L&H Insights

Charitable Gift Annuities - Double Duty Giving

Posted by L&H CPAs on Aug 9, 2018 10:48:00 AM

If you’re charitably inclined, you may wish to consider a charitable gift annuity. It can combine the benefits of an immediate income tax deduction and a lifetime income stream. Furthermore, it allows you to support a favorite charity and reduce the size of your future taxable estate.

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Tags: Estate Planning

Small Business Entity Choices and QBI Deductions

Posted by L&H CPAs on Aug 8, 2018 11:30:17 AM

The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S corporations and, typically, limited liability companies (LLCs). It can equal as much as 20% of QBI. But once taxable income exceeds $315,000 for married couples filing jointly or $157,500 for other filers, a wage limit begins to phase in.

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Tags: Business Owners & Entrepreneurs

What Happens to Your Bitcoin When You Die?

Posted by L&H CPAs on Aug 7, 2018 10:30:00 AM


Don't let digital assets complicate your estate planning process. Even though you can’t physically touch digital assets, they’re just as important to include in your estate plan as your material assets. Cryptocurrency is just the tip of the iceberg. Digital assets may include online bank and brokerage accounts, digital photo galleries, and even email and social media accounts. 

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Tags: Estate Planning

What You Can Deduct When Volunteering

Posted by L&H CPAs on Aug 2, 2018 9:48:00 AM


Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you — your time — would also be deductible. Unfortunately, that’s not the case. 

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Tags: Taxes

How to Avoid Getting Hit with Payroll Tax Penalties

Posted by L&H CPAs on Aug 1, 2018 10:45:00 AM


For small businesses, managing payroll can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income tax withholding based on the new tables issued by the IRS. (Those tables account for changes under the Tax Cuts and Jobs Act.) But it’s crucial not only to withhold the appropriate taxes — including both income tax and employment taxes — but also to remit them on time to the federal government.

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Tags: Business Owners & Entrepreneurs

Administering an Estate or Inheriting Property?

Posted by L&H CPAs on Jul 31, 2018 11:13:18 AM

When it comes to tax law changes and estate planning, the substantial increases to the gift and estate tax exemptions under the Tax Cuts and Jobs Act are getting the most attention these days. But a tax law change enacted in 2015 also warrants your attention.

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Tags: Estate Planning

Save Taxes with Green Tax Credits

Posted by L&H CPAs on Jul 26, 2018 11:01:00 AM


“Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill in addition to your energy bill, all while helping the environment, too. The catch is that, to reap all three benefits, you need to buy and install certain types of renewable energy equipment in the home.

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Tags: Taxes

Effective Estate Planning with the BDIT: A Trust with a Twist

Posted by L&H CPAs on Jul 25, 2018 10:09:00 AM

The beneficiary defective inheritor’s trust (BDIT) allows you to enjoy the benefits of a traditional trust without giving up control over your property. BDITs can hold a variety of assets, but they’re particularly effective for assets that have significant appreciation potential or that may be entitled to substantial valuation discounts, such as interests in family limited partnerships and limited liability companies (LLCs). 

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Tags: Estate Planning

An Introduction to HSAs, FSAs & HRAs

Posted by L&H CPAs on Jul 24, 2018 10:00:00 AM


There continues to be much uncertainty about the Affordable Care Act and how such uncertainty will impact health care costs. So it’s critical to leverage all tax-advantaged ways to fund these expenses, including HSAs, FSAs and HRAs. Here’s how to make sense of this alphabet soup of health care accounts. 

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Tags: Taxes

How to Choose the Right Legal Structure of your Business

Posted by L&H CPAs on Jul 19, 2018 10:54:00 AM


For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations. Under prior law, C corporations were taxed at rates as high as 35%. The TCJA also reduced individual income tax rates, which apply to sole proprietorships and pass-through entities, including partnerships, S corporations, and, typically, limited liability companies (LLCs). The top rate, however, dropped only slightly, from 39.6% to 37%. 

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Tags: Business Owners & Entrepreneurs

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