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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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Accounting Services

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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529 plan

2 min read

New option for unused funds in a 529 college savings plan

With the high cost of college, many parents begin saving with 529 plans when their children are babies. Contributions to these plans aren’t tax...

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Roth IRA tax-favored retirement

2 min read

IRAs: Build a tax-favored retirement nest egg

Although traditional IRAs and Roth IRAs have been around for decades, the rules involved have changed many times. The Secure 2.0 law, which was...

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Donation tax

1 min read

If you gave to charity in 2023, check to see that you have substantiation

Did you donate to charity last year? Acknowledgment letters from the charities you gave to may have already shown up in your mailbox. But if you...

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kiddie tax could affect your children until they’re young adults

2 min read

The kiddie tax could affect your children until they’re young adults

The so-called “kiddie tax” can cause some of a child’s unearned income to be taxed at the parent’s higher marginal federal income tax rates instead...

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Adjusted tax amounts due inflation

2 min read

Key 2024 inflation-adjusted tax amounts for individuals

The IRS recently announced various 2024 inflation-adjusted federal tax amounts that affect individual taxpayers.

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Business automobiles

2 min read

Business automobiles: How the tax depreciation rules work

Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are...

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Tax for renting vacation home

2 min read

The tax implications of renting out a vacation home

Many Americans own a vacation home or aspire to purchase one. If you own a second home in a waterfront community, in the mountains, or in a resort...

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nursing home and tax implications

2 min read

Moving Mom or Dad into a nursing home? 5 potential tax implications

More than a million Americans live in nursing homes, according to various reports. If you have a parent entering one, you’re probably not thinking...

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Tax code to make business losses less painful

2 min read

Use the tax code to make business losses less painful

Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing...

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what to do with Sizable Inheritance

2 min read

You’ve received a sizable inheritance: Now what?

If you’ve received, or will soon receive a significant inheritance, it may be tempting to view it as “found money” that can be spent freely. But...

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Business expenses

2 min read

Keep these DOs and DON’Ts in mind when deducting business meal and vehicle expenses

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete...

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Investment

2 min read

Sec. 529 vs. Roth IRA plans - Choosing a college savings tool

Many people assume that a Section 529 plan is the ideal college savings tool. But the Roth IRA can also help parents save for college expenses. This...

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