L&H Insights

Your Original Will: Does Your Family Know Where to Locate It?

Posted by L&H CPAs on Jun 12, 2018 11:34:29 AM

In a world that’s increasingly paperless, you’re likely becoming accustomed to conducting a variety of transactions digitally. But when it comes to your last will and testament, only an original, signed document will do.

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Tags: Estate Planning

Do You Need to Adjust Your Withholding?

Posted by L&H CPAs on Jun 11, 2018 9:11:23 PM
 

If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan. 

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Tags: Taxes

Provide for Your Spouse, Then Your Kids, with a QTIP Trust

Posted by L&H CPAs on Jun 6, 2018 11:32:00 AM



If you want to preserve as much wealth as possible for your children, but you leave property to your spouse outright, there’s no guarantee your objective will be met. This may be a concern if your spouse has poor money management skills or if you two don’t see eye to eye on how assets should be distributed to your children. In both of these situations, a properly designed qualified terminable interest property (QTIP) trust may be the answer. 

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Tags: Estate Planning

IRS Audit Techniques Guides Provide Clues to What May Come up If Your Business Is Audited

Posted by L&H CPAs on Jun 5, 2018 11:44:00 AM



IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits — and so can small business owners. Many ATGs target specific industries, such as construction. Others address issues that frequently arise in audits, such as executive compensation and fringe benefits. These publications can provide valuable insights into issues that might surface if your business is audited. 

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Beware IRD If You’ve Received an Inheritance

Posted by L&H CPAs on Jun 4, 2018 8:05:55 PM



Most people are genuinely appreciative of inheritances. But sometimes it may be too good to be true. While inherited property is typically tax-free to the recipient, this isn’t the case with an asset that’s considered income in respect of a decedent (IRD).

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Tags: Estate Planning

Tax Record Retention Guidelines for Individuals

Posted by L&H CPAs on May 31, 2018 8:05:34 PM



What 2017 tax records can you toss once you’ve filed your 2017 return? The answer is simple: none. You need to hold on to all of your 2017 tax records for now. But it’s the perfect time to go through old tax records and see what you can discard.

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Tags: Taxes

Putting Your Child on Your Business’s Payroll for the Summer?

Posted by L&H CPAs on May 30, 2018 10:19:38 AM


If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring can make more sense than ever due to changes under the Tax Cuts and Jobs Act (TCJA).

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Tags: Business Owners & Entrepreneurs

Get Started on 2018 Tax Planning Now!

Posted by L&H CPAs on May 23, 2018 9:05:37 PM



With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be hoping to not think about taxes for the next several months. But for maximum tax savings, now is the time to start tax planning for 2018. It’s especially critical to get an early start this year because the Tax Cuts and Jobs Act (TCJA) has substantially changed the tax environment.

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Tags: Tax Reform

Significant TCJA Provisions Affecting Your Small Businesses

Posted by L&H CPAs on May 23, 2018 8:50:17 PM


Now that small businesses and their owners have filed their 2017 income tax returns (or filed for an extension), it’s a good time to review some of the provisions of the Tax Cuts and Jobs Act (TCJA) that may significantly impact their taxes for 2018 and beyond. Generally, the changes apply to tax years beginning after December 31, 2017, and are permanent, unless otherwise noted.

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Tags: Business Owners & Entrepreneurs

Sending Your Kids to Day Camp May Provide a Tax Break

Posted by L&H CPAs on May 23, 2018 10:55:37 AM



When school lets out, kids participate in a wide variety of summer activities. If one of the activities your child is involved with is day camp, you might be eligible for a tax credit! 

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Tags: Taxes

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