H&B, Author at Hutchinson and Bloodgood LLP

Tax Credits

Pocket a tax break for making energy-efficient home improvements

Laptop on a white desk. Screen has an illustration of a green colored house woyth a plant growing from the chimney and various colored bars to the right ranging from green to orange

August 2, 2023

An estimated 190 million Americans have recently been under heat advisory alerts, according to the National Weather Service. That may have spurred you to think about making your home more energy efficient — and there’s a cool tax break that may apply. Thanks to the Inflation Reduction Act of 2022, you may be able to […]

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Business Planning & Consulting

Risk Management: 8 Ways to Reduce Business Insurance Costs

Business people sitting at table having a meeting working on laptop and looking at reports

July 31, 2023

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How much money is your business spending on insurance products? Insurance is often a major business expense, and it can be a lifesaver when the unexpected happens. However, higher spending doesn’t necessarily equate to better coverage. Rather than focusing on just the price, it’s important to match insurance products and coverage levels with your business’s risk management […]

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Payroll

10 Payroll Issues for Small Businesses

July 27, 2023

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You may not think of your small business’s payroll function as risky. But if you don’t properly handle certain payroll challenges, you may risk IRS scrutiny, operational disruptions and financial losses. What should you watch out for? Here’s a list of 10 payroll issues small organizations must grapple with. Accurate recordkeeping.If you don’t keep detailed and accurate […]

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Tax Planning

A tax-smart way to develop and sell appreciated land

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July 25, 2023

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Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels and sell them off for a hefty profit, it could trigger a large tax bill. In this scenario, the tax rules generally treat you as a real estate dealer. That means your entire profit — including […]

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Tax Planning

Poor Planning Can Lead to Double Taxation of Trusts

Young man and woman sitting at a desk looking at their laptop

July 20, 2023

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These laws can complicate things, as beneficiaries might move at any time. Bear in mind, too, that states may have broad definitions for the term “beneficiary” in this context. They could ensnare not only mandatory beneficiaries but also discretionary or contingent remainder beneficiaries living there. However, in 2019, the U.S. Supreme Court dealt a blow […]

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Retirement Planning

Retirement account catch-up contributions can add up

Cloudy blue sky with 2 white street signs. 401k Limits n one and IRA Limits on the other

July 19, 2023

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If you’re age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). It is worth the trouble? Yes! Here are the rules of the road. The deal with IRAs Eligible taxpayers can make extra catch-up contributions of up to $1,000 annually to a traditional or Roth IRA. If you’ll […]

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Business Planning & Consulting

Strong billing processes are critical to healthy cash flow

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July 12, 2023

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Once a business is up and running, one fundamental aspect of operations that’s easy to take for granted is billing. Often, a system of various processes is put in place and leadership might consider occasional billing mistakes to be part of the “cost of doing business.” However, to keep your company financially fit, it’s imperative to […]

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Estate Planning

Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis”

Deskscape of a notepad with the phrase Estate Tax Basis Planning and also a plant. glasses and pen.

July 11, 2023

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If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. How do the rules work? Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death […]

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Tax Planning

Are Your Social Security Benefits Taxable?

Senior African American Couple Using Laptop

July 10, 2023

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Many retirees have seen their social security benefits increase in 2023 due to a cost-of-living adjustment that was higher than in the past years. Further increases are expected for 2024. While more benefits are welcome, they could mean more income taxes on those benefits for some recipients. The Social Security Administration (SSA) estimates that more […]

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General

That email or text from the IRS: It’s a scam!

Hands typing on keybard with the headline TAX SCAM

July 6, 2023

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“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls or regular mail. Criminals regularly target both individuals and businesses and often prey on the elderly. Important: The IRS will never contact you by email, […]

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Author: H&B

Pocket a tax break for making energy-efficient home improvements

Risk Management: 8 Ways to Reduce Business Insurance Costs

10 Payroll Issues for Small Businesses

A tax-smart way to develop and sell appreciated land

Poor Planning Can Lead to Double Taxation of Trusts

Retirement account catch-up contributions can add up

Strong billing processes are critical to healthy cash flow

Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis”

Are Your Social Security Benefits Taxable?

That email or text from the IRS: It’s a scam!

A Comprehensive Approach to Goal-Based Financial Planning