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 but you’ll have to substantiate the loss. A recent U.S. Tax Court decision illustrates how that’s sometimes difficult to do. Basic rules for theft losses  The ..........

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Scott Henvey
Scott Henvey

16 September, 2021

L&H CPAs

Recent Posts

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 them yourself and put them away in a file cabinet or ..........

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L&H CPAs
L&H CPAs

11 November, 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 gift and estate tax exemption, as well as the g..........

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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 a n..........

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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 tho..........

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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 transfer assets tax-free. To take advantage of the h..........

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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 which they’re entitled. It can be do..........

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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’ paychecks but also that you pay them ov..........

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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 NIIT in your estate plan, because it..........

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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 am..........

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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, there..........

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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 laws...........

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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.   How the rule works Under this rule, if you se..........

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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 fo..........

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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 children ..........

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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, the IRS audited approximately 0.6% of individuals. ..........

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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 of ..........

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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 interest you ea..........

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L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

How to Treat Your Business Website Costs for Tax Purposes

  These days, most businesses need a website to remain competitive. It’s an easy decision to set one up and maintain it. But determining the proper tax treatment for the costs involved in developing a..........

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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 exclusion allows you to give up to ..........

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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 univ..........

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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 distribution isn’t tax-efficient, since it’s..........

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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, you must limit estate tax liabil..........

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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 important tax-related decisions are pro..........

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L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

2019 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 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional..........

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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 purposes. Outright gifts can be ri..........

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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 adva..........

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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 member ..........

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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 them on their tax returns. However,..........

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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 and..........

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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 and ..........

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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 retire..........

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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 ab..........

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L&H CPAs
L&H CPAs

13 June, 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 estate..........

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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 spous..........

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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 if t..........

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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 situation a..........

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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.   Winning at gambling Whether y..........

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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 how to report transactions on the..........

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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 your wishes for making financial a..........

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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 compensati..........

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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, i..........

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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 wh..........

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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 bundl..........

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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 can b..........

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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 vehicle expenses? A. There are two basic ways to write off expenses for business-related travel: The standar..........

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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 passed..........

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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 the IRS in the same way. Otherwise..........

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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 and recommend the best procedures and techniques to manage that exposure and minimize the pote..........

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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, pro..........

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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 stuff” — your tangible personal pro..........

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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 that you r..........

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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 imp..........

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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 income ..........

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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% federal income tax rate for C corporations. Under prior law, profitable ..........

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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 cost.   The..........

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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. If you ..........

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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 substantially increased generation-skipping ..........

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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 have gotten a refund in past years wound up owing money. The IRS reports t..........

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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 experience, save for college and..........

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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 people, you may inadvertently disi..........

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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-year..........

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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 Plan Sponsor Council of America (PSCA) found that Roth 401(k..........

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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 decisions i..........

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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 refunds have landed. According to the IRS, most refunds are issued..........

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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 to an inflation-adjusted $10 million ($20 million f..........

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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 in purchasing ..........

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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 lookout fo..........

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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. While estate plan..........

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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 the doors, you generally have..........

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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 victims could claim a deduction on their..........

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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 universal “right” choice, many businesses th..........

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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, including asse..........

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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 after which you turn age 70½. ..........

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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 Oppor..........

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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%). Women in this age gro..........

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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 rea..........

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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 deduction the TCJA kept intact is for investment interest expense. This ..........

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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 estate tax and..........

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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 subject to s..........

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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 road map — an informal letter or other do..........

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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 their employees. It’s subject to numerous rules and restrictions and th..........

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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 eligible for the child tax credit. But there’s a depende..........

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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 required to file a 2018 gift tax return — or whether filing one wou..........

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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 tax bill. A Simplified Employee Pension (SEP) can still be set up for 201..........

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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 Tax Cuts and Jobs Act (TCJA) might reduce your deductio..........

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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 to or gre..........

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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 your business income on your ..........

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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 outright. However, you must choose a trus..........

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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 after you’re gone. One way to do so i..........

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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 already m..........

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. Let’s ta..........

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: Contribution & Deferral Limits Elective..........

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, want to s..........

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. This ..........

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 depreci..........

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. Why? Y..........

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 beneficial..........

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 your ..........

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 corporations were subject to..........

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 als..........

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 you..........

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 happens if you h..........

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 you..........

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. To secure these benefits, however, the de..........

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. A prenuptial agreement can be an effective tool for overr..........

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 needed to pay those taxes. An intrafamily loan is one option. While a lif..........

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 decisions if you’..........

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 method offers greater tax-planning flexibility, ..........

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 answer:..........

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 additional de..........

Read More
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 limi..........

Read More
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 tha..........

Read More
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. Here’s a recap of some of the most common..........

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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: 1. Post..........

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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 changes th..........

Read More
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: Don't lose any of the funds you set aside, check your FSA bal..........

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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 in 20..........

Read More
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 invit..........

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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. Avoid surprise cap..........

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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 to ..........

Read More
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?  As the name suggests..........

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. To take advantage of these breaks, you must purchase qualifyi..........

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 intangible assets can have..........

Read More
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 add..........

Read More
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 research..........

Read More
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 to include them as beneficiaries in your estate plan, it’s critical to be aware of..........

Read More
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 able..........

Read More
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 pla..........

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

Read More
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 simply to see their loved ones enjoy the gifts. ..........

Read More
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 expe..........

Read More
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 bette..........

Read More
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 appealing fringe benefits. Benefits that are tax-free ar..........

Read More
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 and o..........

Read More
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. This br..........

Read More
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 deductions,..........

Read More
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 tax and estate planning implicatio..........

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 invest..........

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, according to the IRS, increasingly businesses are also becoming victims. And identity thieves have become more sophistica..........

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. The best approach depe..........

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 beneficial ..........

Read More
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, because changes un..........

Read More
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 have designed, but..........

Read More
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 the best ways to reduce..........

Read More
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. It a..........

Read More
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 than it was in previous years. Howeve..........

Read More
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 help you attract an..........

Read More
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 (TCJA) could also have an impact. Wins and..........

Read More
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 qualify..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

What's the Best Accounting Method for Your Business?

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses..........

Read More
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 Reform 2.0” that Congress might pass this..........

Read More
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 educators t..........

Read More
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 deadline through withholding, estimated tax payments, or a combination of the two. T..........

Read More
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 drawback: When you set up an irrevocable trust, you must relinquish control of the asset..........

Read More
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 esta..........

Read More
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 getting the most attention these days. But a t..........

Read More
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 in addition to your energy bill, all while helping the environment, too. The catch is that, to..........

Read More
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, electronic or crypt..........

Read More
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 the beneficiary of su..........

Read More
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 — subject to ordi..........

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 be additional d..........

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 quickly it will sell and ..........

Read More
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 an original, sign..........

Read More
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 positive. It also means you were essentially giving..........

Read More
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 children, but you leave property to your spouse outright, there’s no guarantee your objective will be met. This may be a concern if your spo..........

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 address issues that freque..........

Read More
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’t the case with an asset ..........

Read More
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 business had an NOL, there is an ups..........

Read More
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 beneficiaries can l..........

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 businesses money and provide other benefits. But the IRS is on the lookout for businesses that do this improperly to a..........

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 estate planning benefits. If you hold a traditional IRA for life, for example, y..........

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 hold their assets in trusts, family investment vehicles or charitable foundations. If assets held in this manner ..........

Read More
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. However, the Tax Cuts..........

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 that it’s suscep..........

Read More
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, the Tax Cu..........

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 the second quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional d..........

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 modificatio..........

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 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your p..........

Read More
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, you mig..........

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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 estate tax liability, provided the children have sufficient funds to..........

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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 for moving..........

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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 and obta..........

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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 donations can help achieve that goal and benefit your favorite organizations. In addition, by making do..........

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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 valuable tax breaks on your 2017 return. One such break that had expired De..........

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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 currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) may be just what you need, and now may b..........

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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 deferred ..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

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

On October 12, an executive order was signed that, among other things, seeks to expand Health Reimbursement Arrangements (HRAs). HRAs are just one type of tax-advantaged account you can provide your e..........

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L&H CPAs
L&H CPAs

13 June, 2020