H&B, Author at Hutchinson and Bloodgood LLP

Tax Planning

The tax deadline is almost here: File for an extension if you’re not ready

Blue sky with clouds, yellow yield street sign that says Tax Day Ahead April 15, Need more time written in the sky

April 4, 2024

The April 15 tax filing deadline is right around the corner. However, you might not be ready to file. Sometimes, it’s not possible to gather your tax information by the due date. If you need more time, you should file for an extension on Form 4868. An extension will give you until October 15 to […]

Find Out More

Technology

A general look at generative AI for businesses

April 3, 2024

H&B

0

If you follow the news, you’ve probably heard a lot about artificial intelligence (AI) and how it’s slowly and steadily expanding into various aspects of our lives. One widely cited example is ChatGPT, an AI “chatbot” that can engage in conversations with users and create coherently written articles, as well as other content, when prompted. […]

Find Out More

Tax Planning

Should Married Couples File Jointly or Separately?

Two,young,business,people,analyze,the,results,and,discuss,them

April 1, 2024

H&B

0

Once you’re married, you have two options when it comes to filing your annual federal income tax return — married filing jointly or married filing separately. While some couples may find it more tax-efficient to file separately, joint filing often is more advantageous. Benefits of Filing Jointly Married couples who file their federal income tax return […]

Find Out More

Nonprofit Organizations

6 Potential Tax Deductions for Nonprofits

Gas gage with Tax Break written across it in red

March 29, 2024

H&B

0

In general, organizations that qualify under Section 501(c)(3) of the tax code are exempt from paying federal income tax. However, some not-for-profits may seek to offset unrelated business income tax (UBIT) or income tax in years they don’t otherwise qualify for the exemption. In such cases, tax deductions can be extremely valuable. Here are six common […]

Find Out More

Technology

Generative AI Can Help Prevent, Detect and Investigate Fraud

March 28, 2024

H&B

0

You may already be familiar with artificial intelligence (AI) and even use it in business applications. What about generative AI (Gen AI)? Gen AI typically is used to create new content (such as text, images, code and video) from raw data and includes such popular systems as ChatGPT and DALL-E. Gen AI can also help reduce, […]

Find Out More

Business Planning & Consulting

Business owners, your financial statements are trying to tell you something

Businessman,holds,his,hand,near,his,ear,and,listening,something

March 27, 2024

H&B

0

Business owners are commonly and rightfully urged to regularly generate financial statements in compliance with Generally Accepted Accounting Principles (GAAP). One reason why is external users of financial statements, such as lenders and investors, place greater trust in financial reporting done under the rigorous standards of GAAP. But that’s not the only reason. GAAP-compliant financial statements […]

Find Out More

Retirement Planning

Update on retirement account required minimum distributions

Yellow background. blank wooden puzzle pieces scattered on it, one piece has Rmd on it

March 26, 2024

H&B

0

If you have a tax-favored retirement account, including a traditional IRA, you’ll become exposed to the federal income tax required minimum distribution (RMD) rules after reaching a certain age. If you inherit a tax-favored retirement account, including a traditional or Roth IRA, you’ll also have to deal with these rules. Specifically, you’ll have to: 1) […]

Find Out More

Business Planning & Consulting

Withdrawing Cash from Your C Corporation

Diverse Businesspeople Gathered Together For Negotiations Lead By African Businesswoman

March 25, 2024

H&B

0

C corporation owners often need to take cash out of the business to pay personal expenses or to shield excess cash from creditors. Paying dividends is one way to withdraw cash from the business, but it generally has some significant downsides. Fortunately, additional options may be available. Here’s what you need to know. Problems with Dividends The […]

Find Out More

Tax Planning

Do You Qualify for the Favorable HOH Status?

Happy family of four, parents and two daughters, wearing pink and blue, outdoors, parents carring daughters piggyback

March 21, 2024

H&B

0

The head of household (HOH) federal tax filing status is often misunderstood by taxpayers who might qualify, including single, divorced or legally separated parents, and taxpayers who support adult family members. However, it’s worth exploring, because you could reap substantial savings at tax time. Benefits of HOH Status The IRS enumerates several advantages from qualifying for […]

Find Out More

Employee Relations

Should your business change its health care plan for next year?

Health,insurance,word,cloud,collage,with,marker,,healthcare,concept,background

March 20, 2024

H&B

0

Open enrollment for most health care plans is many months away. That makes now a good time for businesses to consider changing their employer-sponsored coverage for next year, or perhaps to think about launching a plan for the very first time. If you’re going to do either, you’ll have many details to sort through. To simplify […]

Find Out More

Author: H&B

The tax deadline is almost here: File for an extension if you’re not ready

A general look at generative AI for businesses

Should Married Couples File Jointly or Separately?

6 Potential Tax Deductions for Nonprofits

Generative AI Can Help Prevent, Detect and Investigate Fraud

Business owners, your financial statements are trying to tell you something

Update on retirement account required minimum distributions

Withdrawing Cash from Your C Corporation

Do You Qualify for the Favorable HOH Status?

Should your business change its health care plan for next year?

A Comprehensive Approach to Goal-Based Financial Planning