LHCPA Insights | Scott Henvey (3)

2 min read

When businesses may want to take a contrary approach with income and deductions

Scott Henvey: May 10, 2024 9:33:35 AM

Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise...

2 min read

The pros and cons of turning your home into a rental

Scott Henvey: Apr 16, 2024 4:02:03 PM

If you’re buying a new home, you may have thought about keeping your current home and renting it out. In March, average rents for one- and...

2 min read

Scrupulous records and legitimate business expenses are the key to less painful IRS audits

Scott Henvey: Apr 16, 2024 3:54:06 PM

If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should carefully...

Section 179 tax deductions with depreciation

2 min read

Coordinating Sec. 179 tax deductions with bonus depreciation

Scott Henvey: Apr 16, 2024 3:45:13 PM

Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in...

effect of renting out a vacation property on taxes

2 min read

How renting out a vacation property will affect your taxes

Scott Henvey: Apr 16, 2024 3:37:10 PM

Are you dreaming of buying a vacation beach home, lakefront cottage or ski chalet? Or perhaps you’re fortunate enough to already own a vacation home....

2 min read

Maximize the QBI deduction before it’s gone

Scott Henvey: Apr 16, 2024 3:23:03 PM

The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear. So if you’re...

2 min read

New option for unused funds in a 529 college savings plan

Scott Henvey: Mar 7, 2024 9:04:25 AM

With the high cost of college, many parents begin saving with 529 plans when their children are babies. Contributions to these plans aren’t tax...

2 min read

Small businesses can help employees save for retirement, too

Scott Henvey: Mar 7, 2024 8:56:50 AM

Many small business owners run their companies as leanly as possible. This often means not offering what are considered standard fringe benefits for...

Can you write off the costs of spouse on a business trip

2 min read

Taking your spouse on a business trip? Can you write off the costs?

Scott Henvey: Mar 7, 2024 8:46:16 AM

A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit...

Filing jointly or separately as a married couple, tax return

2 min read

Filing jointly or separately as a married couple: What’s the difference?

Scott Henvey: Feb 8, 2024 12:02:24 PM

When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility...