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L&H Insights

Tax Strategies, Advice, and Insights

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Business Owners (5)

2 min read

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...

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1 min read

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...

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2 min read

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...

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1 min read

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...

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2 min read

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...

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1 min read

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...

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2 min read

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...

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2 min read

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...

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2 min read

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...

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2 min read

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.

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1 min read

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...

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2 min read

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...

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2 min read

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...

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