L&H Insights

2018 Q2 Tax Calendar: Key Deadlines for Businesses and Other Employers

Posted by L&H CPAs on Apr 10, 2018 5:42:50 PM

Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018.

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Tags: Business Owners & Entrepreneurs

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

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

Small Business Owners: a SEP IRA May Be Your Last 2017 Tax & Retirement Saving Opportunity

Posted by L&H CPAs on Feb 20, 2018 10:12:26 AM

Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) may be just what you need, and now may be a great time to establish one. A SEP has high contribution limits and is simple to set up. Best of all, there’s still time to establish a SEP for 2017 and make contributions to it that you can deduct on your 2017 income tax return. 

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Tags: Business Owners & Entrepreneurs

Claiming Bonus Depreciation on Your 2017 Tax Return May Be Particularly Beneficial

Posted by L&H CPAs on Feb 13, 2018 4:57:45 PM

With bonus depreciation, your business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Tax Cuts and Jobs Act (TCJA), signed into law in December, enhances bonus depreciation. 

Typically, taking this break is beneficial. But in certain situations, your business might save more tax long-term by skipping it. That said, claiming bonus depreciation on your 2017 tax return may be particularly beneficial.

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Tags: Business Owners & Entrepreneurs

2 Small Business Tax Credits to Reduce 2017 & 2018 Taxes

Posted by L&H CPAs on Feb 5, 2018 11:30:00 AM

tax credits

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Tags: Business Owners & Entrepreneurs

Can You Deduct Home Office Expenses?

Posted by L&H CPAs on Jan 31, 2018 6:00:00 AM

Working from home has become commonplace. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. And for 2018, even fewer taxpayers will be eligible for a home office deduction.

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Tags: Business Owners & Entrepreneurs

2017 Tax Return May Be Your Last Chance to Take the “Manufacturers’ Deduction”

Posted by L&H CPAs on Jan 22, 2018 5:00:31 AM

 

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Tags: Business Owners & Entrepreneurs

New Tax Law Gives Pass-Through Businesses a Valuable Deduction

Posted by L&H CPAs on Jan 17, 2018 10:09:24 AM

 

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Tags: Business Owners & Entrepreneurs

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