H&B, Author at Hutchinson and Bloodgood LLP

Update on retirement account required minimum distributions

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March 26, 2024

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) […]

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Business Planning & Consulting

Withdrawing Cash from Your C Corporation

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March 25, 2024

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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 […]

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Tax Planning

Do You Qualify for the Favorable HOH Status?

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March 21, 2024

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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 […]

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Employee Relations

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

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March 20, 2024

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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 […]

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Business Planning & Consulting

Bartering is a taxable transaction even if no cash is exchanged

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March 19, 2024

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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

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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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Author: H&B

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?

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 Comprehensive Approach to Goal-Based Financial Planning