News and Events

One of the most famous axioms that individuals hear when discussing wealth is that “you can’t take it with you when you go.” This adage could be considered the primary ethos behind the process of estate planning. Estate planning is the preparation for the distribution of an individual’s assets and real and personal property upon their death. At the heart of estate planning lies the formal creation of a will, which includes naming an executor. An executor of an estate is an individual tasked with locating and assembling the assets of an individual’s estate. In this article, we’ll further explore the executor of an estate, including executor responsibilities and duties.
Read More

“Planning is bringing the future into the present so that you can do something about it now.” ~ Alan Lakein

Tax planning is a concept which has become a more prevalent topic in American’s lexicon since the passage of the Tax Cuts and Jobs Act, which became law in December of 2017. Tax planning is the analysis of your financial situation from a tax perspective and has several beneficial advantages that can help you leverage tax benefits, preserve investment returns, structure charitable donations, protect and secure financial support for dependents, and prepare for a secure retirement. If you’re looking to reduce your taxes or increase your tax refund for 2020, here are some tax planning basics to follow.
Read More

Monopoly has been a favorite board game among kids for over 80 years. Most kids like the game because they get to make money, but what they do not realize is they are also learning valuable personal finance lessons that can help them in the future. Here are the top six personal finance lessons that can be learned from playing Monopoly.

Read More

We are 113 days until 2020. If you’re wondering where 2019 went, we are right there with you. As the 2018 tax extension deadline approaches on October 15, 2019, we know you are most likely not considering filing your 2019 tax return yet. But maybe we all should be. With many new updates to tax laws and the final implementation to steps of the Tax Cuts and Jobs Act, it is easy to be unsure of how these changes are going to affect you. We are here to walk you through some anticipated challenges for the 2020 tax season.
Read More

Before anything can be sold in the marketplace, you need to formulate a price for that product or service. For nearly the entire history of capitalism, decision-makers have chosen one of two pricing strategies, often without knowing what pricing strategy they are actually using. These two pricing processes are the cost-based approach, where a price is formulated from its overall cost of production (plus a markup), and the competitor based approach, where a price is created based on what other market participants are charging (or maybe a little less than they are charging if you’re a new competitor).
Read More

The new tax laws in the US and the subsequent tax code changes have caused much concern, confusion, and have even caused some to experience unwarranted tax penalties. With the massive overhaul of the tax codes and IRS guidance that has taken place over the past 24 months, there appeared to be quite a bit of “trial and error” taking place as the IRS scrambles to apply guidance and tax code to match the new tax laws. Recently in the news, the IRS announced it would waive tax penalties for more than 400,000 eligible taxpayers who underpaid on their 2018 tax returns.
Read More

We hear a lot about the ‘cloud’ and have begun to frequently refer to our workplace data and storage as ‘the cloud.’ The term has become our metaphor for the Internet, and it is a blend of where we house our work and the processes of our work from software, to drives, to project management solutions. Xero, a New Zealand based accounting software, is one such solution to cloud-based software designed specifically for small businesses and accounting. The company has revolutionized project management, payroll, expense reports, inventory tracking, purchasing and much more.
Read More

Lawhorn CPA Group wants to remind you that 2nd quarter estimated tax payments for 2019 are due June 17, 2019.
Read More

On most accounts, there has never been a better time to take the leap towards entrepreneurship in America. After all, there are have been several new initiatives that were part of the Tax Cut and Jobs Act of 2018 that helped introduce a single and flat corporate tax rate, new pass-through tax deduction, 100% bonus depreciation, increased automobile depreciation limits, and more. It just seems like everyone is rooting for small business owners. So, while there are numerous amounts of articles you will inevitably encounter as you search for guidance in starting a business (including several million on choosing the correct business structure), this one has one goal: helping you choose the right business entity for your new company. Keep in mind that we use the term “right” quite loosely as there may be several options for you at this point in your business that would be the best choice, and still other options that may be better as you grow, hire and earn more revenue. With that out of the way, we’ll seek to find the best match for your business and its owner(s).
Read More

As we settle into April, it may be that you received notice that your accountant filed a personal tax extension on your behalf. But, what does this mean for you and why would your accountant do that? There are many reasons for filing an extension and, don’t worry, are often to your benefit.
Read More