H&B, Author at Hutchinson and Bloodgood LLP

Tax Planning

If you gave to charity in 2023, check to see that you have substantiation

Gas gage with Tax Break written across it in red

January 30, 2024

Did you donate to charity last year? Acknowledgment letters from the charities you gave to may have already shown up in your mailbox. But if you don’t receive such a letter, can you still claim a deduction for the gift on your 2023 income tax return? It depends. What the law requires To prove a […]

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Tax Planning

Important Tax Figures for 2024

Blue illustration of a man with a laptop, calculator, clipboard with a TAX document, bar chart, and another clipboard with a form on it

January 26, 2024

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The following chart provides some important federal tax information for 2024, as compared with 2023. Social Security/ Medicare 2024 2023 Social Security Tax Wage Base $168,600 $160,200 Medicare Tax Wage Base No limit No limit Employee portion of Social Security 6.2% 6.2% Employee portion of Medicare 1.45% 1.45% Individual Retirement Accounts 2024 2023 Roth IRA Individual, […]

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Business Planning & Consulting

Seeing the big picture with an enterprise risk management program

Illustration of ERM in large blue letters with a building with the word Enterprise, triangle with an exclamayion point in it and the word Risk, Gears with the word Management

January 24, 2024

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There’s no way around it — owning and operating a business comes with risk. On the one hand, operating under excessive levels of risk will likely impair the value of a business, consume much of its working capital and could even lead to bankruptcy if those risks become all-consuming. But on the other hand, no […]

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Employee Relations

Should your business offer the new emergency savings accounts to employees?

Red and white life saving ring on the sand with the word PLESA written in the sand

January 23, 2024

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As part of the SECURE 2.0 law, there’s a new benefit option for employees facing emergencies. It’s called a pension-linked emergency savings account (PLESA) and the provision authorizing it became effective for plan years beginning January 1, 2024. The IRS recently released guidance about the accounts (in Notice 2024-22) and the U.S. Department of Labor […]

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Marketing

Account-based marketing can help companies rejoice in ROI

January 17, 2024

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When it comes to marketing, business owners and their leadership teams often assume that they should “cast a wide net.” But should you? If your company is looking to drive business-to-business (B2B) sales, a generalized approach to marketing could leave key customers and optimal prospects feeling like they’re receiving vague messages from a provider that […]

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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

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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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Author: H&B

If you gave to charity in 2023, check to see that you have substantiation

Important Tax Figures for 2024

Seeing the big picture with an enterprise risk management program

Should your business offer the new emergency savings accounts to employees?

Account-based marketing can help companies rejoice in ROI

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

A Comprehensive Approach to Goal-Based Financial Planning