ..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Appointing the Right Trustee for Your Living Trust Provides Peace of Mind

A living trust is a cornerstone of many estate plans. During your life, you can serve as the trustee and manage the assets just as you would if you owned them outrigh..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Address Your Pet in Your Estate Plan Using a Pet Trust

If you’re an animal lover, a pet is a member of the family — sometimes even more so than flesh-and-blood. So you want to ensure that your beloved pet is cared for aft..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

401(K) Retirement Plan Contribution Limit Increases for 2018; Most Other Limits Are Stagnant

Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2018. But one piece of good news for taxpayers who’re ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Estate Planning Lite: College-Aged Children Need a Basic Estate Plan

If your son or daughter currently is home from college on winter break, now is a good time to sit down and discuss a few estate planning documents he or she should have at this stage of life...........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

You May Be Able to Save More for Retirement in 2019

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

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

A Refresher on Major Tax Law Changes for Small-Business Owners

The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Tax Reform

Investment Interest Expense Is Still Deductible, but It Might Not Matter

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. Th..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Business Real Estate Depreciation: Before You File 2018 Return

Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depr..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Don't Wait to File Your 2018 Income Tax Return

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. Wh..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

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

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 b..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Can You Have Too Much Tax Deferral?

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 y..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Should You Switch Your Business to C Corp Status?

Thanks to the Tax Cuts and Jobs Act (TCJA), the federal income tax rate on C corporations is now a flat 21%, for tax years beginning in 2018 and beyond. Under prior law, C..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Own a Business? An Exit Strategy Should Be Part of Your Tax Planning

Tax planning is a juggling act for business owners. You have to keep your eye on your company’s income and expenses and applicable tax breaks (especially if you own a pass-through entity). But you..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Which Tax-Related Limits Affecting Your Business Are Increasing in 2019?

A variety of tax-related limits affecting businesses are annually indexed for inflation, and many have gone up for 2019. Here’s a look at some of the most important changes that may affect you and..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

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

 

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..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Is There Still Time to Pay 2018 Bonuses and Deduct on 2018 Return?

There aren’t too many things businesses can do after a year ends to reduce tax liability for that year. However, you might be able to pay employee bonuses for 2018 in 2019 and still deduct them on..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Automatic Extension Available for Making Portability Election

Portability allows a surviving spouse to apply a deceased spouse’s unused estate tax exemption amount toward his or her own transfers during life or at death.

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

DAPT-Better Than a Prenup for Protecting Family Assets

If you or one of your adult children is getting married, you may be concerned about protecting your family’s assets in the event of a divorce.

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Liquidity an Issue? An Intrafamily Loan Can Cover Estate Taxes

 

Sometimes estates that are large enough for estate taxes to be a concern are asset rich but cash poor, without the liquidity ne..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Unleash the Benefits of a Nonspringing Power of Attorney

 

Estate planning typically focuses on what happens to your children and your assets when you die. But it’s equally important to have a plan for making critical financial and medical ..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

Tax Reform & Cash Accounting for Your Business

 

Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash method of accounting for federal tax purposes. The cash metho..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Read This Before You Name a Trust as IRA Beneficiary

An IRA is a popular vehicle to save for retirement, and it can also be a powerful estate planning tool. Some people designate a trust as beneficiary of their IRAs, but is that a good idea? The ans..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

2019 Q1 Tax Calendar: Key Deadlines for Businesses

Here are some of the key tax-related deadlines affecting businesses and other

employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be..........

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L&H CPAs
L&H CPAs

13 June, 2020

Retirement Planning

Catch-up Retirement Plan Contributions Can Be Particularly Advantageous Post-TCJA

Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your 401(k) plan or Savings Incentive Match Plan for Employees (SIMPLE) up to the regular annual ..........

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L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Review and Revise Your Estate Plan to Reflect Life Changes During the past Year

Your estate plan shouldn’t be a static document. It needs to change as your life changes. Year end is the perfect time to check whether any life events have taken place in the past 12 months or so..........

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L&H CPAs
L&H CPAs

13 June, 2020

Taxes

2018 Year-End Tax Planning

TAX REFORM IMPACT: INDIVIDUALS

Tax rates have decreased, personal exemption was eliminated, standard deduction doubled, & some popular deductions changed. ..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

6 Last-Minute Tax Moves for Your Business

Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax moves business owners should consider: Read More
L&H CPAs
L&H CPAs

14 July, 2020

Check Deductibility Before Making Year-End Charitable Gifts

As the holidays approach and the year draws to a close, many taxpayers make charitable gifts — both in the spirit of the season and as a year-end tax planning strategy. But with the tax law change..........

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L&H CPAs
L&H CPAs

14 July, 2020

Year-End Tax and Financial To-Do List for Individuals

With the dawn of 2019 on the near horizon, here’s a quick list of simple tax and financial to-dos you can easily address before 2018 ends:

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L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Does Prepaying Property Taxes Make Sense Anymore?

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 i..........

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L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

When Holiday Gifts & Parties Are Deductible or Taxable

The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out in..........

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L&H CPAs
L&H CPAs

14 July, 2020

Investing

Mutual Funds: Handle with Care at Year End

As we approach the end of 2018, it’s a good idea to review the mutual fund holdings in your taxable accounts and take steps to avoid potential tax traps. Here are some tips for you.

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L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs, Retirement Planning

It’s Not Too Late: You Can Still Set up a Retirement Plan for 2018

If most of your money is tied up in your business, retirement can be a challenge. So if you haven’t already set up a tax-advantaged retirement plan, consider doing so this year. There’s still time..........

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L&H CPAs
L&H CPAs

14 July, 2020

Executives

Deferral of Income Tax for Executives

If you’re an executive or other key employee, your employer may offer you a nonqualified deferred compensation (NQDC) plan. What do you need to do before year end to defer taxes? 

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Reduce 2018 Tax Liability - Buy Business Assets Before Year End

The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses.

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Remember to Include Intellectual Property in Your Estate Plan

 

If your estate includes forms of intellectual property (IP), such as patents and copyrights, it’s important to know how to address them in your estate plan. Although these intangibl..........

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L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Donate Appreciated Stock for Twice the Tax Benefits

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..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

Research Credit Available to Some Businesses for the First Time

The Tax Cuts and Jobs Act (TCJA) didn’t change the federal tax credit for “increasing research activities,” but several TCJA provisions have an indirect impact on the credit. As a result, the rese..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs, Estate Planning

Including Employees in Your Estate Plan? Be Careful

If you’re the owner of a small business, you may think of your tight-knit group of employees as a family. If you wish..........

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L&H CPAs
L&H CPAs

13 June, 2020

Tax Reform

Save Taxes by Bunching Medical Expenses into 2018

Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be ..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

Selling Your Business? Defer & Possibly Reduce the Tax Hit

You’ve spent years building your company and now are ready to move on to something else, whether launching a new business, taking advantage of another career opportunity or retiring. Whatever your..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Tenancy-In-Common: A Versatile Estate Planning Tool

If you hold significant real estate investments, tenancy-in-common (TIC) ownership can be a powerful, versatile estate planning tool. A TIC interest is an undivided fractional interest in property..........

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L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning, Tax Reform

Consider All the Tax Consequences Before Making Gifts to Loved Ones

Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or sim..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

Now’s the Time to Review Your Business Expenses

As we approach the end of the year, it’s a good idea to review your business’s expenses for deductibility. At the same time, consider whether your business would benefit from accelerating certain ..........

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L&H CPAs
L&H CPAs

13 June, 2020

Taxes, Tax Reform

529 Plans Offer 2 Tax-Advantaged Funding Options

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 b..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

Tax-Free Fringe Benefits: Help for Your Businesses & Employees

 

In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appe..........

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L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Raising Money-Smart Children

If you’ve worked a lifetime to build a large estate, you undoubtedly would like to leave a lasting legacy to your children and future generations. Educating your children about saving, investing a..........

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L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

IRA Charitable Rollover - Even More Beneficial in 2018

If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on the distributions. Thi..........

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L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Will a Cost Segregation Study Help Your Business Accelerate Depreciation Deductions?

Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a cost segregation study. It may allow you to accelerate depreciation deducti..........

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L&H CPAs
L&H CPAs

14 July, 2020

Retirement Planning

Want to Retire Abroad? Review Your Estate Plan First

If you dream of spending your golden years in a tropical paradise, a culture-rich European city or another foreign locale, it’s important to understand the potential Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

TCJA Planning for Gains & Losses: What You Need to Know

Fall is a good time to review year-to-date gains and losses on your investments. Not only can it help you assess your financial health, but it also can help you determine whether to buy or sell in..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Businesses Aren’t Immune to Tax Identity Theft

Tax identity theft may seem like a problem only for individual taxpayers. But, Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

2 Ways to Ensure a Successful Family Business Transfer

 

For many people, a family-owned business is their primary source of wealth, so it’s critical to plan carefully for the transition of ownership from one generation to the next.

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Tax Deduction Ins and Outs of Donating Artwork to Charity

If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly be..........

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L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Be Sure Your Employee Travel Expense Reimbursements Pass Muster with the IRS

 

Does your business reimburse employees’ work-related travel expenses? If you do, you know that it can help you attract and retain employees. If you don’t, you might want to start, be..........

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L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Estate Planning for Unmarried Couples

 

When married couples neglect to prepare an estate plan, state intestacy laws step in to help provide financial security for the surviving spouse. It may not be the plan they would ha..........

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L&H CPAs
L&H CPAs

13 June, 2020

Is Your Wealth Concentrated in a Single Stock?

 

Estate planning and investment risk management go hand in hand. After all, an estate plan is effective only if you have some wealth to transfer to the next generation. One of ..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

Minimize the Tax Risk of Using Independent Contractors

Classifying a worker as an independent contractor frees a business from payroll tax liability and allows it to forgo providing overtime pay, unemployment compensation and other employee benefits. ..........

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L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

3 Reasons You Should Continue Making Lifetime Gifts



Now that the gift and estate tax exemption has reached a record high of $11.18 million (for 2018), it may seem that gifting assets to loved ones is less important..........

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L&H CPAs
L&H CPAs

13 June, 2020

Keep It SIMPLE: A Retirement Plan for Your Small Businesses

 

If your small business doesn’t offer its employees a retirement plan, consider a SIMPLE IRA. Offering a retirement plan can provide your business with valuable tax deductions and he..........

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L&H CPAs
L&H CPAs

13 June, 2020

Taxes

Are You Playing Your Tax Cards Right with Gambling Wins and Losses?

If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act<..........

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L&H CPAs
L&H CPAs

13 June, 2020

Taxes

Plan Ahead for Vacation Home Rentals

Do you own a vacation home? If you both rent it out and use it personally, you might save tax by taking steps to ensure it qualifies as a rental property this year. Vacation home expenses that qua..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

What's the Best Accounting Method for Your Business?

  1. The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — wh..........
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L&H CPAs
L&H CPAs

13 June, 2020

Taxes

Don't Be Surprised by Extenders Legislation

The pieces of tax legislation garnering the most attention these days are the Tax Cuts and Jobs Act (TCJA) signed into law last December and the possible “Tax Refor..........

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L&H CPAs
L&H CPAs

13 June, 2020

Claiming a Tax Deduction for Educator Expenses

When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educato..........

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L&H CPAs
L&H CPAs

14 July, 2020

Estimated Tax Payments

To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing d..........

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L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Tailoring the Role of Trust Protectors in Estate Planning

Irrevocable trusts can allow for the smooth, tax-advantaged transfer of wealth to family members. But there’s a drawb..........

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L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

#1 Argument Against DIY Estate Planning

There’s no law that says you can’t prepare your own estate plan. And with an abundance of online services that automate the creation of wills and other documents, it’s easy to do. But unless your ..........

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L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Administering an Estate or Inheriting Property?


When it comes to tax law changes and estate planning, the substantial increases to the gift and estate tax exemptions under the Tax Cuts and Jobs Act are gett..........

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L&H CPAs
L&H CPAs

13 June, 2020

Taxes

Save Taxes with Green Tax Credits



“Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill i..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

What Businesses Need to Know About the Tax Treatment of Bitcoin



Over the last several years, virtual currency has become increasingly popular. Bitcoin is the most widely recognized form of virtual currency, also commonly referred to as digital..........

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L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Think Twice Before Naming a Minor as Beneficiary



A common estate planning mistake is to designate a minor as beneficiary — or contingent beneficiary — of a life insurance policy or retirement plan. While making your young child ..........

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L&H CPAs
L&H CPAs

13 June, 2020

Executives

Saving Tax on Restricted Stock Awards


Today many employees receive stock-based compensation from their employer as part of their compensation and benefits package. The tax consequences of such compensation can be complex —..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

Q3 tax calendar: Key Deadlines for Businesses & Other Employers


Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

TCJA Tax Consequences When Selling Your Home



In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, you’re probably thinking about things like how quic..........

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L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Your Original Will: Does Your Family Know Where to Locate It?


In a world that’s increasingly paperless, you’re likely becoming accustomed to conducting a variety of transactions digitally. But when it comes to your last will and testament, only a..........

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L&H CPAs
L&H CPAs

13 June, 2020

Taxes

Do You Need to Adjust Your Withholding?

 

If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all ..........

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L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Provide for Your Spouse, Then Your Kids, with a QTIP Trust




If you want to preserve as much wealth as possible for your child..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

IRS Audit Techniques Guides Provide Clues to What May Come up If Your Business Is Audited




IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits — and so can small business owners. Many ATGs target specific industries, such as construction. Others ..........

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L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Beware IRD If You’ve Received an Inheritance




Most people are genuinely appreciative of inheritances. But sometimes it may be too good to be true. While inherited property is typically tax-free to the recipient, this isn..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

A Net Operating Loss Isn’t All Bad News



When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs. If when filing your 2017 income tax return you found that your bu..........

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L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

A Total Return Unitrust Can Help Maintain Family Harmony


A traditional trust can sometimes create a conflict between the lifetime and remainder beneficiaries. For example, investment strategies that provide growth that benefits remainder ben..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

Should You Ask the IRS to Determine a Worker’s Status?



Classifying workers as independent contractors — rather than employees — can save busine..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Retirement Planning

Apply for a Waiver If You’ve Missed the 60-Day Ira Rollover Deadline



IRAs and employer-sponsored plans such as 401(k)s are powerful retirement savings tools, but they also provide valuable Read More
L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Don’t Overlook Securities Laws When Planning Your Estate


For a variety of estate planning and asset management purposes, many affluent families..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

Defer Tax with a Section 1031 Exchange, but New Limits Apply


Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange. Howev..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Power of Attorney Abuse: What You Can Do About It


A financial power of attorney — sometimes called a “power of attorney for property” or a “general power of attorney” — can be a valuable estate planning tool. The main disadvantage is th..........

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L&H CPAs
L&H CPAs

13 June, 2020

Insider

Casualty Losses Can Provide a 2017 Deduction, but Rules Tighten for 2018

If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return. For 2018 through 2025, however, ..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

2018 Q2 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during ..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Tax Reform

Tax Reform: Changes to Popular Deductions and Eliminated Changes

Taxpayers who have come to rely on popular tax deductions may need to check their expectations when it comes time to file taxes for 2018. That’s because The Tax Cuts and Jobs Act made some modifica..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

Small Businesses Tax Savings Now & More Savings in the Future

If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expe..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

What’s Your Mileage Deduction?

Some vehicle-related expenses can be deducted in certain circumstances. Rather than keeping track of the actual costs, you can use a standard mileage rate to compute your deductions. For 2017..........

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L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Leverage the TJCA to Ease Estate Tax Liability


Many of us have dreamed of buying a home that we one day wish to pass on to our adult children. Consider a joint purchase to reduce Read More

L&H CPAs
L&H CPAs

13 June, 2020

Taxes

Tax Deduction for Moving Costs: 2017 vs. 2018

If you moved for work-related reasons in 2017, you might be able to deduct some of the costs on your 2017 return — even if you don’t itemize deductions. (Or, if your employer reimbursed you f..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

Tax Credit for Hiring? Leverage the WOTC for Substantial Tax Savings

Many businesses hired in 2017, and more are planning to hire in 2018. If you’re among them you may be eligible for the Work Opportunity tax credit (WOTC). If you made qualifying hires in 2017..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

How to Ensure You Receive Your Charitable Tax Deductions

If reducing your taxable estate is an important estate planning goal, making lifetime charitable do..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Taxes

What's the Best Higher-Education Break to Claim on Your 2017 Return?

 


Whether you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some Read More

L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

Small Business Owners: a SEP IRA May Be Your Last 2017 Tax & Retirement Saving Opportunity

Are you a high-income small-business owner who doesn’t ..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Executives

2 ACA Taxes That May Apply to Your Exec Comp

If you’re an executive or other key employee, you might be rewarded for your contributions to your company’s success with compensation such as restricted stock, stock options or nonqualified deferr..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

Which Tax-Advantaged Health Account Should Be Part of Your Benefits Package?

Read More
L&H CPAs
L&H CPAs

13 June, 2020

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