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3 Reasons You Should Continue Making Lifetime Gifts

Posted by L&H CPAs on Sep 25, 2018 11:57:43 AM



Now that the gift and estate tax exemption has reached a record high of $11.18 million (for 2018), it may seem that gifting assets to loved ones is less important than it was in previous years. However, lifetime gifts continue to provide significant benefits, whether your estate is taxable or not.

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Tags: Estate Planning

Keep It SIMPLE: A Retirement Plan for Your Small Businesses

Posted by L&H CPAs on Sep 20, 2018 12:22:16 PM

 

If your small business doesn’t offer its employees a retirement plan, consider a SIMPLE IRA. Offering a retirement plan can provide your business with valuable tax deductions and help you attract and retain employees. For a variety of reasons, a SIMPLE IRA can be a particularly appealing option for your small businesses. The deadline for setting one up for this year is October 1, 2018.

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Are You Playing Your Tax Cards Right with Gambling Wins and Losses?

Posted by L&H CPAs on Sep 19, 2018 11:49:01 AM

If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) could also have an impact.

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Tags: Taxes

Plan Ahead for Vacation Home Rentals

Posted by L&H CPAs on Sep 18, 2018 10:40:17 AM

Do you own a vacation home? If you both rent it out and use it personally, you might save tax by taking steps to ensure it qualifies as a rental property this year. Vacation home expenses that qualify as rental property expenses aren’t subject to the Tax Cuts and Jobs Act’s ( TCJA’s ) new limit on the itemized deduction for state and local taxes (SALT) or the lower debt limit for the itemized mortgage interest deduction.

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Tags: Taxes

What's the Best Accounting Method for Your Business?

Posted by L&H CPAs on Sep 13, 2018 10:20:00 AM
  1. The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change its method of accounting under the TCJA. If you have the option to use either accounting method, it pays to consider whether switching methods would be beneficial.
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Tags: Business Owners & Entrepreneurs

Don't Be Surprised by Extenders Legislation

Posted by L&H CPAs on Sep 12, 2018 9:43:00 AM

The pieces of tax legislation garnering the most attention these days are the Tax Cuts and Jobs Act (TCJA) signed into law last December and the possible “Tax Reform 2.0” that Congress might pass this fall. But for certain individual taxpayers, what happens with “extenders” legislation is also important. 

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Tags: Taxes

Useful Q4 Tax Calendar for Businesses & Employers

Posted by L&H CPAs on Sep 11, 2018 9:26:00 AM

Here are some of the key tax-related deadlines affecting your businesses during the fourth quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. 

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Tags: Business Owners & Entrepreneurs

Claiming a Tax Deduction for Educator Expenses

Posted by L&H CPAs on Sep 7, 2018 10:03:00 AM

When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This educator expense deduction is especially important now due to some changes under the Tax Cuts and Jobs Act (TCJA).

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Estimated Tax Payments

Posted by L&H CPAs on Sep 6, 2018 10:52:00 AM

To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two. The third 2018 estimated tax payment deadline for individuals is September 17. 

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Tailoring the Role of Trust Protectors in Estate Planning

Posted by L&H CPAs on Sep 5, 2018 10:09:31 AM

Irrevocable trusts can allow for the smooth, tax-advantaged transfer of wealth to family members. But there’s a drawback: When you set up an irrevocable trust, you must relinquish control of the assets placed in it. What you can control is who will eventually oversee distribution of the assets after your death. That is, you can appoint the trustee. But if you aren’t completely confident that the trustee will carry out your wishes, you might want to appoint a trust protector, too.

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Tags: Estate Planning

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