Taxes, Tax Reform, Planning

The tax score of winning

Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the lottery. If you’re lucky enough to win, be aware that tax consequences go along with your good fortune. Review the tax rul..........

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Maurice La Verdure
Maurice La Verdure

5 October, 2021

Taxes, Tax Reform, Planning, Divorcees and Widows, Gift Tax

Planning for year-end gifts with the gift tax annual exclusion

As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ..........

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Maurice La Verdure
Maurice La Verdure

21 September, 2021

Taxes, Planning, Divorcees and Widows, Casualty Loss, Federally Declared Disaster

You can only claim a casualty loss tax deduction in certain situations

In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your home..........

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Scott Henvey
Scott Henvey

9 September, 2021

Retirement Planning, Taxes, Planning, Retirees, Divorcees and Widows, Investment Advisory & Wealth Mangement, Education

Estate planning in a socially distanced environment

As many states continue to struggle with the current surge in COVID-19 cases, the “new normal” demands continued social distancing in many areas of life. What does this mean for estate planning? Clear..........

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Maurice La Verdure
Maurice La Verdure

7 September, 2021

Retirement Planning, Taxes, Estate Planning, Planning, Retirees, Divorcees and Widows

Is recording my will signing on video a good idea?

Some people make video recordings of their will signings in an effort to create evidence that they possess the requisite testamentary capacity. For some, this strategy may help stave off a will contes..........

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Maurice La Verdure
Maurice La Verdure

1 September, 2021

Business Owners & Entrepreneurs, Taxes, Executives, Planning, Business Owners, Divorcees and Widows, smallbusiness

Getting a divorce? Be aware of tax implications if you own a business

If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets and in many cases, your marital prop..........

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Scott Henvey
Scott Henvey

30 August, 2021

Retirement Planning, Taxes, Retirees, Divorcees and Widows, Investment Advisory & Wealth Mangement

5 possible tax aspects of a parent moving into a nursing home

If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications. Here are five. Long-term medical care The costs of qualified lon..........

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Scott Henvey
Scott Henvey

12 August, 2021

Business Owners & Entrepreneurs, Taxes, Retirees, Business Owners, Divorcees and Widows, Investment Advisory & Wealth Mangement

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 you’re interested in lending money to loved ones in nee..........

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Scott Henvey
Scott Henvey

6 August, 2021

Retirement Planning, Taxes, Estate Planning, Planning, Retirees, Divorcees and Widows, Investment Advisory & Wealth Mangement

Understanding the current "step-up" basis rules

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market value basis rules (a..........

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Maurice La Verdure
Maurice La Verdure

30 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

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

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

Estate Planning, Divorcees and Widows

Divorcing? Revise your estate plan

If you’re going through a divorce, you probably feel a little overwhelmed by all the legal and financial items you must attend to before the marriage termination is final. These tasks can be difficult..........

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Maurice La Verdure
Maurice La Verdure

20 August, 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, 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..........

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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

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..........

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L&H CPAs
L&H CPAs

14 July, 2020

Divorcees and Widows

Till death do us part - Settling a spouse’s financial affairs

Because the days or weeks immediately following the death of a partner are an emotionally charged time, new widows and widowers usually should avoid making any major financial decisions during that pe..........

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L&H CPAs
L&H CPAs

14 July, 2020

Retirees, Divorcees and Widows, Business Consulting

LHCPA Post 13

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

Retirees, Divorcees and Widows

LHCPA Post 9

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