H&B, Author at Hutchinson and Bloodgood LLP

Tax Planning

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

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March 5, 2024

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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Business Planning & Consulting

Applying for a commercial loan with confidence

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February 28, 2024

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Few and far between are businesses that can either launch or grow without an infusion of outside capital. In some cases, that capital comes in the form of a commercial loan from a bank or some other type of lender. If you and your company’s leadership team believe a loan will soon be necessary, it’s […]

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Tax Planning

New option for unused funds in a 529 college savings plan

3 cut out orange paper dolls, college graduate cap and a old fashioned key with a tag on it that says 529 Plan

February 27, 2024

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With the high cost of college, many parents begin saving with 529 plans when their children are babies. Contributions to these plans aren’t tax deductible, but they grow tax deferred. Earnings used to pay qualified education expenses can be withdrawn tax-free. However, earnings used for other purposes may be subject to income tax plus a […]

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Retirement Planning

Small businesses can help employees save for retirement, too

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February 21, 2024

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Many small business owners run their companies as leanly as possible. This often means not offering what are considered standard fringe benefits for midsize or larger companies, such as a retirement plan. If this is the case for your small business, don’t give up on the idea of helping your employees save for retirement in […]

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Tax Planning

Taking your spouse on a business trip? Can you write off the costs?

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February 20, 2024

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A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit $928.4 billion by 2030, according to a report from Research and Markets. If you own your own company and travel for business, you may wonder whether you can deduct the costs of having […]

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Tax Planning

Dos and Don’ts for Business Expense Deductions

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February 19, 2024

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As tax season heats up, companies of all kinds and sizes will be on the hunt for ways to reduce their tax bills. One of the most common ways is through business expense deductions, but not every such expense is deductible. Here’s what to know about the expenses that you can — and can’t — […]

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Tax Planning

Get ready for the 2023 gift tax return deadline

White envelopes with a green bow - Do gifts require filing Form709?

February 15, 2024

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Did you make large gifts to your children, grandchildren or others last year? If so, it’s important to determine if you’re required to file a 2023 gift tax return. In some cases, it might be beneficial to file one — even if it’s not required. Who must file? The annual gift tax exclusion has increased […]

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Author: H&B

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

Applying for a commercial loan with confidence

New option for unused funds in a 529 college savings plan

Small businesses can help employees save for retirement, too

Taking your spouse on a business trip? Can you write off the costs?

Dos and Don’ts for Business Expense Deductions

Get ready for the 2023 gift tax return deadline

A Comprehensive Approach to Goal-Based Financial Planning