L&H Insights

Are You Playing Your Tax Cards Right with Gambling Wins and Losses?

Posted by L&H CPAs on Sep 19, 2018 11:49:01 AM

If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) could also have an impact.

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Tags: Taxes

Plan Ahead for Vacation Home Rentals

Posted by L&H CPAs on Sep 18, 2018 10:40:17 AM

Do you own a vacation home? If you both rent it out and use it personally, you might save tax by taking steps to ensure it qualifies as a rental property this year. Vacation home expenses that qualify as rental property expenses aren’t subject to the Tax Cuts and Jobs Act’s ( TCJA’s ) new limit on the itemized deduction for state and local taxes (SALT) or the lower debt limit for the itemized mortgage interest deduction.

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Tags: Taxes

Don't Be Surprised by Extenders Legislation

Posted by L&H CPAs on Sep 12, 2018 9:43:00 AM

The pieces of tax legislation garnering the most attention these days are the Tax Cuts and Jobs Act (TCJA) signed into law last December and the possible “Tax Reform 2.0” that Congress might pass this fall. But for certain individual taxpayers, what happens with “extenders” legislation is also important. 

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Tags: Taxes

Roth IRA Conversions Can't Be Undone Under Tax Reform

Posted by L&H CPAs on Aug 30, 2018 10:22:00 AM

 

Converting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement. But what if you convert your traditional IRA — subject to income taxes on all earnings and deductible contributions — and then discover you would have been better off if you hadn’t converted it?

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Tags: Taxes

What You Can Deduct When Volunteering

Posted by L&H CPAs on Aug 2, 2018 9:48:00 AM


Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you — your time — would also be deductible. Unfortunately, that’s not the case. 

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Tags: Taxes

Save Taxes with Green Tax Credits

Posted by L&H CPAs on Jul 26, 2018 11:01:00 AM


“Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill in addition to your energy bill, all while helping the environment, too. The catch is that, to reap all three benefits, you need to buy and install certain types of renewable energy equipment in the home.

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Tags: Taxes

An Introduction to HSAs, FSAs & HRAs

Posted by L&H CPAs on Jul 24, 2018 10:00:00 AM


There continues to be much uncertainty about the Affordable Care Act and how such uncertainty will impact health care costs. So it’s critical to leverage all tax-advantaged ways to fund these expenses, including HSAs, FSAs and HRAs. Here’s how to make sense of this alphabet soup of health care accounts. 

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Tags: Taxes

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

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

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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