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L&H Insights

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New itemized deduction limitation will affect high-income individuals next year

2 min read

New itemized deduction limitation will affect high-income individuals next year

Beginning in 2026, taxpayers in the top federal income tax bracket will see their itemized deductions reduced. If you’re at risk, there are steps you...

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Shift income to take advantage of the 0% long-term capital gains rate

1 min read

Shift income to take advantage of the 0% long-term capital gains rate

Are you thinking about making financial gifts to loved ones? Would you also like to reduce your capital gains tax? If so, consider giving appreciated...

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Deducting business gifts - what you need to know

2 min read

What you need to know about deducting business gifts

Thoughtful business gifts are a great way to show appreciation to customers and employees. They can also deliver tax benefits when handled correctly....

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Payroll tax implications of new tax breaks on tips and overtime

2 min read

Payroll tax implications of new tax breaks on tips and overtime

Before the One Big Beautiful Bill Act (OBBBA), tip income and overtime income were fully taxable for federal income tax purposes. The new law changes...

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Is college financial aid taxable?

2 min read

Is college financial aid taxable? A crash course for families

College can be expensive. According to the College Board, the average sticker price for tuition and fees at private colleges was $43,350 for the...

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2026 amounts for Health Savings Accounts

1 min read

The IRS recently announced 2026 amounts for Health Savings Accounts

The IRS recently released the 2026 inflation-adjusted amounts for Health Savings Accounts (HSAs). Employees will be able to save a modest amount more...

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“wash sale” rule: Don’t let losses circle the drain

2 min read

The “wash sale” rule: Don’t let losses circle the drain

Stock, mutual fund and ETF prices have bounced around lately. If you make what turns out to be an ill-fated investment in a taxable brokerage firm...

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Do you qualify for “head of household” tax filing status

2 min read

Discover if you qualify for “head of household” tax filing status

When we prepare your tax return, we’ll check one of the following filing statuses: single, married filing jointly, married filing separately, head of...

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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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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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inflation and your 2024 and 2025 tax bills

2 min read

How inflation will affect your 2024 and 2025 tax bills

Inflation can have a significant impact on federal tax breaks. While recent inflation has come down since its peak in 2022, some tax amounts will...

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A guide to business travel tax deductions

3 min read

From flights to meals: A guide to business travel tax deductions

As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel...

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Tax deductions

2 min read

You don’t have to be in business to deduct certain vehicle expenses

You don’t have to be in business to deduct certain vehicle expenses When you think about tax deductions for vehicle-related expenses, business...

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