L&H Insights

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

Tax Reform - Taxes on Capital Gains

Posted by L&H CPAs on Mar 26, 2018 4:02:11 PM

As the Tax Cuts and Jobs Act (TCJA) worked its way through the legislative channels last year, there was some uncertainty about how short- and long-term capital gains would be taxed. The final bill, passed into law in December 2017, may affect investors in different ways. There are some aspects of the new tax law as it relates to capital gains that will be familiar to investors. However, new capital gains tax rates are not tied to your ordinary income tax bracket, which can make calculating gains more complex.

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Tags: Tax Reform

Tax Reform: Expanded Use of 529 Education Tax Breaks

Posted by L&H CPAs on Mar 26, 2018 2:45:43 PM
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Tags: Tax Reform

Tax Reform - Federal Estate Tax Exemption

Posted by L&H CPAs on Mar 23, 2018 11:45:46 AM

While recent tax reform signed into law in December 2017, more commonly know as the Tax Cuts and Jobs Act (TJCA),  included a number of significant changes. One of the most notable changes for those of us with complex estate planning issues was the doubling of the federal estate tax exemption amount.

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Tags: Tax Reform

Tax Reform: Simplified Standard Deductions and Personal Exemption

Posted by L&H CPAs on Mar 22, 2018 10:48:53 AM

One of legislators’ stated aims with recent tax reform, formally known as The Tax Cuts and Jobs Act (TCJA), was to simplify the way Americans do their taxes. While the end result wasn’t the ability for taxpayers to file their taxes on a postcard, there are some provisions that will likely make the process of doing taxes easier for millions of Americans.

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Tags: Tax Reform

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

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