LHCPA Insights | Scott Henvey (4)

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...

2 min read

IRAs: Build a tax-favored retirement nest egg

Scott Henvey: Feb 8, 2024 11:55:37 AM

Although traditional IRAs and Roth IRAs have been around for decades, the rules involved have changed many times. The Secure 2.0 law, which was...

1 min read

If you gave to charity in 2023, check to see that you have substantiation

Scott Henvey: Feb 8, 2024 11:41:39 AM

Did you donate to charity last year? Acknowledgment letters from the charities you gave to may have already shown up in your mailbox. But if you...

2 min read

The standard business mileage rate will be going up slightly in 2024

Scott Henvey: Jan 12, 2024 10:46:13 AM

The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up by 1.5 cents per...

Gift and parties gratitude and tax breaks

2 min read

Giving gifts and throwing parties can help show gratitude and provide tax breaks

Scott Henvey: Dec 19, 2023 11:57:39 AM

The holiday season is here. During this festive season, your business may want to show its gratitude to employees and customers by giving them gifts...

2 min read

A company car is a valuable perk but don’t forget about taxes

Scott Henvey: Dec 19, 2023 11:47:43 AM

One of the most appreciated fringe benefits for owners and employees of small businesses is the use of a company car. This perk results in tax...

2 min read

Don’t forget to empty out your flexible spending account

Scott Henvey: Dec 19, 2023 11:43:48 AM

If you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses, there’s an important...

2 min read

11 Exceptions to the 10% penalty tax on early IRA withdrawals

Scott Henvey: Dec 19, 2023 11:31:02 AM

If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one before...

2 min read

Choosing a business entity: Which way to go?

Scott Henvey: Nov 8, 2023 12:29:35 PM

If you’re planning to start a business or thinking about changing your business entity, you need to determine what will work best for you. Should you...

2 min read

New per diem business travel rates kicked in on October 1

Scott Henvey: Nov 8, 2023 12:26:39 PM

Are employees at your business traveling and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy that goes into...