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Heman Lawson Hawks LLP

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United States
West Lafayette, IN
Heman Lawson Hawks LLP

Heman Lawson Hawks LLP is a full service accounting, tax and consulting firm.

Locally owned and operated Certified Public Accounting Firm with 3 locations in west-central Indiana.

08/07/2026

If you and your spouse operate a profitable, unincorporated small business, you face some unique tax issues. The IRS will generally classify your business as a partnership for federal tax purposes. So, you’ll have to file an annual partnership return and both you and your spouse must receive Schedules K-1, which allocate taxable income, deductions and credits between the two of you. You must also pay self-employment (SE) tax on your share of the net SE income passed through to you by the spousal partnership. Your spouse must do the same. The bottom line: Turn to us to keep your business in compliance with the IRS while you and your spouse keep the business running smoothly. Contact us at (765) 463-5566.

08/05/2026

You probably have retirement questions: How much should I save before I quit working? When should I start taking Social Security benefits? Can I retire before Medicare coverage kicks in? What about taxes in retirement? We can provide you with answers based on your individual financial circumstances and retirement goals. Contact us at (765) 463-5566.

08/03/2026

As a small business owner, it’s easy to think of a succession plan as involving only two people: you and your successor. But a smooth transition may also require support from managers and other key employees. Communicating thoughtfully about your intentions and progress can help build confidence, reduce uncertainty and keep the business moving forward. Contact us at (765) 463-5566 for help addressing the tax, financial and strategic aspects of your plan.

07/31/2026

Contributions to Section 530A accounts (also known as Trump Accounts) are now eligible for the gift tax annual exclusion. If, for example, you contribute cash (including via check or EFT) to a child or grandchild’s account, that contribution won’t be subject to the federal gift tax or related reporting requirements, as long as your total gifts to the child for the year don’t exceed $19,000. Note that contributions from most sources are limited to $5,000 per year (not including the initial federal government contribution of $1,000 if the child qualifies), per Section 530A account. Also, the recipient must be under age 18 at the end of the tax year. Have questions? Call us at (765) 463-5566.

07/29/2026

One of the easiest ways to reduce the size of your taxable estate is to take advantage of your gift tax annual exclusion. For 2026, you can transfer up to $19,000 per recipient gift-tax-free. And you can double the exclusion to $38,000 per recipient if you split the gifts with your spouse. But it’s critical to understand the rules of gift-splitting to avoid unintended tax consequences. To elect to split gifts, the spouse making the gift must file a gift tax return, and the other spouse must consent by checking a box on the return and signing it. Contact us at (765) 463-5566 for additional details.

07/27/2026

Are your bills piling up? Managing accounts payable can be challenging for small businesses — especially when payment obligations aren’t clearly tracked. QuickBooks Online tools can help by organizing upcoming bills, automating bill entry, and simplifying electronic or check payments. Stronger payables management may reduce missed deadlines and late fees and improve cash flow visibility. We can help your business use QuickBooks Online more efficiently and streamline your payables process. Contact us at (765) 463-5566 to learn more.

07/24/2026

If your C corporation traditionally makes deductible charitable gifts, make sure you know the rules for 2026 donations. Starting Jan. 1, 2026, corporations can only deduct charitable gifts in excess of 1% of the company’s taxable income, with a 10% of income cap. Amounts exceeding the 10% cap can be carried forward — as can amounts that aren’t currently deductible due to the 1% floor — for up to five years. You may want to execute a multiyear charitable deduction strategy if your company’s income varies from year to year. Contact us at (765) 463-5566. We can help by projecting income and other deductions so you can support your community while maximizing long-term tax benefits.

07/22/2026

Tax law changes have created new planning opportunities for 2026. A review of your expected income and expenses for the year, along with any significant life changes, may uncover strategies to reduce your taxes. Start the conversation before year-end for more time to take tax-saving steps. And if you extended your 2025 return, we can help you file before the Oct. 15 deadline. Call us at (765) 463-5566 to schedule an appointment.

07/20/2026

There are several benefits to having an estate plan. It can protect your wealth while giving you peace of mind that your assets will be distributed according to your intentions. In addition, it can save taxes, minimize legal complications and family disputes, and reduce expenses for your heirs. Do you have young children? An estate plan is a must so you can name guardians for them in the event of your untimely death. If you’re ready to begin your estate planning journey, or if you’d like us to review your current plan, contact us at (765) 463-5566.

07/17/2026

Home renovations can improve a residence’s comfort, functionality, aesthetics and resale value. They might also provide tax benefits. You may be able to deduct mortgage interest on debt used to substantially improve your home. Certain improvements can also increase your tax basis, potentially reducing taxable gain when you sell. Medically necessary modifications may qualify as deductible medical expenses, subject to limits. And if you overlooked claiming now-expired credits for qualifying energy-efficient home improvements you made in 2025, an amended return may be worth considering. Call us at (765) 463-5566 to talk taxes before or after a home renovation.

Address

2549 Yeager Road Suite 190
West Lafayette, IN
47906

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm

Telephone

+1 765-463-5566

Website

http://www.hemanlawsonhawks.com/

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