H&B, Author at Hutchinson and Bloodgood LLP

General

Facing a future emergency? Two new tax provisions may soon provide relief

Roll of money inside a Life-saving ring on a wooden background

October 24, 2023

Perhaps you’ve been in this situation before: You have a financial emergency and need to get your hands on some cash. You consider taking money out of a traditional IRA or 401(k) account but if you’re under age 59½, such distributions are not only taxable but also are generally subject to a 10% penalty tax. […]

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Business Valuation

Valuations can help business owners plan for the future

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October 18, 2023

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If someone was to suggest that you should have your business appraised, you might wonder whether the person was subtly suggesting that you retire and sell the company. Seriously though, a valuation can serve many purposes other than preparing your business for sale so you can head to the beach. Think of it as a checkup […]

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Tax Planning

Business automobiles: How the tax depreciation rules work

October 17, 2023

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Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in it taking longer than expected to fully depreciate a vehicle. […]

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Payroll

A refresher on the trust fund recovery penalty for business owners and executives

October 11, 2023

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One might assume the term “trust fund recovery penalty” has something to do with estate planning. It’s important for business owners and executives to know better. In point of fact, the trust fund recovery penalty relates to payroll taxes. The IRS uses it to hold accountable “responsible persons” who willfully withhold income and payroll taxes from […]

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Real Estate & Construction

The tax implications of renting out a vacation home

Photograph of a water canal with boats in the water and palm trees on the surrounding land

October 10, 2023

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Many Americans own a vacation home or aspire to purchase one. If you own a second home in a waterfront community, in the mountains or in a resort area, you may want to rent it out for part of the year. The tax implications of these transactions can be complicated. It depends on how many […]

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Business Planning & Consulting

Could value-based sales boost your company’s bottom line?

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October 4, 2023

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If your company sells products or services to other businesses, you’re probably familiar with the challenge of growing your sales numbers. At times, you might even struggle to maintain them. One way to put yourself in a better position to succeed is to diversify your approaches, so you’re not limited to a single method by which […]

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Estate Planning

Two Tools Can Make Your Estate Plan More Effective

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October 3, 2023

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Everyone needs an estate plan, regardless of age, assets or family situation. At a minimum, you should create a legally valid will that dictates the disposition of your assets after death. However, many people should take estate planning to the next level and at least consider establishing a living — also known as a revocable — […]

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Mergers & Acquistions

It’s important to understand how taxes factor into M&A transactions

Merger,and,acquisition,business,corporate,cooperation,company,concept.,ma,partnership

September 19, 2023

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In recent years, merger and acquisition activity has been strong in many industries. If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law. Stocks vs. assets From a tax standpoint, a transaction can basically be structured in two ways: 1. Stock […]

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Business Planning & Consulting

4 best practices for effective strategic planning meetings

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September 13, 2023

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It’s not uncommon for employees to grumble about having to attend too many meetings. Sometimes they have a point; an excessive number of meetings can become a problem at some companies. However, there’s one kind of meeting that business owners and their leadership teams should never scrimp on: strategic planning. That doesn’t mean you need […]

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Tax Planning

Investment swings: What’s the tax impact?

Illustration of a roller coaster with a shopping cart on it carrying the words STOCK MARKET

September 12, 2023

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If your investments have fluctuated wildly this year, you may have already recognized some significant gains and losses. But nothing is decided tax-wise until year end when the final results of your trades will reveal your 2023 tax situation. Here’s what you need to know to avoid tax surprises. Tax-favored retirement accounts and taxable accounts […]

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Author: H&B

Facing a future emergency? Two new tax provisions may soon provide relief

Valuations can help business owners plan for the future

Business automobiles: How the tax depreciation rules work

A refresher on the trust fund recovery penalty for business owners and executives

The tax implications of renting out a vacation home

Could value-based sales boost your company’s bottom line?

Two Tools Can Make Your Estate Plan More Effective

It’s important to understand how taxes factor into M&A transactions

4 best practices for effective strategic planning meetings

Investment swings: What’s the tax impact?

A Comprehensive Approach to Goal-Based Financial Planning