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

Simple retirement savings options for your small business

Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved in providing a traditional pension plan? Two options to consider are a “simplified employee pension” (SEP) or a “savings incentiv..........

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Scott Henvey
Scott Henvey

29 April, 2021

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

Simple retirement savings options for your small business

Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved in providing a traditional pe..........

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Scott Henvey
Scott Henvey

29 April, 2021

Business Owners & Entrepreneurs, Taxes, Tax Reform, Planning

Unemployed last year? Buying health insurance this year?

In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to help mitigate the financial damage caused by COVID-19. Here ar..........

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Maurice La Verdure
Maurice La Verdure

27 April, 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 ..........

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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..........

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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..........

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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..........

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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..........

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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..........

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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..........

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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..........

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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 ..........

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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..........

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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..........

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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..........

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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, Executives, Retirees, Physicians, Divorcees and Widows

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 have a traditional IRA, this downturn may provide a va..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

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

Answers to questions you may have about Economic Impact Payments

Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part of ..........

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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

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 Consulting

The new COVID-19 law provides businesses with more relief

On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Corona..........

Read More
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..........

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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..........

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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 ..........

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L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Small Businesses: Get Ready for Your 1099-Misc Reporting Requirements

A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors and others. You may have to send 1099-MISC forms to tho..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Small Businesses: Stay Clear of a Severe Payroll Tax Penalty

One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them ov..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Thinking About Converting from a C Corporation to an S Corporation?

The right entity choice can make a difference in the tax bill you owe for your business. Although S corporations can provide substantial tax advantages over C corporations in some circumstances, there..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

The Chances of an IRS Audit Are Low, but Business Owners Should Be Prepared

Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In fiscal year 2018, the IRS audited approximately 0.6% of individuals. ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

How to Treat Your Business Website Costs for Tax Purposes

  These days, most businesses need a website to remain competitive. It’s an easy decision to set one up and maintain it. But determining the proper tax treatment for the costs involved in developing a..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

5 Ways to Withdraw Cash from Your Corporation While Avoiding Dividend Treatment

Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient, since it’s..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

2019 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 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

The Key to Retirement Security Is Picking the Right Plan for Your Business

If you’re a small business owner or you’re involved in a start-up, you may want to set up a tax-favored retirement plan for yourself and any employees. Several types of plans are eligible for tax adva..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

The Tax Implications of a Company Car

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as tax breaks for the owners and..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

Should You Elect S Corporation Status?

Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be ab..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

LHCPA Post 1

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

Business Owners & Entrepreneurs

What to Do If Your Business Receives a “No-Match” Letter

In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers if t..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

The IRS Is Targeting Business Transactions in Bitcoin and Other Virtual Currencies

Bitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees and investors are still confused about how they work and how to report transactions on the..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Take a Closer Look at Home Office Deductions

Working from home has its perks. Not only can you skip the commute, but you also might be eligible to deduct home office expenses on your tax return. Deductions for these expenses can save you a bundl..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

M&A Transactions: Avoid Surprises From the IRS

If you’re considering buying or selling a business — or you’re in the process of a merger or acquisition — it’s important that both parties report the transaction to the IRS in the same way. Otherwise..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Bartering: A Taxable Transaction Even If Your Business Exchanges No Cash

Small businesses may find it beneficial to barter for goods and services instead of paying cash for them. If your business engages in bartering, be aware that the fair market value of goods that you r..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Which Entity Is Most Suitable for Your New or Existing Business?

The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced a flat 21% federal income tax rate for C corporations. Under prior law, profitable ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Hire Your Children This Summer: Everyone Wins

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

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Consider a Roth 401(K) Plan — and Make Sure Employees Use It

Roth 401(k) accounts have been around for 13 years now. Studies show that more employers are offering them each year. A recent study by the Plan Sponsor Council of America (PSCA) found that Roth 401(k..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Employee vs. Independent Contractor: How Should You Handle Worker Classification?

Many employers prefer to classify workers as independent contractors to lower costs, even if it means having less control over a worker’s day-to-day activities. But the government is on the lookout fo..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

How Entrepreneurs Must Treat Expenses on Their Tax Returns

Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open the doors, you generally have..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Will Leasing Equipment or Buying It Be More Tax Efficient for Your Business?

Recent changes to federal tax law and accounting rules could affect whether you decide to lease or buy equipment or other fixed assets. Although there’s no universal “right” choice, many businesses th..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

When Are LLC Members Subject to Self-Employment Tax?

Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the form of guaranteed payments — aren’t subject to s..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Could Your Business Benefit from the Tax Credit for Family and Medical Leave?

The Tax Cuts and Jobs Act created a new federal tax credit for employers that provide qualified paid family and medical leave to their employees. It’s subject to numerous rules and restrictions and th..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

There’s Still Time for Small Business Owners to Set up a Sep Retirement Plan for Last Year

If you own a business and don’t have a tax-advantaged retirement plan, it’s not too late to establish one and reduce your 2018 tax bill. A Simplified Employee Pension (SEP) can still be set up for 201..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

The Home Office Deduction: Actual Expenses vs. the Simplified Method

If you run your business from your home or perform certain functions at home that are related to your business, you might be able to claim a home office deduction against your business income on your ..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

A Refresher on Major Tax Law Changes for Small-Business Owners

The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to s..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Business Real Estate Depreciation: Before You File 2018 Return

Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreci..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Should You Switch Your Business to C Corp Status?

Thanks to the Tax Cuts and Jobs Act (TCJA), the federal income tax rate on C corporations is now a flat 21%, for tax years beginning in 2018 and beyond. Under prior law, C corporations were subject to..........

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L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Own a Business? An Exit Strategy Should Be Part of Your Tax Planning

Tax planning is a juggling act for business owners. You have to keep your eye on your company’s income and expenses and applicable tax breaks (especially if you own a pass-through entity). But you als..........

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L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Which Tax-Related Limits Affecting Your Business Are Increasing in 2019?

A variety of tax-related limits affecting businesses are annually indexed for inflation, and many have gone up for 2019. Here’s a look at some of the most important changes that may affect you and you..........

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L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Is There Still Time to Pay 2018 Bonuses and Deduct on 2018 Return?

There aren’t too many things businesses can do after a year ends to reduce tax liability for that year. However, you might be able to pay employee bonuses for 2018 in 2019 and still deduct them on you..........

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L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Tax Reform & Cash Accounting for Your Business

  Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash method of accounting for federal tax purposes. The cash method offers greater tax-planning flexibility, ..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

2019 Q1 Tax Calendar: Key Deadlines for Businesses

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional de..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

6 Last-Minute Tax Moves for Your Business

Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax moves business owners should consider: 1. Post..........

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L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

When Holiday Gifts & Parties Are Deductible or Taxable

The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invit..........

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L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs, Retirement Planning

It’s Not Too Late: You Can Still Set up a Retirement Plan for 2018

If most of your money is tied up in your business, retirement can be a challenge. So if you haven’t already set up a tax-advantaged retirement plan, consider doing so this year. There’s still time to ..........

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L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Reduce 2018 Tax Liability - Buy Business Assets Before Year End

The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifyi..........

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L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Remember to Include Intellectual Property in Your Estate Plan

  If your estate includes forms of intellectual property (IP), such as patents and copyrights, it’s important to know how to address them in your estate plan. Although these intangible assets can have..........

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L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Research Credit Available to Some Businesses for the First Time

The Tax Cuts and Jobs Act (TCJA) didn’t change the federal tax credit for “increasing research activities,” but several TCJA provisions have an indirect impact on the credit. As a result, the research..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs, Estate Planning

Including Employees in Your Estate Plan? Be Careful

If you’re the owner of a small business, you may think of your tight-knit group of employees as a family. If you wish to include them as beneficiaries in your estate plan, it’s critical to be aware of..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

Selling Your Business? Defer & Possibly Reduce the Tax Hit

You’ve spent years building your company and now are ready to move on to something else, whether launching a new business, taking advantage of another career opportunity or retiring. Whatever your pla..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

Now’s the Time to Review Your Business Expenses

As we approach the end of the year, it’s a good idea to review your business’s expenses for deductibility. At the same time, consider whether your business would benefit from accelerating certain expe..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

Tax-Free Fringe Benefits: Help for Your Businesses & Employees

  In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Benefits that are tax-free ar..........

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L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Will a Cost Segregation Study Help Your Business Accelerate Depreciation Deductions?

Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a cost segregation study. It may allow you to accelerate depreciation deductions,..........

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L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Businesses Aren’t Immune to Tax Identity Theft

Tax identity theft may seem like a problem only for individual taxpayers. But, according to the IRS, increasingly businesses are also becoming victims. And identity thieves have become more sophistica..........

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L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Be Sure Your Employee Travel Expense Reimbursements Pass Muster with the IRS

  Does your business reimburse employees’ work-related travel expenses? If you do, you know that it can help you attract and retain employees. If you don’t, you might want to start, because changes un..........

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L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs

Minimize the Tax Risk of Using Independent Contractors

Classifying a worker as an independent contractor frees a business from payroll tax liability and allows it to forgo providing overtime pay, unemployment compensation and other employee benefits. It a..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

What's the Best Accounting Method for Your Business?

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

What Businesses Need to Know About the Tax Treatment of Bitcoin

Over the last several years, virtual currency has become increasingly popular. Bitcoin is the most widely recognized form of virtual currency, also commonly referred to as digital, electronic or crypt..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

Q3 tax calendar: Key Deadlines for Businesses & Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional d..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

A Net Operating Loss Isn’t All Bad News

When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs. If when filing your 2017 income tax return you found that your business had an NOL, there is an ups..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

Should You Ask the IRS to Determine a Worker’s Status?

Classifying workers as independent contractors — rather than employees — can save businesses money and provide other benefits. But the IRS is on the lookout for businesses that do this improperly to a..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

Defer Tax with a Section 1031 Exchange, but New Limits Apply

Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange. However, the Tax Cuts..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

2018 Q2 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 second quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional d..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

Small Businesses Tax Savings Now & More Savings in the Future

If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your p..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

What’s Your Mileage Deduction?

Some vehicle-related expenses can be deducted in certain circumstances. Rather than keeping track of the actual costs, you can use a standard mileage rate to compute your deductions. For 2017, you mig..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

Tax Credit for Hiring? Leverage the WOTC for Substantial Tax Savings

Many businesses hired in 2017, and more are planning to hire in 2018. If you’re among them you may be eligible for the Work Opportunity tax credit (WOTC). If you made qualifying hires in 2017 and obta..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

Small Business Owners: a SEP IRA May Be Your Last 2017 Tax & Retirement Saving Opportunity

Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) may be just what you need, and now may b..........

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L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs

Which Tax-Advantaged Health Account Should Be Part of Your Benefits Package?

On October 12, an executive order was signed that, among other things, seeks to expand Health Reimbursement Arrangements (HRAs). HRAs are just one type of tax-advantaged account you can provide your e..........

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L&H CPAs
L&H CPAs

13 June, 2020