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

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 luc..........

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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 transfer to the next generation. One of the most effective strate..........

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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, and special limitations that apply to vehicles classified ..........

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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 Account (HSA) offers a tax-favorable way to set aside funds (..........

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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 using the annual exclusion, gifts to family members and loved ..........

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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 but you’ll have to substantiate the loss. A recent U.S. Tax..........

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Scott Henvey
Scott Henvey

16 September, 2021

Business Owners & Entrepreneurs, Taxes, Executives, Planning, Business Owners, smallbusiness

Tax breaks to consider during National Small Business Week

The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week, here are three tax breaks to consider. 1. Claim bonus deprecia..........

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Maurice La Verdure
Maurice La Verdure

14 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

Taxes, Planning, Investment Advisory & Wealth Mangement, Education

Scholarships are usually tax free but may result in taxable income

If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax free for students at elementary,..........

Read More
Scott Henvey
Scott Henvey

3 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

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

Does your employer provide life insurance? See the tax consequences

Employer-provided life insurance is a coveted fringe benefit. However, if group term life insurance is part of your benefit package, and the coverage is higher than $50,000, there may be undesirable i..........

Read More
Maurice La Verdure
Maurice La Verdure

26 August, 2021

Business Owners & Entrepreneurs, Taxes, Executives, Retirees, Business Owners, Investment Advisory & Wealth Mangement

Possible tax consequences of guaranteeing a loan to your corporation

What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aw..........

Read More
Maurice La Verdure
Maurice La Verdure

18 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, Business Owners, Investment Advisory & Wealth Mangement, smallbusiness

Is an LLC the right choice for your small business?

Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe you are launching a new business and want to know y..........

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Maurice La Verdure
Maurice La Verdure

10 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, Estate Planning, Planning, Retirees, Investment Advisory & Wealth Mangement

Can a broken trust be fixed?

An irrevocable trust has long been a key component of many estate plans. But what if it no longer serves your purposes? Is it too late to change it? Depending on applicable state law, you may have sev..........

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Scott Henvey
Scott Henvey

28 July, 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 being nondeductible both by an officer and the corporation un..........

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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 years. But even though a small percentage of returns are being..........

Read More
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

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-the-job experience, spend time with you, save for college a..........

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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 to three questions that we’re frequently asked at 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 deducting the cost of your out-of-town business travel with..........

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Maurice La Verdure
Maurice La Verdure

24 June, 2021

Retirement Planning, Taxes, Estate Planning, Executives, Retirees, Investment Advisory & Wealth Mangement

Retiring soon? 4 tax issues you may face

If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues ..........

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Maurice La Verdure
Maurice La Verdure

17 June, 2021

Taxes, Executives, Planning

2021 Q3 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 third quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional de..........

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Scott Henvey
Scott Henvey

17 June, 2021

Business Owners & Entrepreneurs, Taxes, Executives, smallbusiness

Tax filing deadline is coming up: What to do if you need more time

"Tax day” is just around the corner. This year, the deadline for filing 2020 individual tax returns is Monday, May 17, 2021. The IRS postponed the usual April 15 due date due to the COVID-19 pandemic...........

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Scott Henvey
Scott Henvey

14 May, 2021

Business Owners & Entrepreneurs, Retirement Planning, Taxes, Estate Planning, Planning, Retirees

4 Reasons to Revisit Your Powers of Attorney

Although much of estate planning deals with what happens after you die, it’s equally important to have a plan for making critical financial or medical decisions if you’re unable to make them for yours..........

Read More
Maurice La Verdure
Maurice La Verdure

12 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 administrative burdens involved in providing a traditional pe..........

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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 mitigate the financial damage caused by COVID-19. Here ar..........

Read More
Maurice La Verdure
Maurice La Verdure

27 April, 2021

Taxes

How to ensure life insurance isn’t part of your taxable estate

If you have a life insurance policy, you may want to ensure that the benefits your family will receive after your death won’t be included in your estate. That way, the benefits won’t be subject to fed..........

Read More
Scott Henvey
Scott Henvey

30 March, 2021

Taxes

New law tax break may make child care less expensive

The new American Rescue Plan Act (ARPA) provides eligible families with an enhanced child and dependent care credit for 2021. This is the credit available for expenses a taxpayer pays for the care of ..........

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Maurice La Verdure
Maurice La Verdure

29 March, 2021

Taxes

Estimated tax payments: The deadline for the first 2021 installment is coming ups

April 15 is not only the deadline for filing your 2020 tax return, it’s also the deadline for the first quarterly estimated tax payment for 2021, if you’re required to make one. You may have to make e..........

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Scott Henvey
Scott Henvey

29 March, 2021

Taxes

New law: Parents and other eligible Americans to receive direct payments

The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are direct p..........

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Scott Henvey
Scott Henvey

29 March, 2021

Taxes

Did you make donations in 2020? There’s still time to get substantiation

If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter — can you..........

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Scott Henvey
Scott Henvey

15 March, 2021

Taxes

Retiring soon? Recent law changes may have an impact on your retirement savings

If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significa..........

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Scott Henvey
Scott Henvey

2 March, 2021

Taxes

2021 individual taxes: Answers to your questions about limits

Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in l..........

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Scott Henvey
Scott Henvey

10 February, 2021

Taxes

The power of the tax credit for buying an electric vehicle

Although electric vehicles (or EVs) are a small percentage of the cars on the road today, they’re increasing in popularity all the time. And if you buy one, you may be eligible for a federal tax break..........

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Scott Henvey
Scott Henvey

3 February, 2021

Taxes

Don’t forget to take required minimum distributions this year

If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when you reach a certain age — or you’ll be penalized...........

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Scott Henvey
Scott Henvey

28 January, 2021

Taxes

One reason to file your 2020 tax return early

The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new law that was enacted late in December.) Even if y..........

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Scott Henvey
Scott Henvey

20 January, 2021

Taxes

Educate yourself about the revised tax benefits for higher education

Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may be..........

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Scott Henvey
Scott Henvey

18 January, 2021

Taxes

The COVID-19 relief law: What’s in it for you?

The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated Appropriations Act, which ..........

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Maurice La Verdure
Maurice La Verdure

12 January, 2021

Taxes

Your taxpayer filing status: You may be eligible to use more than one

When it comes to taxes, December 31 is more than just New Year’s Eve. That date will affect the filing status box that will be checked on your 2020 tax return. When filing a return, you do so with one..........

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Maurice La Verdure
Maurice La Verdure

31 December, 2020

Taxes

The next estimated tax deadline is January 15 if you have to make a payment

If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The fourth 2020 estima..........

Read More
Maurice La Verdure
Maurice La Verdure

22 December, 2020

Taxes

Can you qualify for a medical expense tax deduction?

You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for many people to qualify. But with proper planning,..........

Read More
Scott Henvey
Scott Henvey

16 December, 2020

Taxes

Maximize your 401(k) plan to save for retirement

Contributing to a tax-advantaged retirement plan can help you reduce taxes and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a smart way to build a s..........

Read More
Maurice La Verdure
Maurice La Verdure

8 December, 2020

Taxes

Steer clear of the wash sale rule if you’re selling stock by year end

Are you thinking about selling stock shares at a loss to offset gains that you’ve realized during 2020? If so, it’s important not to run afoul of the “wash sale” rule. IRS may disallow the loss Under ..........

Read More
Scott Henvey
Scott Henvey

3 December, 2020

Taxes

Employees: Don’t forget about your FSA funds

Many employees take advantage of the opportunity to save taxes by placing funds in their employer’s health or dependent care flexible spending arrangements (FSAs). As the end of 2020 nears, here are s..........

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Scott Henvey
Scott Henvey

24 November, 2020

Taxes

The importance of S corporation basis and distribution elections

S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect that the business will incur losses in its early years because shareholders in a C ..........

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Maurice La Verdure
Maurice La Verdure

24 November, 2020

Taxes

Taking distributions from a traditional IRA

Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals from these t..........

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Maurice La Verdure
Maurice La Verdure

17 November, 2020

Taxes

How Series EE savings bonds are taxed

Many people have Series EE savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself and put them away in a file cabinet or ..........

Read More
L&H CPAs
L&H CPAs

11 November, 2020

Taxes

Disability income: How is it taxed?

Many Americans receive disability income. You may wonder if — and how — it’s taxed. As is often the case with tax questions, the answer is … it depends. The key factor is who paid for the benefit. If ..........

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Scott Henvey
Scott Henvey

4 November, 2020

Taxes

Divorcing couples should understand these 4 tax issues

When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some people find divorce to be an even more taxing experience. Several..........

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Maurice La Verdure
Maurice La Verdure

28 October, 2020

Taxes

Buying and selling mutual fund shares: Avoid these tax pitfalls

If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares. Surprise sales  You may already have made taxable “sales” of part of your mutual fund investme..........

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Maurice La Verdure
Maurice La Verdure

20 October, 2020

Taxes

What tax records can you throw away?

October 15 is the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was extended this year to July 15 due to the COVID-19 pandemic.) If you’..........

Read More
Maurice La Verdure
Maurice La Verdure

15 October, 2020

Taxes

Why it’s important to plan for income taxes as part of your estate plan

As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in est..........

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Maurice La Verdure
Maurice La Verdure

30 September, 2020

Taxes

Can investors who manage their own portfolios deduct related expenses?

In some cases, investors have significant related expenses, such as the cost of subscriptions to financial periodicals and clerical expenses. Are they tax deductible? Under the Tax Cut and Jobs Act, t..........

Read More
Maurice La Verdure
Maurice La Verdure

23 September, 2020

Taxes

Homebuyers: Can you deduct seller-paid points?

Despite the COVID-19 pandemic, the National Association of Realtors (NAR) reports that existing home sales and prices are up nationwide, compared with last year. One of the reasons is the pandemic: “W..........

Read More
Scott Henvey
Scott Henvey

8 September, 2020

Taxes

Back-to-school tax breaks on the books

Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, parents may be eligible for certain tax breaks to help ..........

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Scott Henvey
Scott Henvey

1 September, 2020

Taxes

Will You Have to Pay Tax on Your Social Security Benefits?

If you’re getting close to retirement, you may wonder: Are my Social Security benefits going to be taxed? And if so, how much will you have to pay? It depends on your other income. If you’re taxed, be..........

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Maurice La Verdure
Maurice La Verdure

31 August, 2020

Taxes

What happens if an individual can’t pay taxes

While you probably don’t have any problems paying your tax bills, you may wonder: What happens in the event you (or someone you know) can’t pay taxes on time? Here’s a look at the options. Most import..........

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Scott Henvey
Scott Henvey

31 August, 2020

Taxes

More parents may owe “nanny tax” this year, due to COVID-19

In the COVID-19 era, many parents are hiring nannies and babysitters because their daycare centers and summer camps have closed. This may result in federal “nanny tax” obligations. Keep in mind that t..........

Read More
Maurice La Verdure
Maurice La Verdure

12 August, 2020

Taxes

The tax implications of employer-provided life insurance

Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you. “Phantom..........

Read More
Scott Henvey
Scott Henvey

5 August, 2020

Taxes

Are scholarships tax-free or taxable?

COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition bills. ..........

Read More
Maurice La Verdure
Maurice La Verdure

28 July, 2020

Taxes

Take advantage of a “stepped-up basis” when you inherit property

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

Read More
Scott Henvey
Scott Henvey

24 July, 2020

Taxes

Conduct a “paycheck checkup” to make sure your withholding is adequate

Did you recently file your federal tax return and were surprised to find you owed money? You might want to change your withholding so that this doesn’t happen next year. You might even want to do that..........

Read More
Maurice La Verdure
Maurice La Verdure

22 July, 2020

Taxes

After you file your tax return: 3 issues to consider

The tax filing deadline for 2019 tax returns has been extended until July 15 this year, due to the COVID-19 pandemic. After your 2019 tax return has been successfully filed with the IRS, there may sti..........

Read More
Scott Henvey
Scott Henvey

10 July, 2020

Taxes

Some people are required to return Economic Impact Payments that were sent erroneously

The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report. These are the payments being sent to eligible individuals in re..........

Read More
Maurice La Verdure
Maurice La Verdure

1 July, 2020

Taxes, Planning

If you’re selling your home, don’t forget about taxes

Traditionally, spring and summer are popular times for selling a home. Unfortunately, the COVID-19 crisis has resulted in a slowdown in sales. The National Association of Realtors (NAR) reports that e..........

Read More
Scott Henvey
Scott Henvey

17 June, 2020

Taxes, Tax Reform, Traditional IRA

What to do if you’re audited by the IRS

Taxpayers don’t necessarily need to panic when they receive an IRS letter. Often, returns are chosen for examination randomly, or because the IRS needs additional information. This article provides ti..........

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

Many financially savvy individuals are already thinking about filing their tax returns next year. But they shouldn’t overlook another critical and equally important aspect of financial planning: asset..........

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

Many people want to pass assets to the next generation during their lifetimes, whether to reduce the size of their taxable estates, to help family members or to see their loved ones enjoy the gifts. T..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes, Tax Reform

Planning for the net investment income tax

Despite its name, the Tax Cuts and Jobs Act didn’t cut all types of taxes. It left several taxes unchanged, including the 3.8% tax on net investment income (NII) of high-income taxpayers. This brief a..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes, Tax Reform

Vacation homes Do you understand the tax nuances

A vacation home can provide a welcome retreat from the hustle and bustle of everyday life. But that’s not all: It can also offer valuable tax benefits. This article sorts out the rules for claiming a ..........

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. This..........

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

The annual gift tax exclusion allows a person to transfer up to $15,000 per beneficiary gift-tax-free. One can double the exclusion to $30,000 per beneficiary if an election is made to split the gifts..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes, Tax Reform

7 ways to prevent elder financial abuse

As tax season ramps up, so do the efforts of scam artists looking to steal older people’s financial data and money. This article offers seven ways to prevent elder financial abuse. 7 ways to prevent e..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes, Tax Reform

Are income taxes taking a bite out of your trusts

Anyone whose estate plan includes one or more trusts should review them before filing an income tax return. And those who have already filed should look carefully at how their trusts were affected. Th..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Using Your 401(K) Plan to Save This Year and Next

You can reduce taxes and save for retirement by contributing to a tax-advantaged retirement plan. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a taxwise way to build a n..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

You May Be ABLE to Save for a Disabled Family Member with a Tax-Advantaged Account

There’s a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be do..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

IRA Charitable Donations Are an Alternative to Taxable Required Distributions

Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older, and don’t need the money from required minimum distributions, you may benefit by giving these am..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Selling Securities by Year End? Avoid the Wash Sale Rule

If you’re planning to sell assets at a loss to offset gains that have been realized during the year, it’s important to be aware of the “wash sale” rule.   How the rule works Under this rule, if you se..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Taxes

Use a Coverdell ESA to Help Pay College, Elementary and Secondary School Costs

There are several ways to save for your child’s or grandchild’s education, including with a Coverdell Education Savings Account (ESA). Although for federal tax purposes there’s no upfront deduction fo..........

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L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Take Advantage of the Gift Tax Exclusion Rules

As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of gift taxes to their children ..........

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L&H CPAs
L&H CPAs

14 July, 2020

Taxes

When Is Tax Due on Series EE Savings Bonds?

  You may have Series EE savings bonds that were bought many years ago. Perhaps you store them in a file cabinet or safe deposit box and rarely think about them. You may wonder how the interest you ea..........

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L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Uncle Sam May Provide Relief from College Costs on Your Tax Return

We all know the cost of college is expensive. The latest figures from the College Board show that the average annual cost of tuition and fees was $10,230 for in-state students at public four-year univ..........

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L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Getting a Divorce? There Are Tax Issues You Need to Understand

In addition to the difficult personal issues that divorce entails, several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are pro..........

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L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Expenses That Teachers Can and Can’t Deduct on Their Tax Returns

As teachers head back for a new school year, they often pay for various expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct them on their tax returns. However,..........

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L&H CPAs
L&H CPAs

13 June, 2020

Taxes

Taking Distributions from Your Traditional IRA

If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for withdrawals from these retire..........

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L&H CPAs
L&H CPAs

13 June, 2020

Taxes, Estate Planning, Traditional IRA

LHCPA Post 8

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

Taxes, Estate Planning, Traditional IRA

LHCPA Post 7

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

Taxes, Estate Planning, Traditional IRA

LHCPA Post 6

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

Taxes

“Innocent Spouses” May Get Relief from Tax Liability

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS can come after either spous..........

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L&H CPAs
L&H CPAs

14 July, 2020

Taxes

The Tax Implications of Being a Winner

If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune.   Winning at gambling Whether y..........

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L&H CPAs
L&H CPAs

14 July, 2020

Taxes

The “Kiddie Tax” Hurts Families More Than Ever

Years ago, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. And wh..........

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L&H CPAs
L&H CPAs

14 July, 2020

Taxes

If Your Kids Are off to Day Camp, You May Be Eligible for a Tax Break

Now that most schools are out for the summer, you might be sending your children to day camp. It’s often a significant expense. The good news: You might be eligible for a tax break for the cost.   The..........

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L&H CPAs
L&H CPAs

14 July, 2020

Taxes

It’s a Good Time to Check Your Withholding and Make Changes, If Necessary

Due to the massive changes in the Tax Cuts and Jobs Act (TCJA), the 2019 filing season resulted in surprises. Some filers who have gotten a refund in past years wound up owing money. The IRS reports t..........

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L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Selling Your Home? Consider These Tax Implications

Spring and summer are the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may be out in full force in your area. Freddie Mac reports that the average 30-year..........

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L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Check on Your Refund — and Find out Why the IRS Might Not Send It

It’s that time of year when many people who filed their tax returns in April are checking their mail or bank accounts to see if their refunds have landed. According to the IRS, most refunds are issued..........

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L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Plug in Tax Savings for Electric Vehicles

 While the number of plug-in electric vehicles (EVs) is still small compared with other cars on the road, it’s growing — especially in certain parts of the country. If you’re interested in purchasing ..........

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L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Casualty Loss Deductions: You Can Claim One Only for a Federally Declared Disaster

 Unforeseen disasters happen all the time and they may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act, eligible casualty loss victims could claim a deduction on their..........

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L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Still Working After Age 70½? You May Not Have to Begin 401(K) Withdrawals

If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required withdrawals from the plan no later than April 1 of the year after which you turn age 70½. ..........

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L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Investment Interest Expense Is Still Deductible, but That Doesn’t Necessarily Mean You’ll Benefit

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. This ..........

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L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Stretch Your College Student’s Spending Money with the Dependent Tax Credit

If you’re the parent of a child who is age 17 to 23, and you pay all (or most) of his or her expenses, you may be surprised to learn you’re not eligible for the child tax credit. But there’s a depende..........

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L&H CPAs
L&H CPAs

14 July, 2020

Taxes

The 2018 Gift Tax Return Deadline Is Almost Here

Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return — or whether filing one wou..........

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L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Vehicle-Expense Deduction Ins and Outs for Individual Taxpayers

It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deductio..........

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L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Careful Tax Planning Required for Incentive Stock Options

Incentive stock options (ISOs) are a popular form of compensation for executives and other employees of corporations. They allow you to buy company stock in the future at a fixed price equal to or gre..........

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L&H CPAs
L&H CPAs

14 July, 2020

Taxes

You May Be Able to Save More for Retirement in 2019

Retirement plan contribution limits are indexed for inflation, and many have gone up for 2019, giving you opportunities to increase your retirement savings: Contribution & Deferral Limits Elective..........

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L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Don't Wait to File Your 2018 Income Tax Return

The IRS opened the 2018 income tax return filing season on January 28. Even if you typically don’t file until much closer to the April 15 deadline, this year consider filing as soon as you can. Why? Y..........

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L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Are You Eligible for the New Dependent Credit and HOH Filing Status?

The IRS continues to publish guidance to clarify provisions of the Tax Cuts and Jobs Act (TCJA). Here's what you need to know about qualifying for the new $500 tax credit for dependents and beneficial..........

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L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Can You Have Too Much Tax Deferral?

Taking steps to defer your individual federal income tax bill is often a good idea. If you expect to be in the same tax bracket in future years, lowering this year's taxable income will postpone your ..........

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L&H CPAs
L&H CPAs

14 July, 2020

Taxes

There’s Still Time to Get Proof for 2018 Deductible Donations

  If you’re like many generous Americans, letters from your favorite charities have been appearing in your mailbox in recent weeks acknowledging your 2018 year-end donations. But what happens if you h..........

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L&H CPAs
L&H CPAs

14 July, 2020

Taxes

2018 Year-End Tax Planning

TAX REFORM IMPACT: INDIVIDUALS Tax rates have decreased, personal exemption was eliminated, standard deduction doubled, & some popular deductions changed. Here’s a recap of some of the most common..........

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L&H CPAs
L&H CPAs

13 June, 2020

Taxes

Does Prepaying Property Taxes Make Sense Anymore?

Prepaying property taxes related to the current year but due the following year has long been one of the most popular and effective year-end tax-planning strategies. But does it still make sense in 20..........

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L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Donate Appreciated Stock for Twice the Tax Benefits

A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an add..........

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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 bette..........

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L&H CPAs
L&H CPAs

13 June, 2020

Taxes

TCJA Planning for Gains & Losses: What You Need to Know

Fall is a good time to review year-to-date gains and losses on your investments. Not only can it help you assess your financial health, but it also can help you determine whether to buy or sell invest..........

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L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Tax Deduction Ins and Outs of Donating Artwork to Charity

If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial ..........

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L&H CPAs
L&H CPAs

14 July, 2020

Taxes

Are You Playing Your Tax Cards Right with Gambling Wins and Losses?

If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) could also have an impact. Wins and..........

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L&H CPAs
L&H CPAs

13 June, 2020

Taxes

Plan Ahead for Vacation Home Rentals

Do you own a vacation home? If you both rent it out and use it personally, you might save tax by taking steps to ensure it qualifies as a rental property this year. Vacation home expenses that qualify..........

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L&H CPAs
L&H CPAs

13 June, 2020

Taxes

Don't Be Surprised by Extenders Legislation

The pieces of tax legislation garnering the most attention these days are the Tax Cuts and Jobs Act (TCJA) signed into law last December and the possible “Tax Reform 2.0” that Congress might pass this..........

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L&H CPAs
L&H CPAs

13 June, 2020

Taxes

Save Taxes with Green Tax Credits

“Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill in addition to your energy bill, all while helping the environment, too. The catch is that, to..........

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L&H CPAs
L&H CPAs

13 June, 2020

Taxes

Do You Need to Adjust Your Withholding?

  If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving..........

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L&H CPAs
L&H CPAs

13 June, 2020

Taxes

Tax Deduction for Moving Costs: 2017 vs. 2018

If you moved for work-related reasons in 2017, you might be able to deduct some of the costs on your 2017 return — even if you don’t itemize deductions. (Or, if your employer reimbursed you for moving..........

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L&H CPAs
L&H CPAs

13 June, 2020

Taxes

What's the Best Higher-Education Break to Claim on Your 2017 Return?

  Whether you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some valuable tax breaks on your 2017 return. One such break that had expired De..........

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L&H CPAs
L&H CPAs

13 June, 2020