H&B, Author at Hutchinson and Bloodgood LLP

Tax Planning

Do you owe estimated taxes? If so, when is the next one due?

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August 6, 2024

Federal estimated tax payments are designed to ensure that certain individuals pay their fair share of taxes throughout the year. If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This is the case if you receive interest, dividends, self-employment income, capital gains, […]

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Payroll

Don’t Overlook the Extra Medicare Payroll Tax

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August 5, 2024

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Federal payroll taxes are a necessary evil for both employers and employees. Under the Federal Insurance Contributions Act (FICA), employees must pay Social Security and Medicare taxes. For their part, employers must withhold the tax from employee wages and also pay their share of FICA tax. But there’s another, lesser-known payroll tax that some of your […]

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Cybersecurity

Assemble a Comprehensive Cybersecurity Plan

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August 1, 2024

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Regardless of their size, businesses rely heavily on technology. Although your network and computer-related tools are essential to function, they’re also a potential liability because they can offer cybercriminals access to your company. To protect against this complex and ever-evolving threat, businesses must deploy a comprehensive cybersecurity program. Your Arsenal You should already have a cybersecurity […]

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Estate Planning

Cross “Create an Estate Plan” Off Your To-Do List

July 31, 2024

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If you’re like most Americans, you don’t have an estate plan (according to various sources, adults with estate plans range from 23% to 33% of the population). You may not even know where to start. That’s understandable, because a comprehensive estate plan can involve a variety of legal documents — the complexity depending on your wealth, […]

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Business Planning & Consulting

Business website expenses: How they’re handled for tax purposes

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July 30, 2024

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Most businesses have websites today. Despite their widespread use, the IRS hasn’t issued formal guidance on when website costs can be deducted. But there are established rules that generally apply to the deductibility of business expenses and provide business taxpayers launching a website with some guidance about proper treatment. In addition, businesses can turn to […]

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Financial Planning

8 Financial Steps for Women Today

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July 29, 2024

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From a financial perspective, women have come a long way in recent years. They currently possess about $10 trillion of the country’s wealth. What’s more, it’s estimated that females will control about two-thirds of overall U.S. wealth by 2030. However, on average, women still earn only 84% of what men make. So, strides are still needed […]

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Real Estate & Construction

Beware of the Potential Tax Bill When Selling Your Home

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July 26, 2024

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Prices in many residential real estate markets have surged over the last few years. As a result, you may be sitting on a significant unrealized gain, especially if you’ve owned your principal residence for a while. That’s good news if you’re ready to sell, but will you owe taxes on your gain? Thankfully, the federal income […]

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Business Planning & Consulting

Strategic planning for businesses needs to include innovation

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July 24, 2024

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When the leadership teams of many companies engage in strategic planning, they may be inclined to play it safe. And that’s understandable; sticking to strengths and slow, measured growth are often safe pathways to success. But substantial growth — and, in some industries, just staying competitive — calls for innovation. That’s why, as your business […]

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Financial Planning

How are Series EE savings bonds taxed?

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July 23, 2024

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Savings bonds are purchased by many Americans, often as a way to help fund college or show their patriotism. Series EE bonds, which replaced Series E bonds, were first issued in 1980. From 2001 to 2011, they were designated as “Patriot Bonds” as a way for Americans “to express support for our nation’s anti-terrorism efforts,” […]

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Tax Planning

Legitimate Ways to Avoid a 10% Penalty Tax on Early IRA Withdrawals

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July 19, 2024

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In a pinch, you may need to take some money out of your traditional IRA (or IRAs) before you reach age 59½. The IRS refers to these distributions as “early withdrawals.” While most traditional IRA withdrawals are at least partially taxable, the taxable portion of withdrawals taken before age 59½ will also be hit with the […]

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Author: H&B

Do you owe estimated taxes? If so, when is the next one due?

Don’t Overlook the Extra Medicare Payroll Tax

Assemble a Comprehensive Cybersecurity Plan

Cross “Create an Estate Plan” Off Your To-Do List

Business website expenses: How they’re handled for tax purposes

8 Financial Steps for Women Today

Beware of the Potential Tax Bill When Selling Your Home

Strategic planning for businesses needs to include innovation

How are Series EE savings bonds taxed?

Legitimate Ways to Avoid a 10% Penalty Tax on Early IRA Withdrawals

A Comprehensive Approach to Goal-Based Financial Planning