LGH Consulting

LGH Consulting Our mission is to help clients maintain financial viability in the present while taking a proactive

Does your teenager have a part-time job or earn income from babysitting, yardwork or other self-employment? An IRA can p...
10/07/2026

Does your teenager have a part-time job or earn income from babysitting, yardwork or other self-employment? An IRA can provide an early start on decades of tax-advantaged saving.

Business owners often have more complex tax situations that can trigger an IRS audit. The good news is that with proper ...
10/05/2026

Business owners often have more complex tax situations that can trigger an IRS audit. The good news is that with proper preparation, detailed records and professional guidance, you can make the process far less stressful.

Some returns may be selected randomly, but the IRS also has some audit hot buttons. Examples include significant differences between current and prior-year returns, repeated business losses, profit margins and expenses that differ substantially from similar businesses, and mathematical errors.

If you receive an IRS notice, don’t panic; contact us immediately. We can help you understand the issues, gather the needed documents and respond to the inquiries effectively.

Watch out for the growing reach of the 3.8% net investment income tax (NIIT). The income thresholds haven’t changed sinc...
09/30/2026

Watch out for the growing reach of the 3.8% net investment income tax (NIIT). The income thresholds haven’t changed since the tax took effect in 2013, so it’s hitting more taxpayers. If you have net investment income (NII) and your 2026 modified adjusted gross income (MAGI) exceeds $200,000 ($250,000 if you’re married and file jointly, half that if you file separately), you’ll be subject to the NIIT on the lesser of your NII or the amount by which your MAGI exceeds the applicable threshold. Some NII examples are taxable interest, dividends, and gains from stocks, bonds and mutual funds. Year-end planning may help reduce your MAGI or NII — and the NIIT’s impact. Contact us to learn more.

If you want to sell your business, receiving the purchase price over time in an installment sale may allow you to spread...
09/29/2026

If you want to sell your business, receiving the purchase price over time in an installment sale may allow you to spread your gain — and the related tax — over several years.

The buyer typically makes a down payment and issues a note for the balance. Each principal payment generally includes a tax-free return of basis and taxable gain; interest on the note is taxed separately as ordinary income. This arrangement may also expand the pool of buyers or help you obtain a higher price. But depreciation recapture may be taxable upfront, and you assume the risk that the buyer won’t pay.

Contact us to discuss the pros and cons and determine the optimal deal structure for your situation.

Does your business accept, spend or invest in cryptocurrency? The IRS scrutinizes digital-asset transactions. Business t...
09/21/2026

Does your business accept, spend or invest in cryptocurrency? The IRS scrutinizes digital-asset transactions. Business tax returns include a question about digital assets, and brokers must report certain transactions on Form 1099-DA.

Digital assets are treated as property for federal tax purposes. Cryptocurrency accepted for goods or services is taxable income based on its fair market value when received. Selling, exchanging or spending it may create a separate gain or loss. Crypto payments to employees and contractors are subject to the usual tax-reporting rules and can produce a business gain or loss. Contact us to review your 2026 digital-asset activity and reporting obligations.

If restricted stock is part of your compensation, considering the potential tax consequences well before Dec. 31 is a go...
09/15/2026

If restricted stock is part of your compensation, considering the potential tax consequences well before Dec. 31 is a good idea. You may have decisions to make if: 1) you’ve recently received an award or are expecting one soon, 2) your restricted shares have vested in 2026 or will vest before the end of the year, or 3) you’ve sold shares this year or are considering a sale. The timing of these events and certain decisions you make — such as the Sec. 83(b) election — can affect both the amount and type of taxable income you must report. They also may provide planning opportunities that will affect your 2026 and future taxes. Contact us for assistance.

Paying dividends isn’t the only way to take cash out of your C corporation. Corporate distributions are generally taxabl...
09/14/2026

Paying dividends isn’t the only way to take cash out of your C corporation. Corporate distributions are generally taxable to you to the extent of your company’s “earnings and profits,” and your company can’t deduct them.

To avoid dividend treatment, consider having your business repay bona fide loans you’ve made to it or taking out properly structured loans from it. You might also increase your compensation (as long as it’s still “reasonable”) or qualifying tax-free fringe benefits — or lease or sell assets to your business.

Before proceeding, evaluate the tax implications for you and your corporation. Contact us to review the applicable rules and determine what’s right for your situation.

The laws governing the ex*****on of a valid will vary by state, but they generally require certain formalities. If a wil...
09/10/2026

The laws governing the ex*****on of a valid will vary by state, but they generally require certain formalities. If a will isn’t properly executed, a court could later determine that all or part of it is invalid. But what happens if your will has been executed and you later need to make a change? For minor changes, a codicil — a separate legal document that amends specific provisions of an existing will — may be the answer. For more extensive changes, creating and properly executing a new will may be preferable. This can reduce confusion by putting your current wishes in one document rather than requiring your executor and beneficiaries to reconcile multiple amendments.

If you work remotely and split your time between two states during the year, it can create state tax issues. A state wit...
09/09/2026

If you work remotely and split your time between two states during the year, it can create state tax issues. A state with an income tax generally can tax all income of its residents and income earned within its borders by nonresidents. Residency rules vary but may consider your domicile, days spent in the state and whether you maintain a home there. Your domicile is generally your true, fixed, permanent home — the place you intend to return to. Some states may treat you as a resident for income tax purposes if you maintain a home and spend a specified number of days there. Contact us to review your situation and help determine whether you may have tax obligations in more than one state.

Small business owners may be unsure about the proper tax classification of equipment repairs, facility renovations and r...
09/08/2026

Small business owners may be unsure about the proper tax classification of equipment repairs, facility renovations and replacements of worn building components. As you plan for the end of the 2026 tax year, it’s important to review the rules.

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