H&B, Author at Hutchinson and Bloodgood LLP

Tax Planning

Answers to your tax season questions

3 stacked wooden blocks with blue question marks on them and a headline reading TAX SEASON

January 16, 2024

The IRS announced it will open the 2024 income tax return filing season on January 29. That’s when the tax agency will begin accepting and processing 2023 tax year returns. Here are answers to seven tax season questions we receive at this time of year. 1.What are this year’s deadlines? The filing deadline to submit […]

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Tax Planning

The kiddie tax could affect your children until they’re young adults

Three young children wearing shirts and ties sitting at a desk holding pencils with notebooks in front of them

January 15, 2024

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The so-called “kiddie tax” can cause some of a child’s unearned income to be taxed at the parent’s higher marginal federal income tax rates instead of at the usually much lower rates that a child would otherwise pay. For purposes of this federal income tax provision, a “child” can be up to 23 years old. […]

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401(k) Plans

Building for the Future: IRAs for Teens and Young Adults

teen in a red and black flannel shirt putting money into a white piggy bank

January 9, 2024

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More than half of 16-to-24-year-olds are employed, according to the most recent statistics from the U.S. Bureau of Labor Statistics. A job can teach your young adult child or grandchild how to be financially responsible. But why not encourage them to take it to the next level by saving for retirement? Teens and young adults with […]

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Payroll

Answers to Common Payroll Questions

January 8, 2024

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Understanding the payroll tax rules can be challenging when your company hires workers or the personal situations of existing employees change. Employers often have questions about their shifting recordkeeping and withholding requirements. Here are some topics that employers have recently queried. Hiring Retirees Question: If my company hires retirees for part-time work, is there a limit on […]

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Business Planning & Consulting

Fraud Prevention Strategies for Entrepreneurs and Small Businesses

Beautiful Business Woman Owner Selling Online Using Tablet To Chat With Customer.

January 4, 2024

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Fraud occurs in companies of every size. But small businesses, especially new ones, have special risks because they generally can’t invest in expensive fraud-prevention programs. Thankfully, there are simple yet effective strategies that can reduce the likelihood of fraud, however small or new your company is. Understand the Risk Fraud schemes can involve employees (occupational fraud) […]

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Tax Planning

Itemizing Deductions on Your Federal Income Tax Return

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December 28, 2023

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Once the 2023 tax year is over and the numbers are generally set in stone, you can itemize deductions on your federal income tax return if your total allowable itemized write-offs for the year exceeds your standard deduction allowance for the year. Otherwise, for 2023, you will claim the standard deduction, which is relatively high […]

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Payroll

Wrapping Up the Tax Rules for Business Gifts

3 gifts with red bows on a red background

December 20, 2023

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During the holiday season, your company may want to give gifts to valued customers, as well as some or all staff members. Can you claim any tax deductions for gifting holiday cheer? The short answer is “yes.” But you need to observe several IRS rules that limit write-offs — and, in some cases, eliminate them. Beware […]

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Tax Planning

The Tax-Deductible Mileage Rate for Business Driving Increases for 2024

Close up of a man's hand holding gas pump and filling up his car

December 19, 2023

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The IRS has announced the 2024 optional standard mileage rates used to calculate the deductible costs of operating a vehicle for business, charitable, medical or moving purposes. Background: If you use a vehicle for business driving, you can generally deduct the actual expenses attributable to your business use. This includes expenses such as gas, oil, tires, insurance, […]

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Business Planning & Consulting

How businesses can get better at data capture

December 13, 2023

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It would be hard to argue against the notion that almost every kind of business today is data-driven. Without the information you need to run your company — be it financial metrics, marketing demographics or productivity measures — you’d probably fall behind the competition, and fast. For this very reason, “data capture” has become a critical […]

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Tax Planning

The “nanny tax” must be paid for nannies and other household workers

Nanny in a red plaid shirt and a child in overalls sitting on the floor of a home

December 12, 2023

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You may have heard of the “nanny tax.” But if you don’t employ a nanny, you may think it doesn’t apply to you. Check again. Hiring a housekeeper, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations. […]

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Author: H&B

Answers to your tax season questions

The kiddie tax could affect your children until they’re young adults

Building for the Future: IRAs for Teens and Young Adults

Answers to Common Payroll Questions

Fraud Prevention Strategies for Entrepreneurs and Small Businesses

Itemizing Deductions on Your Federal Income Tax Return

Wrapping Up the Tax Rules for Business Gifts

The Tax-Deductible Mileage Rate for Business Driving Increases for 2024

How businesses can get better at data capture

The “nanny tax” must be paid for nannies and other household workers

A Comprehensive Approach to Goal-Based Financial Planning