H&B, Author at Hutchinson and Bloodgood LLP

Tax Planning

Saving for Your Child’s Education? Consider a Custodial Account

Multi-generational family walking down a country road.

June 2, 2023

If you’re looking to save for your child’s or grandchild’s education, you may have several options, including 529 plans, Coverdell education savings accounts (ESAs) and IRAs. But one of the best ways to invest for college is to open a custodial account under the Uniform Gifts to Minors Act (UGMA) or the Uniform Transfers to […]

Find Out More

Tax Planning

Keep these DOs and DON’Ts in mind when deducting business meal and vehicle expenses

Businessman,sitting,in,his,car,,he,is,planning,and,scheduling

May 31, 2023

H&B

0

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting […]

Find Out More

Estate Planning

Estate Planning Considerations if You’re Single, With No Children

Women with dark curly hair sitting at desk working on her laptop

May 30, 2023

H&B

0

If you aren’t married and have no children, you may think you don’t need an estate plan. But nothing could be further from the truth. Unlike with married couples, there could be no specific person who can legally make medical decisions for you should you become incapacitated. And if you were to die without an […]

Find Out More

Healthcare

Choosing the Best Employer Health Plan Takes Time

Professional man and woman in suits going over paperwork in the office

May 25, 2023

H&B

0

Even though many employers offer more than one health plan option, a recent survey by the Employee Benefit Research Institute (EBRI) found that most enrollees spent less than an hour making their selections. The survey was conducted during the 2022 open enrollment season, questioning 2,015 employees, ages 21 to 64. Other facts about the amount […]

Find Out More

Tax Planning

Being a gig worker comes with tax consequences

Illustration of a man on a grey background walking towards the words Gig Econonomy Taxes

May 23, 2023

H&B

0

In recent years, many workers have become engaged in the “gig” economy. You may think of gig workers as those who deliver take-out restaurant meals, walk dogs and drive for ride-hailing services. But so-called gig work seems to be expanding. Today, some nurses have become gig workers and writers in Hollywood who recently went on […]

Find Out More

Tax Planning

4 tax challenges you may encounter if you’re retiring soon

Time line with markings for Old Life, Retirement and New Life on it.

May 17, 2023

H&B

0

Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may contend with when you retire: Taking required minimum distributions. These are the minimum amounts you must withdraw from your […]

Find Out More

Software

Are You Using the Right Accounting Method for Your Business?

Young Woman At Desk Working On Her Laptop

May 11, 2023

H&B

0

The accounting method you currently use for your small business may no longer be appropriate due to changes in market conditions or within your company. The IRS generally allows taxpayers to change their method, but you need to consider several factors — related to both accounting and taxes — to determine which method best suits your […]

Find Out More

Tax Planning

Questions you may still have after filing your tax return

Red question mark on a dark grey background with the word Taxes

May 10, 2023

H&B

0

If you’ve successfully filed your 2022 tax return with the IRS, you may think you’re done with taxes for another year. But some questions may still crop up about the return. Here are brief answers to three questions that we’re frequently asked at this time of year. When will your refund arrive? The IRS has […]

Find Out More

Business Planning & Consulting

6 tried-and-true strategies for improving collections

Gold, ,dollar,price,symbol,isolated,on,white,background., D

May 4, 2023

H&B

0

Businesses that operate in the retail or restaurant spheres have it relatively easy when it comes to collections. They generally take payments right at a point-of-sale terminal and customers go on their merry ways. (These enterprises face many other challenges, of course.) For other types of companies, it’s not so easy. Collections can be particularly challenging […]

Find Out More

Employee Retention

Education benefits help attract, retain and motivate your employees

Group,of,mature,college,students,collaborating,on,project

May 3, 2023

H&B

0

One popular fringe benefit is an education assistance program that allows employees to continue learning and perhaps earn a degree with financial assistance from their employers. One way to attract, retain and motivate employees is to provide education fringe benefits so that team members can improve their skills and gain additional knowledge. An employee can […]

Find Out More

Author: H&B

Saving for Your Child’s Education? Consider a Custodial Account

Keep these DOs and DON’Ts in mind when deducting business meal and vehicle expenses

Estate Planning Considerations if You’re Single, With No Children

Choosing the Best Employer Health Plan Takes Time

Being a gig worker comes with tax consequences

4 tax challenges you may encounter if you’re retiring soon

Are You Using the Right Accounting Method for Your Business?

Questions you may still have after filing your tax return

6 tried-and-true strategies for improving collections

Education benefits help attract, retain and motivate your employees

A Comprehensive Approach to Goal-Based Financial Planning