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L&H Insights

Tax Strategies, Advice, and Insights

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GST

2 min read

The GST tax and your estate plan: What you need to know

The GST tax and your estate plan: What you need to know Here’s a not-so-fun fact: The generation-skipping transfer (GST) tax is among the harshest and most complex in the tax code. So, if you’re planning to share some of your wealth with your...

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transaction

2 min read

How do taxes factor into an M&A transaction?

How do taxes factor into an M&A transaction? Although merger and acquisition activity has been down in 2022, according to various reports, there are...

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Estate Planning

2 min read

Your estate plan: Don’t forget about income tax planning

As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned with the federal estate...

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2 min read

Understanding the increase in mileage deduction.

Businesses will soon be able to deduct more under the standard mileage rate Business owners are aware that the price of gas is historically high,...

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college estate planning

1 min read

4 estate planning documents your college-aged child should have

Does your college-aged child have a basic estate plan? In more cases than not, the answer is “no.” The good news is that the summer months are the...

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hobby business

2 min read

Want to turn a hobby into a business? Watch out for the tax rules

Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is...

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Adding A Partner

2 min read

Tax considerations when adding a new partner at your business

Adding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a new...

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Gift Splitting

1 min read

Are you and your spouse considering “splitting” gifts?

Gift splitting can be a valuable estate planning tool, allowing you and your spouse to maximize the amount of wealth you can transfer tax-free. But...

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Deducting Meals in 2022

2 min read

Fully deduct business meals this year

The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws,...

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Rental Property Rules

2 min read

The tax rules of renting out a vacation property

Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out for...

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Crummey Powers

2 min read

Power up your trust with Crummey powers

The unified gift and estate tax exemption is set at an inflation-adjusted $12.06 million for 2022, up from $11.7 million for 2021. This means that...

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2 min read

There still may be time to cut your tax bill with an IRA

If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it. If you’re...

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defined value

2 min read

Defined-value gifts: Plan carefully to avoid unpleasant tax surprises

For 2022, the federal gift and estate tax exemption has reached its highest level ever. In fact, you can transfer up to $12.06 million by gift or...

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