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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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Text Preparation Planning

“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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Tax credit for buying an electric car

2 min read

Understanding the $7,500 federal tax credit for buying an electric vehicle

Electric vehicles (EVs) have become increasingly popular. According to Kelley Blue Book estimates, the EV share of the vehicle market in the U.S. was...

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Tax free income opportunities

3 min read

6 tax-free income opportunities

Believe it or not, there are ways to collect tax-free income and gains. Here are some of the best opportunities to put money in your pocket without...

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taxes on your income

2 min read

Are you liable for two additional taxes on your income?

Having a high income may mean you owe two extra taxes: the 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and...

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Tax on real estate gains

2 min read

Understanding taxes on real estate gains

Let’s say you own real estate that has been held for more than one year and is sold for a taxable gain. Perhaps this gain comes from indirect...

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Tax tips when buying the assets of a business

2 min read

Tax tips when buying the assets of a business

After experiencing a downturn in 2023, merger and acquisition activity in several sectors is rebounding in 2024. If you’re buying a business, you...

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Tax consideration when growing a business with a new partner.

2 min read

Growing your business with a new partner: Here are some tax considerations

There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate: You and your partners...

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