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L&H Insights

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Taxes (5)

business automobile depreciation

2 min read

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...

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health savings account

2 min read

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...

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Annual Exclusive for Gifts

2 min read

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...

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Business Theft

2 min read

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...

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Small Businesses

2 min read

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...

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Can you deduct personal casualty losses?

2 min read

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,...

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Are you leery about visiting your advisor’s office to attend to estate planning documents?

2 min read

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...

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If your child receives a scholarship, is the amount taxable income?

2 min read

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)...

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Alternative strategies to prevent a contested will

1 min read

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...

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Divorce may have tax implications for business owners.

2 min read

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...

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Does your employer provide life insurance?

2 min read

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...

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2 min read

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...

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2 min read

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.

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