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L&H Insights

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Business Owners (2)

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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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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C Corp

2 min read

Choosing a business entity? Here are the pros and cons of a C corporation.

If you’re launching a new business venture, you’re probably wondering which form of business is most suitable. Here is a summary of the major...

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Intangible Assets

2 min read

Intangible assets: How must the costs incurred be capitalized?

These days, most businesses have some intangible assets. The tax treatment of these assets can be complex.

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2 min read

There still may be time to cut your tax bill with an IRA

If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it. If you’re...

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research activities

2 min read

The election to apply the research tax credit against payroll taxes

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to...

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sole proprietorships

2 min read

Important tax aspects of operating your business as a sole proprietor

If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your...

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2 min read

Businesses with employees who receive tips may be eligible for a tax credit

If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit involving...

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save on 2021 taxes as a small business

2 min read

Small businesses: There still may be time to cut your 2021 taxes

Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. You still have time to execute a few...

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company vehicle

2 min read

Providing a company car? Here’s how taxes are handled

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

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2 min read

Businesses can show appreciation — and gain tax breaks — with holiday gifts and parties

With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its gratitude to...

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Social Security Tax

2 min read

Employers: The Social Security wage base is increasing in 2022

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up...

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business automobile depreciation

2 min read

Tax depreciation rules for business automobiles

If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and...

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