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L&H Insights

Tax Strategies, Advice, and Insights

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C Corp

2 min read

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

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

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Intangible Assets

2 min read

Intangible assets: How must the costs incurred be capitalized?

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

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inflation

2 min read

How Inflation Will Affect Your 2022 And 2023 Tax Bills

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

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2 min read

How Savings Bonds Are Taxed

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

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gift tax

2 min read

Annual Gift Tax Exclusion Amount Increases For 2023

Did you know that one of the most effective estate-tax-saving techniques is also one of the simplest and most convenient? By making maximum use of...

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Tax Savings

2 min read

Year-End Tax Planning Ideas For Individuals

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

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IRS Audit

2 min read

Worried about an IRS audit? Prepare in advance.

IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report, but that’s little consolation if your...

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Trusts

2 min read

Trusting A Trust To Keep Your Assets Secure

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

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2 min read

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

You may have heard that the Inflation Reduction Act (IRA) was signed into law recently. While experts have varying opinions about whether it will...

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High income tax

2 min read

Is your income high enough to owe two extra taxes?

High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment...

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trustee

1 min read

Does your trust provide for the removal of a trustee?

To ensure that a trust operates as intended, it’s critical to appoint a trustee that you can count on to carry out your wishes. But to avoid...

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2 min read

How to avoid the early withdrawal tax penalty on IRA distributions

When you take withdrawals from your traditional IRA, you probably know that they’re taxable. But there may be a penalty tax on early withdrawals...

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Website Costs

2 min read

How to treat business website costs for tax purposes

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

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