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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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Screenshot 2024-01-11 at 9-19-18 AM

Taxes

You may be entitled to tax breaks if caring for an elderly relative

2 min read

You may be entitled to tax breaks if caring for an elderly relative

There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing...

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strategy to save tax when selling appreciated vacant land

2 min read

A three-step strategy to save tax when selling appreciated vacant land

Let’s say you own one or more vacant lots. The property has appreciated greatly and you’re ready to sell. Or maybe you have a parcel of appreciated...

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Tax tips when buying the assets of a business

2 min read

Tax tips when buying the assets of a business

After experiencing a downturn in 2023, merger and acquisition activity in several sectors is rebounding in 2024. If you’re buying a business, you...

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charity and appraisal

2 min read

When do valuable gifts to charity require an appraisal?

If you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal. The IRS requires...

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Tax consideration when growing a business with a new partner.

2 min read

Growing your business with a new partner: Here are some tax considerations

There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate: You and your partners...

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Selling vacation home and taxes

2 min read

Taxes when you sell an appreciated vacation home

Vacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three scenarios to...

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income in respect of a decedent” issues when receiving an inheritance

2 min read

Watch out for “income in respect of a decedent” issues when receiving an inheritance

Most people are genuinely appreciative of inheritances, and who wouldn’t enjoy some unexpected money? But in some cases, it may turn out to be too...

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Businesses income and deductions

2 min read

When businesses may want to take a contrary approach with income and deductions

Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise...

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Section 179 tax deductions with depreciation

2 min read

Coordinating Sec. 179 tax deductions with bonus depreciation

Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in...

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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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effect of renting out a vacation property on taxes

2 min read

How renting out a vacation property will affect your taxes

Are you dreaming of buying a vacation beach home, lakefront cottage or ski chalet? Or perhaps you’re fortunate enough to already own a vacation home....

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Tax on Social Security benefits

2 min read

Beware of a stealth tax on Social Security benefits

Some people mistakenly believe that Social Security benefits are always free from federal income tax. Unfortunately, that’s often not the case. In...

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QBI deduction

2 min read

Maximize the QBI deduction before it’s gone

The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear. So if you’re...

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