H&B, Author at Hutchinson and Bloodgood LLP

There’s a favorable “stepped-up basis” if you inherit property

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April 18, 2023

A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an individual gets in property that he or she inherits from another? This is an important area and is too often overlooked when families start to put their affairs in order. Under the fair market […]

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Business Valuation

5 valuation terms that every business owner should know

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April 12, 2023

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As a business owner, you’ll likely need to have your company appraised at some point. An appraisal is essential in the event of a business sale, merger or acquisition. It’s also important when creating or updating a buy-sell agreement or doing estate planning. You can even use a business valuation to help kickstart or support […]

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Tax Planning

Paperwork you can toss after filing your tax return

Files in a cabinet, one file labeled Taxes and another file labeled Receipts

April 11, 2023

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Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain records. You may have to produce those records if the IRS audits your return or seeks to assess tax. It’s a good idea to keep the actual returns indefinitely. But […]

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Social Media

It’s happening: Using social media for customer service

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April 6, 2023

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Everyone is on social media these days, including businesses and their customers. This creates a natural — or shall we say virtual — nexus for companies to field questions, comments and complaints from buyers or those interested in their products or services. In other words, whether companies realize it or not, customer service is happening online. […]

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Tax Planning

The tax advantages of hiring your child this summer

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April 4, 2023

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Summer is around the corner so you may be thinking about hiring young people at your small business. At the same time, you may have children looking to earn extra spending money. You can save family income and payroll taxes by putting your child on the payroll. It’s a win-win! Here are four tax advantages. […]

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Risk Management

How businesses can use stress testing to improve risk management

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March 31, 2023

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If you’ve been following the news lately, you’ve surely heard or read about the sudden rise in concern about the banking industry. Although the story is still unfolding, an important lesson for business owners is already clear: You’ve got to be constantly on guard against the many risks to your company’s financial solvency. One way […]

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Tax Planning

Some taxpayers qualify for more favorable “head of household” tax filing status

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March 28, 2023

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When preparing your tax return, we’ll check one of the following statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Filing a return as a head of household is more favorable than filing as a single taxpayer. For example, the 2023 standard deduction for a single taxpayer is $13,850 while […]

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Tax Planning

Should You Extend Your 2022 Tax Return?

Illustration of a man sitting on a stack of coins working on his laptop with tax forms in the background

March 24, 2023

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In a statement posted to its website on February 3, 2023, the IRS asked certain taxpayers to temporarily hold off on filing their 2022 returns until it could issue guidance on how to treat special tax refunds and payments made by approximately 20 states in 2022. The IRS published additional guidance to resolve this issue a […]

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Business Planning & Consulting

ACA penalties will rise in 2024

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March 22, 2023

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Recently, the IRS announced 2024 indexing adjustments to the applicable dollar amount used to calculate employer shared responsibility penalties under the Affordable Care Act (ACA). Although next year might seem a long way off, it’s best to get an early start on determining whether your business is an applicable large employer (ALE) under the ACA. If […]

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Tax Planning

Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return

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March 21, 2023

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April 18 is the deadline for filing your 2022 tax return. But a couple of other tax deadlines are coming up in April and they’re important for certain taxpayers: Saturday, April 1 is the last day to begin receiving required minimum distributions (RMDs) from IRAs, 401(k)s and similar workplace plans for taxpayers who turned 72 […]

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Author: H&B

There’s a favorable “stepped-up basis” if you inherit property

5 valuation terms that every business owner should know

Paperwork you can toss after filing your tax return

The tax advantages of hiring your child this summer

How businesses can use stress testing to improve risk management

Some taxpayers qualify for more favorable “head of household” tax filing status

Should You Extend Your 2022 Tax Return?

ACA penalties will rise in 2024

Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return

A Comprehensive Approach to Goal-Based Financial Planning