H&B, Author at Hutchinson and Bloodgood LLP

Beware of the Potential Tax Bill When Selling Your Home

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July 26, 2024

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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Business Planning & Consulting

3 areas of focus for companies looking to control costs

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July 10, 2024

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Controlling costs is fundamental for every business. But where and how to address this challenge can change over time based on various economic and logistical factors. Earlier this year, global consultancy Boston Consulting Group published a report entitled The CEO’s Guide to Costs and Growth. Within it were the results of a survey of 600 […]

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Estate Planning

Planning your estate? Don’t overlook income taxes

July 9, 2024

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The current estate tax exemption amount ($13.61 million in 2024) has led many people to feel they no longer need to be concerned about federal estate tax. Before 2011, a much smaller exemption resulted in many people with more modest estates attempting to avoid it. But since many estates won’t currently be subject to estate […]

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Tax Planning

7 Midyear Tax Planning Tips for Individuals

July 8, 2024

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Summer is a good time to reflect on tax planning moves that could lower this year’s tax bill. It appears there won’t be any significant federal tax changes that will take effect next year. If that’s an accurate prediction, this year’s tax planning environment is straightforward. Here are seven planning ideas to consider implementing between now and […]

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Estate Planning

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

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July 5, 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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Retirement Planning

Could a 412(e)(3) retirement plan suit your business?

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July 3, 2024

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When companies reach the point where they’re ready to sponsor a qualified retirement plan, the first one that may come to mind is the 401(k). But there are other, lesser-used options that could suit the distinctive needs of some business owners. Case in point: the 412(e)(3) plan. Nuts and bolts Unlike 401(k)s, which are defined contribution […]

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General

Consider borrowing from your corporation but structure the deal carefully

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July 2, 2024

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If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. But it’s important to avoid certain risks and charge an adequate interest rate. Basics of this strategy Interest rates have increased over the last couple years. As a result, shareholders […]

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Author: H&B

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

3 areas of focus for companies looking to control costs

Planning your estate? Don’t overlook income taxes

7 Midyear Tax Planning Tips for Individuals

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

Could a 412(e)(3) retirement plan suit your business?

Consider borrowing from your corporation but structure the deal carefully

A Comprehensive Approach to Goal-Based Financial Planning