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L&H Insights

Tax Strategies, Advice, and Insights

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To help you understand the implications of the recent Corporate Transparency Act

We have prepared a selection of frequently asked questions.

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Executives

Tax favored retirement plan

2 min read

Don’t have a tax-favored retirement plan? Set one up now

If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for...

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Health insurance health care plan, employer-sponsored health insurance plans

2 min read

Should your business change its health care plan for next year?

Open enrollment for most health care plans is many months away. That makes now a good time for businesses to consider changing their...

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Tax-wise ways to take cash from your corporation while avoiding dividend treatment

2 min read

Tax-wise ways to take cash from your corporation while avoiding dividend treatment

If 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...

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Gift and parties gratitude and tax breaks

2 min read

Giving gifts and throwing parties can help show gratitude and provide tax breaks

The holiday season is here. During this festive season, your business may want to show its gratitude to employees and customers by giving them gifts...

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Older workers value

2 min read

Is your business underestimating the value of older workers?

The job market remains relatively tight for businesses looking to fill open positions or simply add top talent when the fit is right. That means it’s...

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4 best practices for effective strategic planning meetings

2 min read

4 best practices for effective strategic planning meetings

It’s not uncommon for employees to grumble about having to attend too many meetings. Sometimes they have a point; an excessive number of meetings can...

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Investment swings: What’s the tax impact?

2 min read

Investment swings: What’s the tax impact?

If your investments have fluctuated wildly this year, you may have already recognized some significant gains and losses. But nothing is decided...

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develop sell land tax smart

2 min read

A tax-smart way to develop and sell appreciated land

Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels and sell them off for a...

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corporate or shareholders that pay expenses

1 min read

Corporate officers or shareholders: How should you treat expenses paid personally?

If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up being...

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Hiring independent contractors and tax

2 min read

If you’re hiring independent contractors, make sure they’re properly handled

Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures....

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Business expenses

2 min read

Keep these DOs and DON’Ts in mind when deducting 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

Education benefits help attract, retain and motivate your employees

One popular fringe benefit is an education assistance program that allows employees to continue learning and perhaps earn a degree with financial...

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corporate business owners reasonable compensation

2 min read

4 ways corporate business owners can help ensure their compensation is “reasonable”

If you’re the owner of an incorporated business, you know there’s a tax advantage to taking money out of a C corporation as compensation rather than...

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