L&H Insights

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

Personal Tax Calendar: Important Deadlines for the Rest of 2018

Posted by L&H CPAs on May 8, 2018 5:37:15 PM



To help you make sure you don’t miss any important 2018 deadlines, here’s a look at when some key tax-related forms, payments and other actions are due. 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: Taxes

Tax Deduction for Moving Costs: 2017 vs. 2018

Posted by L&H CPAs on Feb 28, 2018 12:09:08 PM

If you moved for work-related reasons in 2017, you might be able to deduct some of the costs on your 2017 return — even if you don’t itemize deductions. (Or, if your employer reimbursed you for moving expenses, that reimbursement might be excludable from your income.) The bad news is that, if you move in 2018, the costs likely won’t be deductible, and any employer reimbursements will probably be included in your taxable income. 

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Tags: Taxes

What's the Best Higher-Education Break to Claim on Your 2017 Return?

Posted by L&H CPAs on Feb 21, 2018 6:00:00 AM

 


Whether you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some valuable tax breaks on your 2017 return. One such break that had expired December 31, 2016, was just extended under the recently passed Bipartisan Budget Act of 2018: the tuition and fees deduction. 

But a couple of tax credits are also available. Tax credits can be especially valuable because they reduce taxes dollar-for-dollar; deductions reduce only the amount of income that’s taxed.

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Tags: Taxes

TCJA Temporarily Lowers Medical Expense Deduction Threshold

Posted by L&H CPAs on Feb 14, 2018 6:00:00 AM

With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet. Fortunately, the Tax Cuts and Jobs Act (TCJA) has temporarily reduced the threshold.

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Tags: Taxes

Personal Exemptions and Standard Deductions and Tax Credits, Oh My!

Posted by L&H CPAs on Jan 22, 2018 10:41:41 AM

Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down. The TCJA also makes a lot of changes to tax breaks for individuals, reducing or eliminating some while expanding others. The total impact of all of these changes is what will ultimately determine whether you see reduced taxes. One interrelated group of changes affecting many taxpayers are those to personal exemptions, standard deductions and the child credit.

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Tags: Taxes

Don’t Be a Victim of Tax Identity Theft: File Your 2017 Return Early

Posted by L&H CPAs on Jan 17, 2018 10:08:08 AM

The IRS has just announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October 15 (if you file for an extension by April 17). After all, why go through the hassle of filing your return earlier than you have to?

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Tags: Taxes

7 Last-Minute Tax-Saving Tips

Posted by L&H CPAs on Dec 25, 2017 7:51:09 AM

The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2017 tax liability — you just must act by December 31:

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Tags: Business Owners & Entrepreneurs, Taxes, Executives

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