L&H Insights

Tax Reform: Tax Bracket Changes

Posted by L&H CPAs on Mar 20, 2018 11:59:18 AM

Before the Tax Cuts and Jobs Act (TCJA) was finally signed into law in December 2017, there was widespread speculation about what changes it would mean for the existing federal income tax bracket structure. In the end, the number of income tax brackets didn’t change under the TCJA, but their rates – and their ranges – did.

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Tags: Tax Reform

Tax Reform: Changes to the Alternative Minimum Tax

Posted by L&H CPAs on Mar 13, 2018 1:15:15 PM

If your household is one of the estimated 4.4 million households subject to the Alternative Minimum Tax (AMT) for tax year 2017 or previous years, you may find some relief in the Tax Cuts and Jobs Act, signed into law last December. With increases to the exemption amounts for 2018 and permanent indexing for inflation, fewer households are expected to be affected by the AMT. 

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Tags: Tax Reform

Tax Reform: Changes to The Marriage Penalty Tax

Posted by L&H CPAs on Mar 13, 2018 12:57:39 PM

Most couples who decide to tie the knot probably don't spend a lot of time thinking about the potential tax implications of their decision. Fortunately, for some couples, there is one less reason to worry about taxes as a married couple this year.

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Tags: Tax Reform

Tax Reform: Changes to Popular Deductions and Eliminated Changes

Posted by L&H CPAs on Mar 13, 2018 12:30:55 PM

Taxpayers who have come to rely on popular tax deductions may need to check their expectations when it comes time to file taxes for 2018. That’s because The Tax Cuts and Jobs Act made some modifications to several popular deductions while eliminating others. Here are some of the biggest changes:

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Tags: Tax Reform

Small Businesses Tax Savings Now & More Savings in the Future

Posted by L&H CPAs on Mar 7, 2018 12:32:07 PM

If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your property purchase planning, because the Tax Cuts and Jobs Act (TCJA), signed into law this past December, significantly enhances it beginning in 2018. 

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Tags: Business Owners & Entrepreneurs

What’s Your Mileage Deduction?

Posted by L&H CPAs on Mar 7, 2018 11:51:09 AM

Some vehicle-related expenses can be deducted in certain circumstances. Rather than keeping track of the actual costs, you can use a standard mileage rate to compute your deductions. For 2017, you might be able to deduct miles driven for business, medical, moving and charitable purposes. For 2018, there are significant changes to some of these deductions under the Tax Cuts and Jobs Act (TCJA). 

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Tags: Business Owners & Entrepreneurs

Leverage the TJCA to Ease Estate Tax Liability

Posted by L&H CPAs on Mar 7, 2018 11:00:27 AM


Many of us have dreamed of buying a home that we one day wish to pass on to our adult children. Consider a joint purchase to reduce estate tax liability, provided the children have sufficient funds to finance their portion of the purchase. With the gift and estate tax exemption now set at an inflation-adjusted $10 million thanks to the Tax Cuts and Jobs Act, federal estate taxes are less of a concern for most families. However, the high exemption amount is only temporary, and there’s state estate tax risk to consider.

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Tags: Estate Planning

Tax Deduction for Moving Costs: 2017 vs. 2018

Posted by L&H CPAs on Feb 28, 2018 12:09:08 PM

If you moved for work-related reasons in 2017, you might be able to deduct some of the costs on your 2017 return — even if you don’t itemize deductions. (Or, if your employer reimbursed you for moving expenses, that reimbursement might be excludable from your income.) The bad news is that, if you move in 2018, the costs likely won’t be deductible, and any employer reimbursements will probably be included in your taxable income. 

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Tags: Taxes

Tax Credit for Hiring? Leverage the WOTC for Substantial Tax Savings

Posted by L&H CPAs on Feb 27, 2018 6:00:00 AM

Many businesses hired in 2017, and more are planning to hire in 2018. If you’re among them you may be eligible for the Work Opportunity tax credit (WOTC). If you made qualifying hires in 2017 and obtained proper certification, you can claim the WOTC on your 2017 tax return. 

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Tags: Business Owners & Entrepreneurs

How to Ensure You Receive Your Charitable Tax Deductions

Posted by L&H CPAs on Feb 22, 2018 6:00:00 AM

If reducing your taxable estate is an important estate planning goal, making lifetime charitable donations can help achieve that goal and benefit your favorite organizations. In addition, by making donations during your lifetime, rather than at death, you can claim income tax deductions. But some of your charitable deductions could be denied if you don’t follow IRS rules.

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Tags: Estate Planning

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