L&H Insights

2 Changes That May Affect Your Business’s 401(K)

Posted by L&H CPAs on Jul 10, 2018 10:19:25 AM


When you think about recent tax law changes and your business, you’re probably thinking about the new 20% pass-through deduction for qualified business income or the enhancements to depreciation-related breaks. Or you may be contemplating the reduction or elimination of certain business expense deductions. But there are also a couple of recent tax law changes that you need to be aware of if your business sponsors a 401(k) plan.

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Tags: Business Owners & Entrepreneurs

What Businesses Need to Know About the Tax Treatment of Bitcoin

Posted by L&H CPAs on Jun 25, 2018 9:21:37 PM


Over the last several years, virtual currency has become increasingly popular. Bitcoin is the most widely recognized form of virtual currency, also commonly referred to as digital, electronic or crypto currency. 

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Tags: Business Owners & Entrepreneurs

Q3 tax calendar: Key Deadlines for Businesses & Other Employers

Posted by L&H CPAs on Jun 18, 2018 6:16:41 PM

Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.

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Tags: Business Owners & Entrepreneurs

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

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

Tax Document Retention for Your Small Businesses

Posted by L&H CPAs on May 17, 2018 9:36:33 AM


You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting of years’ worth of tax returns, receipts, canceled checks and other financial records (or your computer desktop is filled with a multitude of digital tax-related files), you probably want to get rid of what you can. Follow these retention guidelines as you clean up.

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Tags: Business Owners & Entrepreneurs

Can You Deduct Business Travel When It’s Combined with a Vacation?

Posted by L&H CPAs on May 16, 2018 11:41:57 AM


At this time of year, a summer vacation is on many people’s minds. If you travel for business, combining a business trip with a vacation to offset some of the cost with a tax deduction can sound appealing. But tread carefully, or you might not be eligible for the deduction you’re expecting.

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Tags: Business Owners & Entrepreneurs

5 TCJA Changes to Employee Benefits Tax Breaks

Posted by L&H CPAs on May 10, 2018 10:29:29 AM

The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits. Among the changes are four negatives and one positive that will impact not only employees but also the businesses providing the benefits.

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Tags: Business Owners & Entrepreneurs

A Net Operating Loss Isn’t All Bad News

Posted by L&H CPAs on May 7, 2018 2:30:57 PM


When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs. If when filing your 2017 income tax return you found that your business had an NOL, there is an upside: tax benefits. But beware — the Tax Cuts and Jobs Act (TCJA) makes some significant changes to the tax treatment of NOLs.

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Tags: Business Owners & Entrepreneurs

Should You Ask the IRS to Determine a Worker’s Status?

Posted by L&H CPAs on May 2, 2018 9:51:04 AM


Classifying workers as independent contractors — rather than employees — can save businesses money and provide other benefits. But the IRS is on the lookout for businesses that do this improperly to avoid taxes and employee benefit obligations.

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Tags: Business Owners & Entrepreneurs

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