Taxes, Executives, Tax Reform, Business Owners, Business Consulting, Tax Audit

Deductibility of corporate expenses covered by officers/shareholders

Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are taken. This issue is more likely to arise in connection with a financially tro..........

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Maurice La Verdure
Maurice La Verdure

26 July, 2021

Taxes, Executives, Tax Reform, Business Owners, Business Consulting, Tax Audit

Deductibility of corporate expenses covered by officers/shareholders

Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation un..........

Read More
Maurice La Verdure
Maurice La Verdure

26 July, 2021

Taxes, Tax Reform, Retirees, Business Owners, Divorcees and Widows, smallbusiness, Tax Audit

IRS audits may be increasing, so be prepared

The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being..........

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Scott Henvey
Scott Henvey

16 July, 2021

Retirement Planning, Taxes, Estate Planning, Tax Reform, Planning, Retirees, Business Owners, Divorcees and Widows, Investment Advisory & Wealth Mangement

Does your estate plan address your grandchildren in a fair manner?

Many people, when planning their estates, simply divide their assets equally among their children. But “equal” may not necessarily mean “fair.” It all depends on your family’s circumstances. Specifica..........

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Maurice La Verdure
Maurice La Verdure

14 July, 2021

Taxes, Tax Reform, Planning, Business Owners, Divorcees and Widows, smallbusiness, Advance Child Tax Credit

Many parents will receive advance tax credit payments starting July 15

Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan..........

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Scott Henvey
Scott Henvey

12 July, 2021

Business Owners & Entrepreneurs, Taxes, Executives, Tax Reform, Business Owners, smallbusiness

Hiring your minor children this summer? Reap tax and nontax benefits

If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with you, save for college a..........

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Maurice La Verdure
Maurice La Verdure

8 July, 2021

Taxes, Executives, Tax Reform, Retirees, Business Owners, Divorcees and Widows, smallbusiness

Still have questions after you file your tax return?

Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers to three questions that we’re frequently asked at t..........

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Scott Henvey
Scott Henvey

6 July, 2021

Business Owners & Entrepreneurs, Executives, Planning, Business Owners, Business Consulting, smallbusiness

Are you holding a joint title to property with a family member?

Owning assets jointly with one or more of your children or other heirs is a common estate planning “shortcut.” But like many shortcuts, it may produce unintended — and costly — consequences. Joint own..........

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Maurice La Verdure
Maurice La Verdure

1 July, 2021

Business Owners & Entrepreneurs, Executives, Planning, Business Owners, Business Consulting, smallbusiness

Recordkeeping DOs and DON’Ts for 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 documentation or try to create records months (or yea..........

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Scott Henvey
Scott Henvey

29 June, 2021

Taxes, Executives, Tax Reform, Planning, Business Owners, smallbusiness

Traveling for business again? What can you deduct?

As we continue to come out of the COVID-19 pandemic, you may be traveling again for business. Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel with..........

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Maurice La Verdure
Maurice La Verdure

24 June, 2021

Executives, Tax Reform, Planning, Retirees, Text Preparation Planning, Business Owners, Divorcees and Widows, Investment Advisory & Wealth Mangement

Help guide your family with a road map for your estate plan

You’ve likely spent a lot of time working with your advisor to plan your estate. While documents such as your will, various trusts and a power of attorney are essential, consider adding a “road map” t..........

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Scott Henvey
Scott Henvey

22 June, 2021

Investing, Estate Planning, Tax Reform, Planning, Business Owners, Investment Advisory & Wealth Mangement, smallbusiness

Tax-favored ways to build up a college fund

If you’re a parent with a college-bound child, you may be concerned about being able to fund future tuition and other higher education costs. You want to take maximum advantage of tax benefits to mini..........

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Scott Henvey
Scott Henvey

17 June, 2021

Business Owners & Entrepreneurs, Tax Reform, Business Owners, smallbusiness

Ensure the IRS doesn’t reclassify independent contractors as employees

Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers are properly classified for federal tax purposes. If the IRS reclassifies ..........

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Maurice La Verdure
Maurice La Verdure

18 May, 2021

Business Owners & Entrepreneurs, Retirement Planning, Estate Planning, Retirees, Business Owners

Keep it all in the family: Transferring your vacation home

If your family owns a vacation home, you know what a relaxing refuge it can be. This is especially true these days due to the limited travel options you may have because of COVID-19 pandemic restricti..........

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Scott Henvey
Scott Henvey

7 April, 2021

Business Owners & Entrepreneurs, Business Owners

Need a new business vehicle? Consider a heavy SUV

Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from lucrative tax rules for those veh..........

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Maurice La Verdure
Maurice La Verdure

30 March, 2021

Business Owners & Entrepreneurs, Business Owners

If you run a business from home, you could qualify for home office deductions

During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions ..........

Read More
Scott Henvey
Scott Henvey

15 March, 2021

Business Owners & Entrepreneurs, Business Owners

Launching a small business? Here are some tax considerations

While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these people start out operating as sole proprietors. Here a..........

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Maurice La Verdure
Maurice La Verdure

11 March, 2021

Business Owners & Entrepreneurs, Business Owners

Work Opportunity Tax Credit extended through 2025

Are you a business owner thinking about hiring? Be aware that a recent law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a tax credit known as th..........

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Maurice La Verdure
Maurice La Verdure

2 March, 2021

Business Owners & Entrepreneurs, Business Owners

What are the tax implications of buying or selling a business?

Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you are considering buying..........

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Maurice La Verdure
Maurice La Verdure

22 February, 2021

Business Owners & Entrepreneurs, Business Owners

Many tax amounts affecting businesses have increased for 2021

A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. Some stayed the same due to low inflation. And the deduction for business me..........

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Maurice La Verdure
Maurice La Verdure

9 February, 2021

Business Owners & Entrepreneurs, Business Owners

The cents-per-mile rate for business miles decreases again for 2021

The cents-per-mile rate for business miles decreases again for 2021 This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreas..........

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Scott Henvey
Scott Henvey

2 February, 2021

Business Owners & Entrepreneurs, Business Owners

The new Form 1099-NEC and the revised 1099-MISC are due to recipients soon

There’s a new IRS form for business taxpayers that pay or receive certain types of nonemployee compensation and it must be furnished to most recipients by February 1, 2021. After sending the forms to ..........

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Maurice La Verdure
Maurice La Verdure

26 January, 2021

Business Owners & Entrepreneurs, Business Owners

PPP loans have reopened: Let’s review the tax consequences

The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate to get a PPP loan to help during the COVID-19 crisis (..........

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Maurice La Verdure
Maurice La Verdure

21 January, 2021

Business Owners & Entrepreneurs, Business Owners

Can your business benefit from the enhanced Employee Retention Tax Credit?

COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit..........

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Scott Henvey
Scott Henvey

15 January, 2021

Business Owners & Entrepreneurs, Business Owners

New law doubles business meal deductions and makes favorable PPP loan changes

The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. Here are s..........

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Maurice La Verdure
Maurice La Verdure

13 January, 2021

Business Owners & Entrepreneurs, Business Owners

The right entity choice: Should you convert from a C to an S corporation?

The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to switch from one entity type to another. Although S corpor..........

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Scott Henvey
Scott Henvey

1 January, 2021

Business Owners & Entrepreneurs, Business Owners

2021 Q1 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional de..........

Read More
Scott Henvey
Scott Henvey

21 December, 2020

Business Owners & Entrepreneurs, Business Owners

Drive more savings to your business with the heavy SUV tax break

Are you considering replacing a car that you’re using in your business? There are several tax implications to keep in mind. A cap on deductions Cars are subject to more restrictive tax depreciation ru..........

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Maurice La Verdure
Maurice La Verdure

15 December, 2020

Business Owners & Entrepreneurs, Business Owners

The QBI deduction basics and a year-end tax tip that might help you qualify

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deductio..........

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Scott Henvey
Scott Henvey

7 December, 2020

Business Owners & Entrepreneurs, Business Owners

Small businesses: Cash in on depreciation tax savers

As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you may benefit from the Section 179 de..........

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Scott Henvey
Scott Henvey

2 December, 2020

Business Owners & Entrepreneurs, Business Owners

Health Savings Accounts for your small business

Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of these benefits through an employer-spons..........

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Scott Henvey
Scott Henvey

16 November, 2020

Business Owners & Entrepreneurs, Business Owners

Do you want to withdraw cash from your closely held corporation at a low tax cost?

Owners of closely held corporations are often interested in easily withdrawing money from their businesses at the lowest possible tax cost. The simplest way is to distribute cash as a dividend. Howeve..........

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Scott Henvey
Scott Henvey

10 November, 2020

Business Owners & Entrepreneurs, Business Owners

Tax responsibilities if your business is closing amid the pandemic

Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax obligation..........

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Maurice La Verdure
Maurice La Verdure

3 November, 2020

Business Owners & Entrepreneurs, Business Owners

New business? It’s a good time to start a retirement plan

If you recently launched a business, you may want to set up a tax-favored retirement plan for yourself and your employees. There are several types of qualified plans that are eligible for these tax ad..........

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Maurice La Verdure
Maurice La Verdure

27 October, 2020

Business Owners & Entrepreneurs, Business Owners

The 2021 “Social Security wage base” is increasing

If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. The Social Security Administration recently announced that the maximum earnings s..........

Read More
Scott Henvey
Scott Henvey

19 October, 2020

Business Owners & Entrepreneurs, Business Owners

Understanding the passive activity loss rules

Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in? If the ventures are passive activities, the passive activity loss rules prevent yo..........

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Scott Henvey
Scott Henvey

14 October, 2020

Business Owners & Entrepreneurs, Business Owners

The easiest way to survive an IRS audit is to get ready in advance

IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you s..........

Read More
Scott Henvey
Scott Henvey

6 October, 2020

Business Owners & Entrepreneurs, Business Owners

Business website costs: How to handle them for tax purposes

The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deducted. Fortunately, established rules that generally ap..........

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Scott Henvey
Scott Henvey

22 September, 2020

Business Owners & Entrepreneurs, Business Owners

2020 Q4 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional d..........

Read More
Maurice La Verdure
Maurice La Verdure

14 September, 2020

Business Owners & Entrepreneurs, Business Owners

Employers have questions and concerns about deferring employees’ Social Security taxes

The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. The three-page ..........

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Maurice La Verdure
Maurice La Verdure

9 September, 2020

Business Owners & Entrepreneurs, Business Owners

5 key points about bonus depreciation

You’re probably aware of the 100% bonus depreciation tax break that’s available for a wide range of qualifying property. Here are five important points to be aware of when it comes to this powerful ta..........

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Maurice La Verdure
Maurice La Verdure

31 August, 2020

Business Owners & Entrepreneurs, Business Owners

CARES Act made changes to excess business losses

The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses..........

Read More
Scott Henvey
Scott Henvey

24 August, 2020

Business Owners & Entrepreneurs, Business Owners

The President’s action to defer payroll taxes: What does it mean for your business?

On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an..........

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Maurice La Verdure
Maurice La Verdure

17 August, 2020

Business Owners & Entrepreneurs, Business Owners

The possible tax consequences of PPP loans

If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basic..........

Read More
Scott Henvey
Scott Henvey

31 August, 2020

Business Owners & Entrepreneurs, Business Owners

File cash transaction reports for your business

Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these transactions. Filing requirements Each person engaged in a trade or..........

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Maurice La Verdure
Maurice La Verdure

4 August, 2020

Business Owners & Entrepreneurs, Business Owners

Even if no money changes hands, bartering is a taxable transaction

During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved ..........

Read More
Scott Henvey
Scott Henvey

23 July, 2020

Business Owners & Entrepreneurs, Business Owners

Businesses: Get ready for the new Form 1099-NEC

There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any pa..........

Read More
Scott Henvey
Scott Henvey

21 July, 2020

Business Owners & Entrepreneurs, Business Owners

Steer clear of the Trust Fund Recovery Penalty

If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to the Social Security and income taxes re..........

Read More
Maurice La Verdure
Maurice La Verdure

9 July, 2020

Business Owners & Entrepreneurs, Business Owners

Haven’t filed your 2019 business tax return yet?

The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on or after April 1, 2020, an..........

Read More
Scott Henvey
Scott Henvey

30 June, 2020

Business Owners & Entrepreneurs, Business Owners

Launching a business? How to treat start-up expenses on your tax return

While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launch..........

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Maurice La Verdure
Maurice La Verdure

22 June, 2020

Business Owners & Entrepreneurs, Business Owners

Rioting damage at your business? You may be able to claim casualty loss deductions

The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the case of stores or other businesses with inventory, some of these..........

Read More
Scott Henvey
Scott Henvey

14 July, 2020

Business Owners & Entrepreneurs, Business Owners

Business meal deductions: The current rules amid proposed changes

Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that President Trump has proposed to help them is an increase in the amount ..........

Read More
Scott Henvey
Scott Henvey

14 July, 2020

Business Owners & Entrepreneurs, Business Owners

IRS releases 2021 amounts for Health Savings Accounts

The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs).  HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualifie..........

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Maurice La Verdure
Maurice La Verdure

14 July, 2020

Business Owners & Entrepreneurs, Executives, Retirees, Business Owners, Physicians

There’s still time to make a deductible IRA contribution for 2019

Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now and the extended tax..........

Read More
Scott Henvey
Scott Henvey

14 July, 2020

Business Owners & Entrepreneurs, Business Owners

Business charitable contribution rules have changed under the CARES Act

In light of the novel coronavirus (COVID-19) pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Securi..........

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L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs, Executives, Retirees, Business Owners, Physicians, Divorcees and Widows

Do you have tax questions related to COVID-19? Here are some answers

The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I ded..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs, Business Owners

The CARES Act liberalizes net operating losses

The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming cert..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs, Business Owners

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 that these workers are properly classified for federal..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs, Business Owners, Business Consulting

New COVID-19 law makes favorable changes to “qualified improvement property”

The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Executives, Retirees, Business Owners, Physicians, Divorcees and Widows

COVID-19: IRS announces more relief and details

In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs, Business Owners, Business Consulting

Relief from not making employment tax deposits due to COVID-19 tax credits

The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to th..........

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L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs, Business Owners, Business Consulting, Investment Advisory & Wealth Mangement

Naming a trustee - It's one of the most important decisoins of your life

One of the major decisions that need to be made when establishing a trust is who will act as trustee. This article talks about the responsibilities of the position as well as the qualities (such as pr..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs, Estate Planning, Business Owners, Business Consulting

Estate planning and business succession planning - The lines blur when a family business comes into play

For many business owners, estate planning and succession planning go hand in hand. An owner of a closely held business likely has a significant portion of his or her wealth tied up in the business. Wi..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Planning, Removing money from a qualified plan, Business Owners, Business Consulting

Running your personal finances like a business

Most individuals don’t regard themselves as businesses, trying to turn a profit and beat the competition. But, occasionally, it may help to look at one’s financial situation this way to determine wher..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Accounting Services, Business Owners, Business Consulting, Investment Advisory & Wealth Mangement

Every business owner needs an exit strategy

Business owners must monitor the cash flow and tax positions of their companies, while also looking out for their own personal financial futures. This article looks at how to lay the foundation for a ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs, Business Owners, Physicians

What are the elements of a medical practice business plan

Physicians tend not to get serious about a business plan until they need to go to a bank and ask for money. But there are plenty of other reasons to have a business plan — starting with the fact that ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners, Business Consulting

Your business’s real estate Avoiding a costly mistake

Many businesses choose to separate ownership of the building and real estate from the business itself. The strategy shields these assets from claims by creditors if the company ever files for bankrupt..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners, Business Consulting

Ownership structures - How should you own your vacation home

Given the unique aspects of vacation home ownership, a limited liability company (LLC) is often the best ownership structure from a management and tax standpoint. This article discusses some of the be..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Accounting Services, Business Owners, Business Consulting

Borrowing alternatives for businesses - Your need for capital will color your financing choice

Bank loans come in a variety of shapes and sizes, but most fall into one of several broad categories. This article sums up lines of credit, term loans, commercial mortgages and government loan program..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Accounting Services, Business Owners, Investment Advisory & Wealth Mangement

Document storage solutions - Should you use an electronic filing cabinet

Traditionally, important financial and tax documents have been stored in paper form in a filing cabinet, fireproof safe or bank safe deposit box. But in the digital age, electronic document storage — ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners, Business Consulting

LHCPA Post 14

What is Lorem Ipsum? Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer to..........

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L&H CPAs
L&H CPAs

14 July, 2020