Posts by Lucida Tax + Accounting Solutions

Divorce is a major life event that can have significant personal and financial consequences. In addition to addressing family and emotional concerns, you’ll need to determine whether your assets are divided equitably. When assessing the fairness of a divorce settlement, taxes are a critical consideration. In general, you can divide most assets between you and…

If you’re a parent who’s been doing some back-to-school shopping lately, you know that raising a child is expensive. Whether real or virtual, that overflowing cart is just one small part of a much larger bill that you have to pay over the better part of two decades. And it’s natural to wonder: What does…

Most businesses don’t buy anything big without performing “due diligence” — the thorough homework process of checking things out. It’s also a good idea for consumers thinking about making a large purchase. The old adage, “an ounce of prevention is worth a pound of cure,” is particularly relevant when making a large-ticket purchase, whether it’s…

IRS Warns of CP53E Scams Confusion about IRS CP53E notices is growing — and scammers are taking advantage. CP53E is an official IRS notice related to tax refunds and bank account information.  As the IRS shifts from paper checks to direct deposit, it’s mailing these notices to taxpayers who may need to add or update…

If your estate has to be probated, in a perfect world everything will go without a hitch and the assets are distributed to beneficiaries in a timely manner. Everyone is satisfied with their inheritance and family harmony is preserved. Of course, the world isn’t picture perfect. Your will may be contested based on its validity,…

Question: Our break room has a refrigerator stocked with drinks that are available to everyone at the office, including guests. We also usually have cookies and other treats available. Are these snacks taxable benefits that we need to track? That would be a lot of trouble for a small benefit (and it would really undermine…

A quick quiz: Let’s say a company produces barbecue grills in its Nevada plant using components primarily made in the United States. However, the knobs and tubing are sourced from Mexico. The business nevertheless advertises its grill as Made in USA. Isit justified, or does it potentially violate Federal Trade Commission (FTC) rules? To consider another example,…

Running a family business can be rewarding, but you must balance personal commitment to relatives with the company’s needs. Otherwise, you risk damaging your company’s bottom line and staff morale.  Fitting Family Members into Your Business You might feel pressured by blood ties to hire family members, and, in some instances, they may be a…

The IRS recently announced an increase in the optional standard mileage rate for business vehicle use for the second half of 2026. The adjustment reflects higher fuel costs this year. It’s accompanied by a hike in the standard mileage rate for medical travel and qualifying moving expenses for certain individuals. Let’s take a closer look…

Parents, grandparents and others can now contribute to Internal Revenue Code Section 530A accounts — also known as “Trump Accounts” — to benefit eligible children. This new type of tax-advantaged savings vehicle was created by last year’s One Big Beautiful Bill Act. Now that 530A accounts have gone live, here’s an overview of what anyone…