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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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Trust consultation

2 min read

Breathe new life into a trust by decanting it

Building flexibility into your estate plan using various strategies is generally advised. The reason is that life circumstances change over time,...

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S Corporation

2 min read

Choosing an entity for your business? How about an S corporation?

If you’re starting a business with some partners and wondering what type of entity to form, an S corporation may be the most suitable form of...

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Tax deadlines calendar

1 min read

2023 Q2 tax calendar: Key deadlines for businesses and employers

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2023. Keep in mind that this...

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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...

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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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1 min read

IRS Extends Payment Date

Treasury Secretary Steven Mnuchin announced that the IRS will allow taxpayers to defer payments for 2019 tax returns until July 15, subject to...

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2 min read

Hiring independent contractors? Make sure they’re properly classified

As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful...

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2 min read

IRA account value down? It might be a good time for a Roth conversion

The coronavirus (COVID-19) pandemic has caused the value of some retirement accounts to decrease because of the stock market downturn. But if you...

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