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L&H Insights

Tax Strategies, Advice, and Insights

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To help you understand the implications of the recent Corporate Transparency Act

We have prepared a selection of frequently asked questions.

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Health care insurance for business owners for employees

2 min read

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

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

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income in respect of a decedent” issues when receiving an inheritance

2 min read

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

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...

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Businesses income and deductions

2 min read

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

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

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The pros and cons of turning your home into a rental

2 min read

The pros and cons of turning your home into a rental

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...

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Tax favored retirement plan

2 min read

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

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...

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less IRS audits

2 min read

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

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...

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RMD retirement account distributions

2 min read

Update on retirement account required minimum distributions

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

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Section 179 tax deductions with depreciation

2 min read

Coordinating Sec. 179 tax deductions with bonus depreciation

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

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Health insurance health care plan, employer-sponsored health insurance plans

2 min read

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

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

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effect of renting out a vacation property on taxes

2 min read

How renting out a vacation property will affect your taxes

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....

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Tax on Social Security benefits

2 min read

Beware of a stealth tax on Social Security benefits

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

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QBI deduction

2 min read

Maximize the QBI deduction before it’s gone

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

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Layoff notice

2 min read

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

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

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