L&H Insights

What's the Best Accounting Method for Your Business?

Posted by L&H CPAs on Sep 13, 2018 10:20:00 AM
  1. The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change its method of accounting under the TCJA. If you have the option to use either accounting method, it pays to consider whether switching methods would be beneficial.
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Tags: Business Owners & Entrepreneurs

Useful Q4 Tax Calendar for Businesses & Employers

Posted by L&H CPAs on Sep 11, 2018 9:26:00 AM

Here are some of the key tax-related deadlines affecting your businesses during the fourth quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. 

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Tags: Business Owners & Entrepreneurs

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

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

Small Business Entity Choices and QBI Deductions

Posted by L&H CPAs on Aug 8, 2018 11:30:17 AM

The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S corporations and, typically, limited liability companies (LLCs). It can equal as much as 20% of QBI. But once taxable income exceeds $315,000 for married couples filing jointly or $157,500 for other filers, a wage limit begins to phase in.

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Tags: Business Owners & Entrepreneurs

How to Avoid Getting Hit with Payroll Tax Penalties

Posted by L&H CPAs on Aug 1, 2018 10:45:00 AM


For small businesses, managing payroll can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income tax withholding based on the new tables issued by the IRS. (Those tables account for changes under the Tax Cuts and Jobs Act.) But it’s crucial not only to withhold the appropriate taxes — including both income tax and employment taxes — but also to remit them on time to the federal government.

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Tags: Business Owners & Entrepreneurs

How to Choose the Right Legal Structure of your Business

Posted by L&H CPAs on Jul 19, 2018 10:54:00 AM


For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations. Under prior law, C corporations were taxed at rates as high as 35%. The TCJA also reduced individual income tax rates, which apply to sole proprietorships and pass-through entities, including partnerships, S corporations, and, typically, limited liability companies (LLCs). The top rate, however, dropped only slightly, from 39.6% to 37%. 

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Tags: Business Owners & Entrepreneurs

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

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