H&B, Author at Hutchinson and Bloodgood LLP

Bartering is a taxable transaction even if no cash is exchanged

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March 19, 2024

If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter or trade for goods and services. Bartering isn’t new — it’s the oldest form of trade — but the internet has made it easier to engage in with other businesses. However, if your business begins […]

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Tax Planning

Key Rules for Home Office Deductions

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March 18, 2024

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Do you work from home all or part of the time? If you’re self-employed and meet certain requirements, you can write off a portion of your home office expenses, even if you perform work at other locations. The deduction may be based on the actual expenses you’re able to substantiate — or it may be computed […]

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Business Planning & Consulting

B2B businesses: Assess customer credit carefully

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March 15, 2024

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Does your company operate in the business-to-business (B2B) marketplace? If so, you’re no doubt aware of the double-edged sword that is customer credit. On the one hand, it’s common practice. Most customers likely expect to be offered a credit option when engaging in B2B transactions. On the other, credit arrangements inevitably come with risk of late […]

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Retirement Planning

Beware of a stealth tax on Social Security benefits

Brown wrapping paper with a piece pulled back revealing the word TAX

March 14, 2024

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Some people mistakenly believe that Social Security benefits are always free from federal income tax. Unfortunately, that’s often not the case. In fact, depending on how much overall income you have, up to 85% of your benefits could be hit with federal income tax. While the truth about the federal income tax bite on Social […]

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Employee Relations

How Employers Can Help Employees Who Must Move

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March 7, 2024

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In today’s tight labor market, your business may want to perk up its compensation package to attract and retain in-demand employees. For example, you might offer moving expense reimbursements or other relocation payments to lure job candidates from afar. Under current law, moving expense payments can’t be deducted by employees or excluded from tax. However, employers […]

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Business Planning & Consulting

Empower your sellers with sales enablement

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March 6, 2024

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The driving revenue force of just about every kind of business is sales. But all too often, once a sales team is up and running, it’s left to its own devices to maintain its strengths, develop new skills and upgrade its technology. This can produce mixed results — some sales departments are remarkably self-sufficient while […]

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Tax Planning

A job loss is bad but the tax implications could make it worse

envelope with a pink slip sticking out that says LAYOFF NOTICE, back pen on it. Manila folder underneath envelope

March 5, 2024

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Unemployment has been holding steady recently at 3.7%. But there are still some people losing their jobs — particularly in certain industries including technology and media. If you’re laid off or terminated from employment, taxes are likely the last thing on your mind. However, there are tax implications due to your altered employment circumstances. Depending […]

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Business Planning & Consulting

Help Wanted: Hiring Your Kids to Work for Your Small Business

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March 4, 2024

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If you own a small business, you might consider hiring your kids to work during their time off from school. In addition to teaching your children some financial responsibility and business sense, there are some tax advantages to factor into your decision. Here are the details. Tax Advantages for Your Child There are special tax breaks […]

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Financial Planning

You’ve Received an Inheritance. Now What?

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March 1, 2024

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Even if you’ve long expected it, receiving an inheritance can be somewhat disorienting — particularly if it’s a large windfall that could alter your current standard of living. Fortunately, there are advisors (including CPAs, attorneys and financial planners) who can help you avoid making “emotional” decisions and, depending on your current situation and financial goals, put […]

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Estate Planning

Don’t Forget to Include Foreign Assets In Your Estate Plan

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February 29, 2024

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It’s common for people to assume that foreign assets aren’t relevant to their “U.S.” estate plans. However, foreign — indeed, all of your assets — should be included in your estate plan. Financial experts can structure ownership of your foreign assets according to U.S. laws and those of the country where they’re located to help your estate avoid […]

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Author: H&B

Bartering is a taxable transaction even if no cash is exchanged

Key Rules for Home Office Deductions

B2B businesses: Assess customer credit carefully

Beware of a stealth tax on Social Security benefits

How Employers Can Help Employees Who Must Move

Empower your sellers with sales enablement

A job loss is bad but the tax implications could make it worse

Help Wanted: Hiring Your Kids to Work for Your Small Business

You’ve Received an Inheritance. Now What?

Don’t Forget to Include Foreign Assets In Your Estate Plan

A Comprehensive Approach to Goal-Based Financial Planning