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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

Small business alert: Watch out for the 100% penalty

2 min read

Small business alert: Watch out for the 100% penalty

Some tax sins are much worse than others. An example is failing to pay over federal income and employment taxes that have been withheld from...

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making a personal loan to a relative or friend

2 min read

Deduct a loss from making a personal loan to a relative or friend

Suppose your adult child or friend needs to borrow money. Maybe it’s to buy a first home or address a cash flow problem. You may want to help by...

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Turning stock downturns into tax advantages

2 min read

Turning stock downturns into tax advantages

Have you ever invested in a company only to see its stock value plummet? (This may become relevant in light of recent market volatility.) While such...

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business’s future, succession planning

3 min read

Planning for the future: 5 business succession options and their tax implications

When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next generation of leaders...

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Tax break - Maximizing employee transportation fringe benefits

2 min read

Riding the tax break train: Maximizing employee transportation fringe benefits

There are some nice tax breaks for transportation-related employee fringe benefits. If your employer offers these tax-favored fringes, you should...

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2024  gift tax return deadline

1 min read

The 2024 gift tax return deadline is coming up soon

If you made significant gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a...

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2 min read

Ways to manage the limit on the business interest expense deduction

Prior to the enactment of the Tax Cuts and Jobs Act (TCJA), businesses were able to claim a tax deduction for most business-related interest expense....

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Home office deductions

2 min read

How a business owner’s home office can result in tax deductions

As a business owner, you may be eligible to claim home office tax deductions that will reduce your taxable income. However, it’s crucial to...

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deductible IRA contribution for last year this year

2 min read

You may be able to make a deductible IRA contribution for last year this year

If you’re getting ready to file your 2024 tax return and your tax bill is higher than you’d like, there may still be a chance to lower it. If you’re...

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Tax season questions answered

2 min read

Early bird tips: Answering your tax season questions

The IRS announced it will start the 2025 filing season for individual income tax returns on January 27. That’s when the agency began accepting and...

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standard business mileage rate increased in 2025

2 min read

The standard business mileage rate increased in 2025

The nationwide price of gas is slightly higher than it was a year ago and the 2025 optional standard mileage rate used to calculate the deductible...

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 business taxes with local transportation cost deductions

2 min read

Drive down your business taxes with local transportation cost deductions

Understanding how to deduct transportation costs could significantly reduce the tax burden on your small business. You and your employees likely...

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HSAs can benefit your small business and employees

2 min read

Healthy savings: How tax-smart HSAs can benefit your small business and employees

As a small business owner, managing health care costs for yourself and your employees can be challenging. One effective tool to consider adding is a...

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