Run The Numbers Before Donating Appreciated Assets To Charity

Are you charitably inclined? If so, you probably know that donations of long-term appreciated assets, such as stocks, have an advantage over cash donations. But in some cases, selling appreciated assets and donating the proceeds may be a better strategy. That’s because adjusted gross income (AGI) li..........

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Scott Henvey
Scott Henvey

16 January, 2023

Business Owners & Entrepreneurs, Retirement Planning, Tax Reform, Planning, Business Owners, smallbusiness

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 yo..........

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Scott Henvey
Scott Henvey

11 March, 2022

Estate Planning, Tax Reform, Retirees, Investment Advisory & Wealth Mangement

Defined-value gifts: Plan carefully to avoid unpleasant tax surprises

For 2022, the federal gift and estate tax exemption has reached its highest level ever. In fact, you can transfer up to $12.06 million by gift..........

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Maurice La Verdure
Maurice La Verdure

11 March, 2022

Retirement Planning, Estate Planning, Tax Reform, Retirees, Investment Advisory & Wealth Mangement

Owning real estate in more than one state may multiply probate costs

One goal of estate planning is to avoid or minimize probate. This is particularly important if you own real estate in more than one state. Why..........

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Scott Henvey
Scott Henvey

9 March, 2022

Taxes, Tax Reform, Business Owners, smallbusiness

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 you..........

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Maurice La Verdure
Maurice La Verdure

16 February, 2022

Taxes, Tax Reform, Planning, Accounting Services, Tax Audit

Did you give to charity in 2021? Make sure you have substantiation

If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But wh..........

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Scott Henvey
Scott Henvey

16 February, 2022

Retirement Planning, Taxes, Tax Reform, Planning, Retirees, Divorcees and Widows

Are you eligible for a medical expense tax deduction?

You may pay out a bundle in out-of-pocket medical costs each year. But can you deduct them on your tax return? It’s possible but not easy. Med..........

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Scott Henvey
Scott Henvey

12 January, 2022

Investing, Taxes, Executives, Tax Reform, Planning, Investment Advisory & Wealth Mangement

With proper planning, a charitable remainder trust can replicate a “stretch” IRA

The “stretch” IRA generally no longer exists. But if you have a substantial balance in a traditional IRA, a properly designed charitable remai..........

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Maurice La Verdure
Maurice La Verdure

12 January, 2022

Taxes, Executives, Tax Reform, Planning, Business Owners, smallbusiness

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 in..........

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Scott Henvey
Scott Henvey

12 January, 2022

Taxes, Executives, Tax Reform, Planning, Retirees, Divorcees and Widows

How will revised tax limits affect your 2022 taxes?

While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. Th..........

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Maurice La Verdure
Maurice La Verdure

12 January, 2022

Taxes, Tax Reform, Planning, Business Owners, smallbusiness

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 ..........

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Scott Henvey
Scott Henvey

15 December, 2021

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

Is your estate plan up to date following a divorce?

If you’ve recently divorced, your time likely has been consumed with attorney meetings and negotiations, even if everything was amicable. Prob..........

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Scott Henvey
Scott Henvey

13 December, 2021

Business Owners & Entrepreneurs, Taxes, Tax Reform, Planning, Business Owners, smallbusiness

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 fo..........

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Maurice La Verdure
Maurice La Verdure

13 December, 2021

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

With year-end approaching, 3 ideas that may help cut your tax bill

If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three qui..........

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Maurice La Verdure
Maurice La Verdure

13 December, 2021

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

Prepare for a new year by reviewing your estate plan

Hopefully, you already have a sound estate plan in place to protect the interests of your heirs and minimize potential estate tax liability. B..........

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Scott Henvey
Scott Henvey

9 December, 2021

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

Do you have a will?

The need for a will as a key component of your estate plan may seem obvious, but you’d be surprised by the number of people — even affluent in..........

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Maurice La Verdure
Maurice La Verdure

15 November, 2021

Taxes, Estate Planning, Tax Reform, Planning, Retirees, Divorcees and Widows, Investment Advisory & Wealth Mangement, Gift Tax

Feeling generous at year end? Strategies for donating to charity or gifting to loved ones

As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the ..........

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Scott Henvey
Scott Henvey

15 November, 2021

Business Owners & Entrepreneurs, Taxes, Tax Reform, Business Owners, smallbusiness

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 grati..........

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Maurice La Verdure
Maurice La Verdure

15 November, 2021

Business Owners & Entrepreneurs, Taxes, Tax Reform, Planning, Business Owners, smallbusiness

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 ..........

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Scott Henvey
Scott Henvey

3 November, 2021

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 trad..........

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Maurice La Verdure
Maurice La Verdure

5 October, 2021

Business Owners & Entrepreneurs, Investing, Taxes, Executives, Tax Reform

Is a significant portion of your wealth concentrated in a single stock?

Estate planning and investment risk management go hand in hand. After all, an estate plan is effective only if you have some wealth to transfe..........

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Scott Henvey
Scott Henvey

1 October, 2021

Taxes, Executives, Tax Reform, Business Owners, smallbusiness

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, ..........

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Maurice La Verdure
Maurice La Verdure

27 September, 2021

Retirement Planning, Taxes, Tax Reform, Planning

Is a Health Savings Account right for you?

Given the escalating cost of health care, there may be a more cost-effective way to pay for it. For eligible individuals, a Health Savings Acc..........

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Scott Henvey
Scott Henvey

23 September, 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 usin..........

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Maurice La Verdure
Maurice La Verdure

21 September, 2021

Taxes, Executives, Tax Reform, Planning, Business Owners, smallbusiness

Claiming theft loss deduction if business is victim of embezzlement

A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it does b..........

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Scott Henvey
Scott Henvey

16 September, 2021

Taxes, Executives, Tax Reform, Business Owners, Business Consulting, Tax Audit

Deductibility of corporate expenses covered by officers/shareholders

Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up bei..........

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Maurice La Verdure
Maurice La Verdure

26 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 year..........

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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...........

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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..........

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Scott Henvey
Scott Henvey

12 July, 2021

Business Owners & Entrepreneurs, Taxes, Executives, Tax Reform, Business Owners, smallbusiness

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-t..........

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Maurice La Verdure
Maurice La Verdure

8 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 t..........

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Scott Henvey
Scott Henvey

6 July, 2021

Taxes, Executives, Tax Reform, Planning, Business Owners, smallbusiness

Traveling for business again? What can you deduct?

As we continue to come out of the COVID-19 pandemic, you may be traveling again for business. Under tax law, there are a number of rules for d..........

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Maurice La Verdure
Maurice La Verdure

24 June, 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..........

Read More
Scott Henvey
Scott Henvey

22 June, 2021

Investing, Estate Planning, Tax Reform, Planning, Business Owners, Investment Advisory & Wealth Mangement, smallbusiness

Tax-favored ways to build up a college fund

If you’re a parent with a college-bound child, you may be concerned about being able to fund future tuition and other higher education costs. ..........

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Scott Henvey
Scott Henvey

17 June, 2021

Business Owners & Entrepreneurs, Tax Reform, Business Owners, smallbusiness

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 ..........

Read More
Maurice La Verdure
Maurice La Verdure

18 May, 2021

Business Owners & Entrepreneurs, Taxes, Executives, Tax Reform, smallbusiness

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 administrat..........

Read More
Scott Henvey
Scott Henvey

29 April, 2021

Business Owners & Entrepreneurs, Taxes, Tax Reform, Planning

Unemployed last year? Buying health insurance this year?

In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to help..........

Read More
Maurice La Verdure
Maurice La Verdure

27 April, 2021

Taxes, Tax Reform, Traditional IRA

What to do if you’re audited by the IRS

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes, Tax Reform, Text Preparation Planning

Asset protection is just as important as tax planning

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes, Tax Reform, Text Preparation Planning

Making gifts to loved ones Don’t forget tax planning

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes, Tax Reform

Planning for the net investment income tax

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes, Tax Reform

Vacation homes Do you understand the tax nuances

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes, Tax Reform

Do you know your tax bracket

The Tax Cuts and Jobs Act generally reduced individual tax rates through 2025, but some taxpayers have actually seen their taxes go up because of reductions or eliminations of certain tax breaks. T..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes, Tax Reform

Estate Planning Red Flag - You're splitting gifts with your spouse

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes, Tax Reform

7 ways to prevent elder financial abuse

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes, Tax Reform

Are income taxes taking a bite out of your trusts

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Executives, Tax Reform

LHCPA Post 5

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 ..........

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L&H CPAs
L&H CPAs

14 July, 2020

Tax Reform

Investment Interest Expense Is Still Deductible, but It Might Not Matter

As you likely know by now, the Tax Cuts and Jobs Act (TCJA) reduced or eliminated many deductions for individuals. One itemized deduction the TCJA kept intact is for investment interest expense. Th..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Tax Reform

Save Taxes by Bunching Medical Expenses into 2018

Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be ..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning, Tax Reform

Consider All the Tax Consequences Before Making Gifts to Loved Ones

Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or sim..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Taxes, Tax Reform

529 Plans Offer 2 Tax-Advantaged Funding Options

Section 529 plans are a popular education-funding tool because of tax and other benefits. Two types are available: 1) prepaid tuition plans, and 2) savings plans. And one of these plans got even b..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Tax Reform

Tax Reform: Changes to Popular Deductions and Eliminated Changes

Taxpayers who have come to rely on popular tax deductions may need to check their expectations when it comes time to file taxes for 2018. That’s because The Tax Cuts and Jobs Act made some modifica..........

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L&H CPAs
L&H CPAs

13 June, 2020

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