L&H Insights

1 min read

How to Navigate Your Online IRS Account (For Individuals)

Maurice La Verdure: Dec 26, 2025 12:00:00 AM

Managing your taxes has become much easier thanks to the IRS Online Account portal. Whether you need to make a payment, download a transcript, or...

8 min read

Top Benefits of Hiring a Fractional CFO for Your Business

Scott Henvey: Dec 19, 2025 12:00:00 AM

A Fractional CFO is a highly experienced financial professional who provides executive-level financial management and strategy on a part-time or...

3 min read

What’s the Difference Between Mergers and Acquisitions?

Scott Henvey: Dec 12, 2025 12:00:00 AM

Understanding mergers and acquisitions (M&A) is essential for businesses looking to grow, expand, or strengthen their market position. These...

4 min read

How to Value a Merger or Acquisition: Key Methods and Strategies

Scott Henvey: Dec 5, 2025 7:09:33 AM

Accurately valuing mergers and acquisitions is a crucial step for any business seeking growth, expansion, or a stronger market presence....

8 min read

Building a Stronger Business with a Solid Annual Budget

Scott Henvey: Nov 28, 2025 5:00:00 PM

Creating a solid annual budget is one of the most important steps in building a stronger, more resilient business. A well-planned budget serves as a...

2 min read

New itemized deduction limitation will affect high-income individuals next year

Scott Henvey: Nov 20, 2025 4:46:33 PM

Beginning in 2026, taxpayers in the top federal income tax bracket will see their itemized deductions reduced. If you’re at risk, there are steps you...

1 min read

Shift income to take advantage of the 0% long-term capital gains rate

Maurice La Verdure: Nov 20, 2025 4:42:28 PM

Are you thinking about making financial gifts to loved ones? Would you also like to reduce your capital gains tax? If so, consider giving appreciated...

2 min read

What you need to know about deducting business gifts

Scott Henvey: Nov 20, 2025 4:38:44 PM

Thoughtful business gifts are a great way to show appreciation to customers and employees. They can also deliver tax benefits when handled correctly....

2 min read

Writing an AI governance policy for your business

Maurice La Verdure: Nov 14, 2025 11:34:38 AM

Artificial intelligence (AI) is changing the way businesses operate. Its capacity to gather and process data, as well as to mimic human interactions,...

2 min read

Is an HDHP plus an HSA a financially smart health care option for you? (Clone)

Scott Henvey: Oct 30, 2025 2:21:44 PM

Health care costs continue to increase. Pairing a high-deductible health plan (HDHP) with a Health Savings Account (HSA) can help. Insurance premiums...

2 min read

Review your business expenses before year end

Scott Henvey: Oct 30, 2025 1:53:04 PM

Now is a good time to review your business’s expenses for deductibility. Accelerating deductible expenses into this year generally will reduce 2025...

2 min read

Payroll tax implications of new tax breaks on tips and overtime

Scott Henvey: Sep 18, 2025 1:33:49 PM

Before the One Big Beautiful Bill Act (OBBBA), tip income and overtime income were fully taxable for federal income tax purposes. The new law changes...

2 min read

5 ways your business can build a stronger annual budget

Maurice La Verdure: Sep 18, 2025 1:30:57 PM

As summer gives way to fall, many businesses begin their budget-setting processes for the upcoming year. This annual rite of passage can be...

1 min read

New rules could boost your R&E tax savings in 2025

Scott Henvey: Sep 18, 2025 1:27:36 PM

A major tax change is here for businesses with research and experimental (R&E) expenses. On July 4, 2025, the One Big Beautiful Bill Act (OBBBA)...

2 min read

Developing a comprehensive AI strategy for your business

Scott Henvey: Aug 5, 2025 5:29:14 PM

We’ve reached a point where artificial intelligence (AI) offers functionality and enhancements to most businesses. Yours may be able to use it to...

3 min read

What the new tax law could mean for you

Maurice La Verdure: Aug 5, 2025 5:26:18 PM

As 2025 began, individual taxpayers faced uncertainty with several key provisions of the tax law that were set to expire at the end of the year. That...

3 min read

Significant business tax provisions in the One, Big, Beautiful Bill Act

Scott Henvey: Aug 5, 2025 5:22:20 PM

The One, Big, Beautiful Bill Act (OBBBA) was signed into law on July 4. The new law includes a number of favorable changes that will affect small...

2 min read

Understanding spousal IRAs: A smart retirement strategy for couples

Maurice La Verdure: Aug 5, 2025 5:11:43 PM

Retirement planning is essential for all families, but it can be especially critical for couples where one spouse earns little to no income. In such...

3 min read

Milestone moments: How age affects certain tax provisions

Scott Henvey: Aug 5, 2025 5:04:33 PM

They say age is just a number — but in the world of tax law, it’s much more than that. As you move through your life, the IRS treats you differently...

2 min read

Startup costs and taxes: What you need to know before filing

Maurice La Verdure: Aug 5, 2025 5:01:23 PM

The U.S. Census Bureau reports there were nearly 447,000 new business applications in May of 2025. The bureau measures this by tracking the number of...

2 min read

Is college financial aid taxable? A crash course for families

Scott Henvey: Aug 5, 2025 4:58:46 PM

College can be expensive. According to the College Board, the average sticker price for tuition and fees at private colleges was $43,350 for the...

2 min read

DOs and DON’Ts to help protect your business expense deductions

Maurice La Verdure: Aug 5, 2025 4:53:21 PM

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

2 min read

Safe harbor 401(k)s offer businesses a simpler route to a retirement plan

Maurice La Verdure: Jul 9, 2025 9:58:12 AM

When many small to midsize businesses are ready to sponsor a qualified retirement plan, they encounter a common obstacle: complex administrative...

2 min read

Understanding spousal IRAs: A smart retirement strategy for couples

Scott Henvey: Jul 9, 2025 9:55:05 AM

Retirement planning is essential for all families, but it can be especially critical for couples where one spouse earns little to no income. In such...

2 min read

Family business focus: Addressing estate and succession planning

Maurice La Verdure: Jun 12, 2025 10:27:01 AM

The future often weighs heavier on the shoulders of family business owners. Their companies aren’t just “going concerns” with operating assets, human...

1 min read

The IRS recently announced 2026 amounts for Health Savings Accounts

Scott Henvey: Jun 12, 2025 10:23:22 AM

The IRS recently released the 2026 inflation-adjusted amounts for Health Savings Accounts (HSAs). Employees will be able to save a modest amount more...

2 min read

How your business can sharpen its marketing strategy

Maurice La Verdure: Jun 12, 2025 10:19:06 AM

Creating a marketing strategy for any company isn’t a “one and done” activity. As you’ve no doubt experienced, the approach you use to connect with...

2 min read

Hiring independent contractors? Make sure you’re doing it right

Scott Henvey: Jun 12, 2025 10:13:47 AM

Many businesses turn to independent contractors to help manage costs, especially during times of staffing shortages and inflation. If you’re among...

2 min read

Still have tax questions? You’re not alone

Maurice La Verdure: May 8, 2025 12:25:19 PM

Even after your 2024 federal return is submitted, a few nagging questions often remain. Below are quick answers to five of the most common questions...

2 min read

Corporate business owners: Is your salary reasonable in the eyes of the IRS?

Scott Henvey: May 8, 2025 12:22:14 PM

Determining “reasonable compensation” is a critical issue for owners of C corporations and S corporations. If the IRS believes an owner’s...

2 min read

The “wash sale” rule: Don’t let losses circle the drain

Scott Henvey: May 8, 2025 12:17:36 PM

Stock, mutual fund and ETF prices have bounced around lately. If you make what turns out to be an ill-fated investment in a taxable brokerage firm...

2 min read

Understanding the “step-up in basis” when inheriting assets

Maurice La Verdure: May 8, 2025 12:08:47 PM

If you inherit assets after a loved one passes away, they often arrive with a valuable — but frequently misunderstood — tax benefit called the...

2 min read

Explore SEP and SIMPLE retirement plans for your small business

Scott Henvey: May 8, 2025 12:03:57 PM

Suppose you’re thinking about setting up a retirement plan for yourself and your employees. However, you’re concerned about the financial commitment...

2 min read

Discover if you qualify for “head of household” tax filing status

Maurice La Verdure: May 8, 2025 11:49:33 AM

When we prepare your tax return, we’ll check one of the following filing statuses: single, married filing jointly, married filing separately, head of...

2 min read

Are you a tax-favored real estate professional?

Scott Henvey: May 8, 2025 11:45:04 AM

For federal income tax purposes, the general rule is that rental real estate losses are passive activity losses (PALs). An individual taxpayer can...

2 min read

Small business alert: Watch out for the 100% penalty

Maurice La Verdure: Apr 8, 2025 2:19:11 PM

Some tax sins are much worse than others. An example is failing to pay over federal income and employment taxes that have been withheld from...

2 min read

Business owners should get comfortable with their financial statements

Maurice La Verdure: Apr 8, 2025 2:11:53 PM

Financial statements can fascinate accountants, investors and lenders. However, for business owners, they may not be real page-turners.

2 min read

Deduct a loss from making a personal loan to a relative or friend

Scott Henvey: Apr 8, 2025 2:06:16 PM

Suppose your adult child or friend needs to borrow money. Maybe it’s to buy a first home or address a cash flow problem. You may want to help by...

2 min read

Turning stock downturns into tax advantages

Maurice La Verdure: Apr 8, 2025 2:01:39 PM

Have you ever invested in a company only to see its stock value plummet? (This may become relevant in light of recent market volatility.) While such...

3 min read

Planning for the future: 5 business succession options and their tax implications

Scott Henvey: Apr 8, 2025 1:57:50 PM

When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next generation of leaders...

2 min read

Riding the tax break train: Maximizing employee transportation fringe benefits

Maurice La Verdure: Apr 8, 2025 1:53:36 PM

There are some nice tax breaks for transportation-related employee fringe benefits. If your employer offers these tax-favored fringes, you should...

1 min read

Exploring business entities: Is an S corporation the right choice?

Scott Henvey: Apr 8, 2025 1:49:13 PM

Are you starting a business with partners and deciding on the right entity? An S corporation might be the best choice for your new venture.

1 min read

The 2024 gift tax return deadline is coming up soon

Maurice La Verdure: Mar 10, 2025 10:55:53 AM

If you made significant gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a...

2 min read

Ways to manage the limit on the business interest expense deduction

Scott Henvey: Mar 10, 2025 10:52:43 AM

Prior to the enactment of the Tax Cuts and Jobs Act (TCJA), businesses were able to claim a tax deduction for most business-related interest expense....

2 min read

How a business owner’s home office can result in tax deductions

Maurice La Verdure: Mar 10, 2025 10:45:46 AM

As a business owner, you may be eligible to claim home office tax deductions that will reduce your taxable income. However, it’s crucial to...

2 min read

You may be able to make a deductible IRA contribution for last year this year

Scott Henvey: Mar 10, 2025 10:32:15 AM

If you’re getting ready to file your 2024 tax return and your tax bill is higher than you’d like, there may still be a chance to lower it. If you’re...

2 min read

So many KPIs, so much time: An overview for businesses

Maurice La Verdure: Feb 4, 2025 10:24:19 AM

From the moment they launch their companies, business owners are urged to use key performance indicators (KPIs) to monitor performance. And for good...

2 min read

Early bird tips: Answering your tax season questions

Scott Henvey: Feb 4, 2025 10:21:41 AM

The IRS announced it will start the 2025 filing season for individual income tax returns on January 27. That’s when the agency began accepting and...

2 min read

The standard business mileage rate increased in 2025

Maurice La Verdure: Feb 4, 2025 10:18:07 AM

The nationwide price of gas is slightly higher than it was a year ago and the 2025 optional standard mileage rate used to calculate the deductible...

2 min read

Do you have questions about taking IRA withdrawals? We’ve got answers

Scott Henvey: Feb 4, 2025 10:13:04 AM

Once you reach age 73, tax law requires you to begin taking withdrawals — called Required Minimum Distributions (RMDs) — from your traditional IRA,...

2 min read

Drive down your business taxes with local transportation cost deductions

Scott Henvey: Jan 13, 2025 8:33:58 AM

Understanding how to deduct transportation costs could significantly reduce the tax burden on your small business. You and your employees likely...

2 min read

Operating as a C corporation: Weigh the benefits and drawbacks

Maurice La Verdure: Jan 13, 2025 8:27:05 AM

When deciding on the best structure for your business, one option to consider is a C corporation. This entity offers several advantages and...

2 min read

Maximize your 401(k) in 2025: Smart strategies for a secure retirement

Scott Henvey: Jan 13, 2025 8:24:27 AM

Saving for retirement is a crucial financial goal and a 401(k) plan is one of the most effective tools for achieving it. If your employer offers a...

2 min read

Healthy savings: How tax-smart HSAs can benefit your small business and employees

Maurice La Verdure: Dec 2, 2024 1:02:53 PM

As a small business owner, managing health care costs for yourself and your employees can be challenging. One effective tool to consider adding is a...

2 min read

How inflation will affect your 2024 and 2025 tax bills

Scott Henvey: Dec 2, 2024 12:59:11 PM

Inflation can have a significant impact on federal tax breaks. While recent inflation has come down since its peak in 2022, some tax amounts will...

2 min read

When can you deduct business meals and entertainment?

Scott Henvey: Dec 2, 2024 12:54:22 PM

You’re not alone if you’re confused about the federal tax treatment of business-related meal and entertainment expenses. The rules have changed in...

2 min read

3 types of retirement plans for growing businesses

Maurice La Verdure: Dec 2, 2024 12:50:45 PM

When start-ups launch, their focus is often on tightly controlling expenses. Most need to establish a brand and some semblance of stability before...

2 min read

Get tax breaks for energy-saving purchases this year because they may disappear

Scott Henvey: Dec 2, 2024 12:45:26 PM

The Inflation Reduction Act (IRA), enacted in 2022, created several tax credits aimed at promoting clean energy. You may want to take advantage of...

3 min read

From flights to meals: A guide to business travel tax deductions

Scott Henvey: Nov 11, 2024 11:11:09 AM

As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel...

2 min read

You don’t have to be in business to deduct certain vehicle expenses

Maurice La Verdure: Nov 11, 2024 11:08:23 AM

You don’t have to be in business to deduct certain vehicle expenses When you think about tax deductions for vehicle-related expenses, business...

2 min read

How can you build a golden nest egg if you’re self-employed?

Scott Henvey: Nov 11, 2024 11:04:53 AM

If you own a small business with no employees (other than your spouse) and want to set up a retirement plan, consider a solo 401(k) plan. This is...

2 min read

Employers: In 2025, the Social Security wage base is going up

Scott Henvey: Nov 11, 2024 10:57:07 AM

As we approach 2025, changes are coming to the Social Security wage base. The Social Security Administration recently announced that the wage base...

2 min read

Is your money-losing activity a hobby or a business?

Maurice La Verdure: Nov 11, 2024 10:53:38 AM

Let’s say you have an unincorporated sideline activity that you consider a business. Perhaps you offer photography services, create custom artwork or...

2 min read

Working capital management is critical to business success

Maurice La Verdure: Nov 8, 2024 10:13:55 AM

Success in business is often measured in profitability — and that’s hard to argue with. However, liquidity is critical to reaching the point where a...

2 min read

Unlock your child’s potential by investing in a 529 plan

Scott Henvey: Nov 8, 2024 10:10:15 AM

If you have a child or grandchild planning to attend college, you’ve probably heard about qualified tuition programs, also known as 529 plans. These...

2 min read

Advantages of keeping your business separate from its real estate

Maurice La Verdure: Nov 8, 2024 10:07:01 AM

Does your business require real estate for its operations? Or do you hold property titled under your business’s name? It might be worth reconsidering...

1 min read

Can homeowners deduct seller-paid points as the real estate market improves?

Scott Henvey: Nov 8, 2024 10:04:18 AM

The recent drop in interest rates has created a buzz in the real estate market. Potential homebuyers may now have an opportunity to attain their...

1 min read

2024 Q4 tax calendar: Key deadlines for businesses and other employers

Scott Henvey: Oct 8, 2024 2:18:58 PM

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2024. Keep in mind that this...

2 min read

Is your home office a tax haven? Here are the rules for deductions

Maurice La Verdure: Oct 8, 2024 2:16:03 PM

Working from home has become increasingly common. The U.S. Bureau of Labor Statistics (BLS) reports that about one out of five workers conducts...

2 min read

Help ensure your partnership or LLC complies with tax law

Scott Henvey: Oct 8, 2024 2:13:11 PM

When drafting partnership and LLC operating agreements, various tax issues must be addressed. This is also true of multi-member LLCs that are treated...

2 min read

Understanding the $7,500 federal tax credit for buying an electric vehicle

Maurice La Verdure: Oct 8, 2024 2:10:01 PM

Electric vehicles (EVs) have become increasingly popular. According to Kelley Blue Book estimates, the EV share of the vehicle market in the U.S. was...

2 min read

It’s time for your small business to think about year-end tax planning

Scott Henvey: Oct 8, 2024 2:01:35 PM

With Labor Day in the rearview mirror, it’s time to take proactive steps that may help lower your small business’s taxes for this year and next. The...

2 min read

6 key elements of a business budget

Scott Henvey: Sep 5, 2024 12:14:14 PM

3 min read

6 tax-free income opportunities

Maurice La Verdure: Sep 5, 2024 12:11:02 PM

Believe it or not, there are ways to collect tax-free income and gains. Here are some of the best opportunities to put money in your pocket without...

2 min read

Are you liable for two additional taxes on your income?

Scott Henvey: Sep 5, 2024 11:52:47 AM

Having a high income may mean you owe two extra taxes: the 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and...

2 min read

Understanding taxes on real estate gains

Scott Henvey: Sep 5, 2024 11:31:30 AM

Let’s say you own real estate that has been held for more than one year and is sold for a taxable gain. Perhaps this gain comes from indirect...

2 min read

The possible tax landscape for businesses in the future

Scott Henvey: Aug 7, 2024 1:25:42 PM

Get ready: The upcoming presidential and congressional elections may significantly alter the tax landscape for businesses in the United States. The...

2 min read

Business website expenses: How they’re handled for tax purposes

Maurice La Verdure: Aug 7, 2024 1:22:42 PM

Most businesses have websites today. Despite their widespread use, the IRS hasn’t issued formal guidance on when website costs can be deducted.

2 min read

Closing a business involves a number of tax responsibilities

Scott Henvey: Aug 7, 2024 1:16:42 PM

While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close...

2 min read

If your business has co-owners, you probably need a buy-sell agreement

Maurice La Verdure: Aug 7, 2024 1:15:04 PM

Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a...

1 min read

Certain charitable donations allow you to avoid taxable IRA withdrawals

Scott Henvey: Aug 7, 2024 1:11:58 PM

If you’re a philanthropic individual who is also obligated to take required minimum distributions (RMDs) from a traditional IRA, you may want to...

2 min read

Consider borrowing from your corporation but structure the deal carefully

Maurice La Verdure: Aug 7, 2024 1:02:22 PM

If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. But it’s...

2 min read

What might be ahead as many tax provisions are scheduled to expire?

Scott Henvey: Aug 7, 2024 12:58:42 PM

Buckle up, America: Major tax changes are on the horizon. The reason has to do with tax law and the upcoming elections.

3 min read

Social Security tax update: How high can it go?

Scott Henvey: Jul 8, 2024 12:57:29 PM

Employees, self-employed individuals, and employers all pay Social Security tax, and the amounts can get bigger every year. And yet, many people...

2 min read

How family businesses can solve the compensation puzzle

Maurice La Verdure: Jul 8, 2024 12:51:04 PM

Every type of company needs to devise a philosophy, strategy and various policies regarding compensation. Family businesses, however, face additional...

2 min read

4 ways businesses can better control cash flow

Scott Henvey: Jul 8, 2024 12:46:28 PM

From the minute they open their doors, business owners are urged to keep a close eye on cash flow. And for good reason — even companies with booming...

2 min read

Inflation enhances the 2025 amounts for Health Savings Accounts

Maurice La Verdure: Jun 6, 2024 9:39:54 AM

The IRS recently released guidance providing the 2025 inflation-adjusted amounts for Health Savings Accounts (HSAs). These amounts are adjusted each...

2 min read

Timelines: 3 ways business owners should look at succession planning

Scott Henvey: Jun 6, 2024 9:29:14 AM

Business owners are rightly urged to develop succession plans so their companies will pass on to the next generation, or another iteration of...

2 min read

You may be entitled to tax breaks if caring for an elderly relative

Scott Henvey: Jun 5, 2024 2:28:02 PM

There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing...

2 min read

Should you convert your business from a C to an S corporation?

Maurice La Verdure: Jun 5, 2024 2:24:16 PM

Choosing the right business entity has many implications, including the amount of your tax bill. The most common business structures are sole...

2 min read

A three-step strategy to save tax when selling appreciated vacant land

Scott Henvey: Jun 5, 2024 2:20:47 PM

Let’s say you own one or more vacant lots. The property has appreciated greatly and you’re ready to sell. Or maybe you have a parcel of appreciated...

2 min read

Tax tips when buying the assets of a business

Maurice La Verdure: Jun 5, 2024 2:16:55 PM

After experiencing a downturn in 2023, merger and acquisition activity in several sectors is rebounding in 2024. If you’re buying a business, you...

2 min read

When do valuable gifts to charity require an appraisal?

Scott Henvey: Jun 5, 2024 2:12:57 PM

If you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal. The IRS requires...

2 min read

Growing your business with a new partner: Here are some tax considerations

Maurice La Verdure: May 10, 2024 9:58:20 AM

There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate: You and your partners...

2 min read

Taxes when you sell an appreciated vacation home

Scott Henvey: May 10, 2024 9:54:15 AM

Vacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three scenarios to...

2 min read

When partners pay expenses related to the business

Maurice La Verdure: May 10, 2024 9:50:33 AM

It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely to occur in service partnerships...

2 min read

Health care self-insurance and stop-loss coverage: What business owners need to know

Scott Henvey: May 10, 2024 9:46:07 AM

For businesses, cost-effectively sponsoring a health insurance plan for employees is an ongoing battle. In the broadest sense, you have two options:...

2 min read

Watch out for “income in respect of a decedent” issues when receiving an inheritance

Maurice La Verdure: May 10, 2024 9:40:23 AM

Most people are genuinely appreciative of inheritances, and who wouldn’t enjoy some unexpected money? But in some cases, it may turn out to be too...

2 min read

When businesses may want to take a contrary approach with income and deductions

Scott Henvey: May 10, 2024 9:33:35 AM

Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise...

2 min read

The pros and cons of turning your home into a rental

Scott Henvey: Apr 16, 2024 4:02:03 PM

If you’re buying a new home, you may have thought about keeping your current home and renting it out. In March, average rents for one- and...

2 min read

Don’t have a tax-favored retirement plan? Set one up now

Maurice La Verdure: Apr 16, 2024 3:58:31 PM

If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for...

2 min read

Scrupulous records and legitimate business expenses are the key to less painful IRS audits

Scott Henvey: Apr 16, 2024 3:54:06 PM

If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should carefully...

2 min read

Update on retirement account required minimum distributions

Maurice La Verdure: Apr 16, 2024 3:48:46 PM

If you have a tax-favored retirement account, including a traditional IRA, you’ll become exposed to the federal income tax required minimum...

2 min read

Coordinating Sec. 179 tax deductions with bonus depreciation

Scott Henvey: Apr 16, 2024 3:45:13 PM

Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in...

2 min read

Should your business change its health care plan for next year?

Maurice La Verdure: Apr 16, 2024 3:41:43 PM

Open enrollment for most health care plans is many months away. That makes now a good time for businesses to consider changing their...

2 min read

How renting out a vacation property will affect your taxes

Scott Henvey: Apr 16, 2024 3:37:10 PM

Are you dreaming of buying a vacation beach home, lakefront cottage or ski chalet? Or perhaps you’re fortunate enough to already own a vacation home....

2 min read

Beware of a stealth tax on Social Security benefits

Maurice La Verdure: Apr 16, 2024 3:32:53 PM

Some people mistakenly believe that Social Security benefits are always free from federal income tax. Unfortunately, that’s often not the case. In...

2 min read

Maximize the QBI deduction before it’s gone

Scott Henvey: Apr 16, 2024 3:23:03 PM

The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear. So if you’re...

2 min read

A job loss is bad but the tax implications could make it worse

Maurice La Verdure: Mar 7, 2024 9:10:52 AM

Unemployment has been holding steady recently at 3.7%. But there are still some people losing their jobs — particularly in certain industries...

2 min read

Applying for a commercial loan with confidence

Maurice La Verdure: Mar 7, 2024 9:07:35 AM

Few and far between are businesses that can either launch or grow without an infusion of outside capital. In some cases, that capital comes in the...

2 min read

New option for unused funds in a 529 college savings plan

Scott Henvey: Mar 7, 2024 9:04:25 AM

With the high cost of college, many parents begin saving with 529 plans when their children are babies. Contributions to these plans aren’t tax...

2 min read

Tax-wise ways to take cash from your corporation while avoiding dividend treatment

Maurice La Verdure: Mar 7, 2024 9:00:33 AM

If 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...

2 min read

Small businesses can help employees save for retirement, too

Scott Henvey: Mar 7, 2024 8:56:50 AM

Many small business owners run their companies as leanly as possible. This often means not offering what are considered standard fringe benefits for...

2 min read

If you didn’t contribute to an IRA last year, there’s still time

Maurice La Verdure: Mar 7, 2024 8:53:10 AM

If you’re gathering documents to file your 2023 tax return and you’re concerned that your tax bill may be higher than you’d like, there might still...

2 min read

Taking your spouse on a business trip? Can you write off the costs?

Scott Henvey: Mar 7, 2024 8:46:16 AM

A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit...

2 min read

Filing jointly or separately as a married couple: What’s the difference?

Scott Henvey: Feb 8, 2024 12:02:24 PM

When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility...

2 min read

9 tax considerations if you’re starting a business as a sole proprietor

Maurice La Verdure: Feb 8, 2024 11:59:25 AM

When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need...

2 min read

IRAs: Build a tax-favored retirement nest egg

Scott Henvey: Feb 8, 2024 11:55:37 AM

Although traditional IRAs and Roth IRAs have been around for decades, the rules involved have changed many times. The Secure 2.0 law, which was...

2 min read

Update on IRS efforts to combat questionable Employee Retention Tax Credit claims

Maurice La Verdure: Feb 8, 2024 11:50:32 AM

The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash that helped...

1 min read

If you gave to charity in 2023, check to see that you have substantiation

Scott Henvey: Feb 8, 2024 11:41:39 AM

Did you donate to charity last year? Acknowledgment letters from the charities you gave to may have already shown up in your mailbox. But if you...

2 min read

Tax-Efficient Diversification for Executives with Low-Basis Stock

Maurice La Verdure: Jan 12, 2024 2:06:04 PM

Meet Alex, a high-level executive who's accumulated a significant amount of low-basis stock in his company. Alex is keen to diversify this...

2 min read

Did your business buy the wrong software?

Maurice La Verdure: Jan 12, 2024 10:52:34 AM

No one likes to make a mistake. This is especially true in business, where a wrong decision can cost money, time and resources. According to the...

2 min read

The kiddie tax could affect your children until they’re young adults

Maurice La Verdure: Jan 12, 2024 10:49:22 AM

The so-called “kiddie tax” can cause some of a child’s unearned income to be taxed at the parent’s higher marginal federal income tax rates instead...

2 min read

The standard business mileage rate will be going up slightly in 2024

Scott Henvey: Jan 12, 2024 10:46:13 AM

The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up by 1.5 cents per...

2 min read

Giving gifts and throwing parties can help show gratitude and provide tax breaks

Scott Henvey: Dec 19, 2023 11:57:39 AM

The holiday season is here. During this festive season, your business may want to show its gratitude to employees and customers by giving them gifts...

2 min read

Is your business underestimating the value of older workers?

Maurice La Verdure: Dec 19, 2023 11:51:56 AM

The job market remains relatively tight for businesses looking to fill open positions or simply add top talent when the fit is right. That means it’s...

2 min read

A company car is a valuable perk but don’t forget about taxes

Scott Henvey: Dec 19, 2023 11:47:43 AM

One of the most appreciated fringe benefits for owners and employees of small businesses is the use of a company car. This perk results in tax...

2 min read

Don’t forget to empty out your flexible spending account

Scott Henvey: Dec 19, 2023 11:43:48 AM

If you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses, there’s an important...

2 min read

Key 2024 inflation-adjusted tax amounts for individuals

Maurice La Verdure: Dec 19, 2023 11:36:27 AM

The IRS recently announced various 2024 inflation-adjusted federal tax amounts that affect individual taxpayers.

2 min read

11 Exceptions to the 10% penalty tax on early IRA withdrawals

Scott Henvey: Dec 19, 2023 11:31:02 AM

If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one before...

2 min read

What you need to know about restricted stock awards and taxes

Maurice La Verdure: Nov 8, 2023 12:32:11 PM

Restricted stock awards are a popular way for companies to offer equity-oriented executive compensation. Some businesses offer them instead of stock...

2 min read

Choosing a business entity: Which way to go?

Scott Henvey: Nov 8, 2023 12:29:35 PM

If you’re planning to start a business or thinking about changing your business entity, you need to determine what will work best for you. Should you...

2 min read

New per diem business travel rates kicked in on October 1

Scott Henvey: Nov 8, 2023 12:26:39 PM

Are employees at your business traveling and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy that goes into...

2 min read

Facing a future emergency? Two new tax provisions may soon provide relief

Maurice La Verdure: Nov 8, 2023 12:22:35 PM

Perhaps you’ve been in this situation before: You have a financial emergency and need to get your hands on some cash. You consider taking money out...

2 min read

Business automobiles: How the tax depreciation rules work

Maurice La Verdure: Nov 8, 2023 12:18:33 PM

Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are...

2 min read

The tax implications of renting out a vacation home

Scott Henvey: Nov 8, 2023 12:07:22 PM

Many Americans own a vacation home or aspire to purchase one. If you own a second home in a waterfront community, in the mountains, or in a resort...

2 min read

4 best practices for effective strategic planning meetings

Maurice La Verdure: Sep 15, 2023 2:10:22 PM

It’s not uncommon for employees to grumble about having to attend too many meetings. Sometimes they have a point; an excessive number of meetings can...

2 min read

Investment swings: What’s the tax impact?

Scott Henvey: Sep 15, 2023 2:07:12 PM

If your investments have fluctuated wildly this year, you may have already recognized some significant gains and losses. But nothing is decided...

2 min read

Spouse-run businesses face special tax issues

Maurice La Verdure: Sep 15, 2023 2:04:23 PM

Do you and your spouse together operate a profitable unincorporated small business? If so, you face some challenging tax issues.

2 min read

Update on depreciating business assets

Scott Henvey: Sep 15, 2023 2:00:46 PM

The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation...

2 min read

Starting a business? How expenses will be treated on your tax return

Maurice La Verdure: Jul 17, 2023 11:57:06 AM

Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports...

2 min read

Traveling for business this summer? Here’s what you can deduct

Scott Henvey: Jul 17, 2023 11:36:47 AM

If you and your employees are traveling for business this summer, there are a number of considerations to keep in mind. Under tax law, in order to...

1 min read

IRS Extends Payment Date

L&H CPAs: May 25, 2020 3:43:20 AM

Treasury Secretary Steven Mnuchin announced that the IRS will allow taxpayers to defer payments for 2019 tax returns until July 15, subject to...

2 min read

Hiring independent contractors? Make sure they’re properly classified

L&H CPAs: Apr 29, 2020 10:21:00 AM

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...

2 min read

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

L&H CPAs: Apr 28, 2020 10:12:08 AM

The coronavirus (COVID-19) pandemic has caused the value of some retirement accounts to decrease because of the stock market downturn. But if you...

1 min read

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

L&H CPAs: Apr 24, 2020 8:36:42 AM

Many people’s estates typically include IRAs. Be aware that two major laws passed into law recently, the Setting Every Community Up for Retirement...

2 min read

Answers to questions you may have about Economic Impact Payments

L&H CPAs: Apr 22, 2020 10:45:00 AM

Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS....

1 min read

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

L&H CPAs: Apr 21, 2020 10:05:13 AM

The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior...

2 min read

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

L&H CPAs: Apr 17, 2020 12:21:05 PM

Your legacy: Charitable giving is vital during the COVID-19 crisis The novel coronavirus (COVID-19) pandemic and the resulting economic fallout is...

2 min read

COVID-19: IRS announces more relief and details

L&H CPAs: Apr 14, 2020 9:57:00 AM

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...

2 min read

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

L&H CPAs: Apr 13, 2020 10:23:31 AM

The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax...

2 min read

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

L&H CPAs: Apr 9, 2020 3:36:35 PM

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...

2 min read

CARES ACT changes retirement plan and charitable contribution rules

L&H CPAs: Apr 7, 2020 1:20:06 PM

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...

2 min read

Answers to questions about the CARES Act employee retention tax credit

L&H CPAs: Apr 2, 2020 1:00:22 PM

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

2 min read

The new COVID-19 law provides businesses with more relief

L&H CPAs: Mar 30, 2020 1:55:25 PM

On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here...

2 min read

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

L&H CPAs: Jan 16, 2020 8:01:03 AM

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...

3 min read

How to make market volatility your friend

L&H CPAs: Jan 16, 2020 7:56:50 AM

2 min read

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

L&H CPAs: Jan 16, 2020 7:54:42 AM

3 min read

Planning for a tax-efficient retirement

L&H CPAs: Jan 16, 2020 7:51:34 AM

2 min read

Using the 4% rule to make retirement fund withdrawals

L&H CPAs: Jan 16, 2020 7:47:50 AM

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

3 min read

Substantiating charitable gifts Do you know the rules

L&H CPAs: Jan 16, 2020 7:43:39 AM

2 min read

What to do if you’re audited by the IRS

L&H CPAs: Jan 16, 2020 7:38:00 AM

2 min read

A trust can be a mighty financial fortress

L&H CPAs: Jan 16, 2020 7:31:48 AM

2 min read

3 options if your term life insurance is expiring

L&H CPAs: Jan 16, 2020 7:26:44 AM

2 min read

Intrafamily loans offer family value

L&H CPAs: Jan 16, 2020 7:19:52 AM

2 min read

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

L&H CPAs: Jan 16, 2020 7:12:21 AM

2 min read

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

L&H CPAs: Jan 16, 2020 7:06:44 AM

2 min read

Asset protection is just as important as tax planning

L&H CPAs: Jan 16, 2020 7:02:42 AM

1 min read

Living the dream of early retirement

L&H CPAs: Jan 16, 2020 6:56:58 AM

2 min read

Making gifts to loved ones Don’t forget tax planning

L&H CPAs: Jan 16, 2020 6:52:10 AM

1 min read

Planning for the net investment income tax

L&H CPAs: Jan 16, 2020 6:47:39 AM

1 min read

Vacation homes Do you understand the tax nuances

L&H CPAs: Jan 16, 2020 6:33:46 AM

2 min read

Running your personal finances like a business

L&H CPAs: Jan 16, 2020 6:17:54 AM

1 min read

Do you know your tax bracket

L&H CPAs: Jan 16, 2020 6:13:38 AM

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...

1 min read

Every business owner needs an exit strategy

L&H CPAs: Jan 16, 2020 6:07:05 AM

3 min read

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

L&H CPAs: Jan 16, 2020 6:01:43 AM

2 min read

3 keys to providing terrific patient service

L&H CPAs: Jan 16, 2020 5:54:44 AM

3 min read

Does your practice run like a well-oiled machine

L&H CPAs: Jan 16, 2020 5:49:00 AM

2 min read

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

L&H CPAs: Jan 16, 2020 5:37:29 AM

2 min read

5 ways to improve practice efficiency

L&H CPAs: Jan 16, 2020 5:20:42 AM

Practice efficiency is tied to practice profitability — and it can help physicians and staff members continue to provide good health care over time....

3 min read

Enhancing practice success with a board of directors

L&H CPAs: Jan 16, 2020 4:51:39 AM

3 min read

What are the elements of a medical practice business plan

L&H CPAs: Jan 16, 2020 4:28:39 AM

2 min read

The art and science of patient scheduling

L&H CPAs: Jan 16, 2020 4:20:13 AM

4 min read

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

L&H CPAs: Jan 16, 2020 4:00:03 AM

2 min read

Your business’s real estate Avoiding a costly mistake

L&H CPAs: Jan 16, 2020 3:34:40 AM

2 min read

Ownership structures - How should you own your vacation home

L&H CPAs: Jan 16, 2020 3:21:13 AM

2 min read

Choosing an employee retirement plan

L&H CPAs: Jan 16, 2020 3:10:11 AM

2 min read

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

L&H CPAs: Jan 16, 2020 3:02:57 AM

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...

2 min read

Document storage solutions - Should you use an electronic filing cabinet

L&H CPAs: Jan 16, 2020 2:54:34 AM

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

2 min read

Raising financially responsible kids

L&H CPAs: Jan 16, 2020 1:28:57 AM

3 min read

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

L&H CPAs: Jan 16, 2020 12:54:37 AM

3 min read

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

L&H CPAs: Jan 16, 2020 12:22:42 AM

1 min read

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

L&H CPAs: Jan 16, 2020 12:01:06 AM

1 min read

7 ways to prevent elder financial abuse

L&H CPAs: Jan 15, 2020 11:49:31 PM

2 min read

Are income taxes taking a bite out of your trusts

L&H CPAs: Jan 15, 2020 11:17:10 PM

2 min read

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,...

2 min read

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...

2 min read

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...

2 min read

How to Treat Your Business Website Costs for Tax Purposes

2 min read

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...