L&H Insights

#1 Argument Against DIY Estate Planning

Posted by L&H CPAs on Sep 4, 2018 9:39:00 AM

There’s no law that says you can’t prepare your own estate plan. And with an abundance of online services that automate the creation of wills and other documents, it’s easy to do. But unless your estate is small and your plan is exceedingly simple, the pitfalls of do-it-yourself (DIY) estate planning can be many.

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Tags: Estate Planning

Long-Term-Care Insurance with Tax Benefits

Posted by L&H CPAs on Aug 31, 2018 9:34:00 AM

No matter how diligently you prepare, your estate plan can quickly be derailed if you or a loved one requires long-term home health care or an extended stay at a nursing home or assisted living facility.

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Tags: Retirement Planning

Roth IRA Conversions Can't Be Undone Under Tax Reform

Posted by L&H CPAs on Aug 30, 2018 10:22:00 AM

 

Converting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement. But what if you convert your traditional IRA — subject to income taxes on all earnings and deductible contributions — and then discover you would have been better off if you hadn’t converted it?

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Tags: Taxes

Tax Benefits of Succession Planning in a Family Business

Posted by L&H CPAs on Aug 29, 2018 1:15:45 PM

One of the biggest concerns for family business owners is succession planning — transferring ownership and control of the company to the next generation. Often, the best time tax-wise to start transferring ownership is long before the owner is ready to give up control of the business.

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Tags: Business Owners & Entrepreneurs

Clarifying the Special Needs Trust Rules

Posted by L&H CPAs on Aug 23, 2018 10:03:00 AM

If you have a child or other family member with a disabling condition that requires long-term care or prevents (or will prevent) him or her from being able to support him- or herself, consider establishing a special needs trust (SNT). Also known as a supplemental needs trust, an SNT allows you to enhance a family member’s quality of life without jeopardizing his or her eligibility for government benefits, such as Medicaid or Supplemental Security Income (SSI).

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Tags: Estate Planning

TCJA Tax Reform and AMT: What You Should Know

Posted by L&H CPAs on Aug 22, 2018 10:20:00 AM

There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A repeal wasn’t included in the final version of the Tax Cuts and Jobs Act (TCJA), but the TCJA will reduce the number of taxpayers subject to the AMT.

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Tags: Tax Reform

Your Home Office Could Be Tax-Deductible

Posted by L&H CPAs on Aug 21, 2018 10:47:41 AM

Under the Tax Cuts and Jobs Act, employees can no longer claim the home office deduction. If, however, you run a business from your home or are otherwise self-employed and use part of your home for business purposes, the home office deduction may still be available to you.

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Tags: Business Owners & Entrepreneurs

Document Your Most Important Wishes

Posted by L&H CPAs on Aug 16, 2018 10:46:00 AM

It may be difficult to consider, but funeral arrangements are a critical component of your estate plan. Failure to clearly communicate your wishes regarding the disposition of your remains can lead to tension, disputes and even litigation among your family members during what is already a difficult time.

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Tags: Estate Planning

Kiddie Tax Grows up - More Dangerous Than Ever

Posted by L&H CPAs on Aug 15, 2018 10:00:00 AM

Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets. To discourage such strategies, Congress created the “kiddie” tax back in 1986. Since then, this tax has gradually become more far-reaching. Now, under the Tax Cuts and Jobs Act (TCJA), the kiddie tax has become more dangerous than ever.

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Tags: Estate Planning

Ensure Your Business Deductions Pass Muster with the IRS

Posted by L&H CPAs on Aug 14, 2018 12:37:30 PM

Meal, vehicle and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by the IRS.

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