H&B, Author at Hutchinson and Bloodgood LLP

You’ve Received an Inheritance. Now What?

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March 1, 2024

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

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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 Earnings used to pay qualified education expenses can be withdrawn tax-free.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

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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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Software

Is it time to upgrade your business’s accounting software?

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February 14, 2024

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By now, just about every company uses some kind of accounting software to track, manage and report its financial transactions. Many businesses end up using several different types of software to handle different accounting-related functions. Others either immediately or eventually opt for a comprehensive solution that addresses all their needs. Although there’s some truth to the […]

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Technology

Generative AI Can Help Prevent, Detect and Investigate Fraud

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February 1, 2024

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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, […]

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Author: H&B

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

Is it time to upgrade your business’s accounting software?

Generative AI Can Help Prevent, Detect and Investigate Fraud

A Comprehensive Approach to Goal-Based Financial Planning