News & Resources

Tax Rules for Children with Investment Income

Children who receive investment income are subject to special tax rules that affect how parents must report a child’s investment income. Some parents can include their child’s investment income on their tax return while other children may have to file their own tax return. If a child cannot file his or her own tax return for any reason, such as age, the child’s parent or guardian is responsible for filing a return on the child’s behalf.

Here’s what you need to know about tax liability and your child’s investment income. Read more

Eight Ways Children Lower your Taxes

Got kids? They may have an impact on your tax situation. Here are eight tax credits and deductions that can help lower your tax burden. Read more

Tax Planning for Small Business Owners

Tax planning is the process of looking at various tax options to determine when, whether, and how to conduct business and personal transactions to reduce or eliminate tax liability.

Many small business owners ignore tax planning. They don’t even think about their taxes until it’s time to meet with their accountants, but tax planning is an ongoing process and good tax advice is a valuable commodity. It is to your benefit to review your income and expenses monthly and meet with your CPA or tax advisor quarterly to analyze how you can take full advantage of the provisions, credits and deductions that are legally available to you. Read more

LMGW Named One of 2015’s Best Accounting Firms to Work for

For the 6th time in the history of the firm, LMGW was named a Best Accounting Firm to Work for during an annual survey by Accounting Today, a leading provider of online business news for the tax and accounting community.  LMGW is very proud of this year’s accomplishment!  Accounting Today partners with Best Companies Group to identify companies that have excelled in creating quality workplaces for their employees.

This survey caps out at 100 companies nationwide and LMGW is pleased to be a part of this elite group.  “The firms on this list represent the best workplaces in the accounting profession,” said Accounting Today Editor-In-Chief Daniel Hood.  “They are outstanding places to build a career.”

The rankings of the 2015 Accounting Today’s Best Accounting Firms to Work for will be unveiled in the December issue of Accounting Today.

For more information on the list and program, visit www.BestAccountingFirmsToWorkFor.com.

Is your Gift Taxable?

If you gave money or property to someone as a gift, you may owe federal gift tax. Many gifts are not subject to the gift tax, but there are exceptions. Here are eight tips you can use to figure out whether your gift is taxable. Read more