LH Harris CPA

Recordkeeping may not be glamorous, but it’s one of the most powerful tools to protect your business and maximize tax benefits. Here are the details of a recent court case that underscores the importance of keeping strong records, along with six key practices.

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Employers: Does your organization sponsor a qualified retirement plan for employees? If so, you may need to amend it based on recently issued final regulations under SECURE 2.0. Details here.

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Over age 50? Catch-up retirement contributions could make a huge difference in your future wealth. Here’s how.

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If your business receives large amounts of cash or cash equivalents, you may be required to report the transactions to the IRS. Each person engaged in a trade or business who receives more than $10,000 in cash in one transaction, or in two or more related transactions, must file Form 8300. Transactions conducted in a 24-hour period are considered related. Cash equivalents include cashier’s checks, bank drafts, traveler’s checks and money orders. (Currently, digital asset receipts don’t have to be reported on Form 8300.) Many businesses are now required to e-file these forms. The rules apply to individuals, businesses, associations, trusts and estates. Contact us with questions.

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Do you and your spouse operate a small business together? Here are some tax-saving strategies to explore.

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Are you charitably inclined and looking for a powerful year-end tax-saving strategy?

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The new “senior” deduction can be a valuable tax saver for eligible taxpayers. But if your income might exceed the applicable phaseout threshold, you may need to take steps before year end to maximize your deduction.

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For businesses, smart timing of deductible expenses can be a key strategy in year-end tax planning. But understanding exactly what’s deductible and what’s not isn’t easy.

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