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L&H Insights

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Business Owners & Entrepreneurs (3)

2 min read

Large cash transactions with your business must be reported to the IRS

If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS.

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2 min read

With a self-directed IRA, you choose your own investments

If you’re the type who would rather order ala carte rather than a set entrée, you might prefer a “self-directed” IRA. With this option, you may be...

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2 min read

Possible tax consequences of guaranteeing a loan to your corporation

What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser or indemnitor of a debt...

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2 min read

Is an LLC the right choice for your small business?

Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe...

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family bank

1 min read

A family bank professionalizes intrafamily lending

Because of the COVID-19 pandemic and the resulting economic turndown in some areas, you may have family members in need of financial support. If...

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hiring your children

2 min read

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...

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1 min read

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...

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2 min read

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...

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2 min read

Estate planning in the FAST lane

Traditionally, estate planning has focused on more technical objectives, such as minimizing gift and estate taxes and protecting assets against...

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employee vs independent contractor

2 min read

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...

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2 min read

Tax filing deadline is coming up: What to do if you need more time

"Tax day” is just around the corner. This year, the deadline for filing 2020 individual tax returns is Monday, May 17, 2021. The IRS postponed the...

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Power of Attorney

1 min read

4 Reasons to Revisit Your Powers of Attorney

Although much of estate planning deals with what happens after you die, it’s equally important to have a plan for making critical financial or...

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2 min read

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...

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