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L&H Insights

Tax Strategies, Advice, and Insights

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business vehicle and taxes

2 min read

Buying a new business vehicle? A heavy SUV is a tax-smart choice

If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a more generous tax break this year than you’d get from a smaller vehicle. The reason has to do with how smaller business cars are...

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lawsuit or settlement tax free

2 min read

Awarded money in a lawsuit or settlement? It’s only tax-free in certain circumstances

You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example, compensatory awards...

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advertising expenses

2 min read

Protect the “ordinary and necessary” advertising expenses of your business

Under tax law, businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new ones. This...

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worthless stock

2 min read

Claiming losses on depreciated or worthless stock

Have you bought stock in a company that later dropped in value? While you may prefer to forget such an ill-fated investment, at least you can claim a...

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Taxes 2023

2 min read

Answers to your questions about 2023 limits on individual taxes

Many people are more concerned about their 2022 tax bills right now than they are about their 2023 tax situations. That’s understandable because your...

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tax penalty

2 min read

Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty

Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. What’s...

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taxes 2023

1 min read

Many tax limits affecting businesses have increased for 2023

An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023....

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Revocable Trust

1 min read

Is Your Revocable Trust Fully Funded?

A revocable trust — sometimes known as a “living trust” — can provide significant benefits. They include the ability to avoid probate of the assets...

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Appreciated Assets

1 min read

Run The Numbers Before Donating Appreciated Assets To Charity

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

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Mileage

2 min read

The Standard Business Mileage Rate Is Going Up In 2023

Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of...

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Secure 2.0

2 min read

SECURE 2.0 Law May Make You More Secure In Retirement

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

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QBI

1 min read

Can You Qualify For The QBI Deduction In 2022?

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the...

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Wash Sale

2 min read

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

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

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