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L&H Insights

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Taxes (3)

High income tax

2 min read

Is your income high enough to owe two extra taxes?

High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment...

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GST

2 min read

The GST tax and your estate plan: What you need to know

The GST tax and your estate plan: What you need to know Here’s a not-so-fun fact: The generation-skipping transfer (GST) tax is among the harshest...

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Rental Property Rules

2 min read

The tax rules of renting out a vacation property

Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out for...

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Are you unemployed?

2 min read

Lost your job? Here are the tax aspects of an employee termination

Despite the robust job market, there are still some people losing their jobs. If you’re laid off or terminated from employment, taxes are probably...

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sole proprietorships

2 min read

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 your...

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charitable giving

2 min read

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 what...

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donor-advised fund

2 min read

The donor-advised fund: A powerful vehicle for charitable giving

If charitable giving is important to you, consider a donor-advised fund (DAF). A DAF — typically sponsored and managed by a community foundation or...

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dividend payment

2 min read

Making withdrawals from your closely held corporation that aren’t taxed as dividends

Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. However,...

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married filing separately

2 min read

Married couples filing separate tax returns: Why would they do it?

If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation.

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2 min read

Commission fraud: When salespeople get paid more than they’ve earned

Many employees — from retail workers to sales staffers involved in complex business-to-business transactions — receive part of their compensation...

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2 min read

Avoiding undue influence claims

A primary purpose of estate planning is to ensure that your wealth is distributed according to your wishes after you die. But if a family member...

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2 min read

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. Medical...

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2 min read

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 remainder...

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