Your Tax Insights from L&H CPAs

IRA Charitable Rollover - Even More Beneficial in 2018

Posted by L&H CPAs on Oct 18, 2018 7:07:00 AM

If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on the distributions. This break may be especially beneficial now because of Tax Cuts and Jobs Act (TCJA) changes that affect who can benefit from the itemized deduction for charitable donations.

Read More

Tags: Estate Planning

Will a Cost Segregation Study Help Your Business Accelerate Depreciation Deductions?

Posted by L&H CPAs on Oct 17, 2018 9:08:00 AM

Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a cost segregation study. It may allow you to accelerate depreciation deductions, thus reducing taxes and boosting cash flow. And the potential benefits are now even greater due to enhancements to certain depreciation-related breaks under the Tax Cuts and Jobs Act (TCJA).

Read More

Tags: Business Owners & Entrepreneurs

Want to Retire Abroad? Review Your Estate Plan First

Posted by L&H CPAs on Oct 16, 2018 6:46:00 AM

If you dream of spending your golden years in a tropical paradise, a culture-rich European city or another foreign locale, it’s important to understand the potential tax and estate planning implications. If you don’t, you could be hit with some unpleasant surprises.

Read More

Tags: Retirement Planning

TCJA Planning for Gains & Losses: What You Need to Know

Posted by L&H CPAs on Oct 10, 2018 12:18:57 PM

Fall is a good time to review year-to-date gains and losses on your investments. Not only can it help you assess your financial health, but it also can help you determine whether to buy or sell investments before year end to save taxes. This year, you also need to keep in mind the impact of the Tax Cuts and Jobs Act (TCJA). While the TCJA didn’t change long-term capital gains rates, it did change the tax brackets for long-term capital gains and qualified dividends.

Read More

Tags: Taxes

Businesses Aren’t Immune to Tax Identity Theft

Posted by L&H CPAs on Oct 10, 2018 11:39:39 AM

Tax identity theft may seem like a problem only for individual taxpayers. But, according to the IRS, increasingly businesses are also becoming victims. And identity thieves have become more sophisticated, knowing filing practices, the tax code and the best ways to get valuable data.

Read More

Tags: Business Owners & Entrepreneurs

2 Ways to Ensure a Successful Family Business Transfer

Posted by L&H CPAs on Oct 9, 2018 9:57:03 AM

 

For many people, a family-owned business is their primary source of wealth, so it’s critical to plan carefully for the transition of ownership from one generation to the next.

Read More

Tags: Estate Planning

Tax Deduction Ins and Outs of Donating Artwork to Charity

Posted by L&H CPAs on Oct 4, 2018 10:27:00 AM

If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property. The extra benefit from donating artwork comes from the fact that the top long-term capital gains rate for art and other “collectibles” is 28%, as opposed to 20% for most other appreciated property. 

Read More

Tags: Taxes

Be Sure Your Employee Travel Expense Reimbursements Pass Muster with the IRS

Posted by L&H CPAs on Oct 3, 2018 10:11:00 AM

 

Does your business reimburse employees’ work-related travel expenses? If you do, you know that it can help you attract and retain employees. If you don’t, you might want to start, because changes under the Tax Cuts and Jobs Act (TCJA) make such reimbursements even more attractive to employees. Travel reimbursements also come with tax benefits, but only if you follow a method that passes muster with the IRS.

Read More

Tags: Business Owners & Entrepreneurs

Estate Planning for Unmarried Couples

Posted by L&H CPAs on Oct 1, 2018 6:02:06 PM

 

When married couples neglect to prepare an estate plan, state intestacy laws step in to help provide financial security for the surviving spouse. It may not be the plan they would have designed, but at least it offers some measure of financial security. Unmarried couples, however, have no such backup plan. Unless they carefully spell out how they wish to distribute their wealth, a surviving life partner may end up with nothing.

Read More

Tags: Estate Planning

Is Your Wealth Concentrated in a Single Stock?

Posted by L&H CPAs on Sep 27, 2018 5:53:00 AM

 

Estate planning and investment risk management go hand in hand. After all, an estate plan is effective only if you have some wealth to transfer to the next generation. One of the best ways to reduce your investment risk is to diversify your holdings. But it’s not unusual for affluent people to end up with a significant portion of their wealth concentrated in one or two stocks.

Read More
Contact L&H CPAs and Advisors Today

Welcome to your L&H Insights!

Your specialists in holistic financial management solutions. Our firm provides accounting, tax planning, CFO services, business consulting, and wealth advisory services to manage your complete financial needs. 

Subscribe to Email Updates

Recent Posts