H&B, Author at Hutchinson and Bloodgood LLP

Tax Planning

Plan now for year-end gifts with the gift tax annual exclusion

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September 5, 2023

Now that Labor Day has passed, the holidays are just around the corner. Many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any […]

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Tax Planning

Selling your home for a big profit? Here are the tax rules

A box on a table with grass and a small model of a home in it with a sign that says sold.

August 29, 2023

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Many homeowners across the country have seen their home values increase in recent years. According to the National Association of Realtors, the median price of existing homes sold in July of 2023 rose 1.9% over July of 2022 after a couple years of much higher increases. The median home price was $467,500 in the Northeast, […]

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Business Planning & Consulting

4 Strategies to Strengthen Your Small Business

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August 25, 2023

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Even at the best of times, the future is unpredictable. As anyone who has run a business for any length of time understands, there will often be challenges, many of which are unexpected — such as a global pandemic — coming straight out of left field. Here are four strategies your small company can use to […]

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Exit Planning

Look carefully at three critical factors of succession planning

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August 23, 2023

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The day-to-day demands of running a business can make it difficult to think about the future. And by “future,” we’re not necessarily talking about how your tax liability will look at year-end or how you might grow the bottom line over the next five years. We’re referring to the future in which you no longer […]

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Business Planning & Consulting

Guaranteeing a loan to your corporation? There may be tax implications

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August 22, 2023

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Let’s say you decide to, or are asked to, guarantee a loan to your corporation. Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax implications. If your corporation defaults on the loan and you’re required to pay principal or […]

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Business Planning & Consulting

What Are the Tax Implications of the New Lease Accounting Rules?

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August 21, 2023

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Private businesses implemented new lease accounting rules in 2022, resulting in a major shift in how leases are reported for “book” purposes. While the tax rules for leases haven’t changed, the new accounting rules can have notable implications for how the tax rules play out. New Accounting Rules The Financial Accounting Standards Board (FASB) issues standards […]

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Estate Planning

4 Common Estate Planning Pitfalls

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August 18, 2023

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Estate planning involves a lot of moving parts. So you’d be forgiven for overlooking or forgetting about certain issues when making decisions about transferring wealth in the most tax-effective manner after you die. An experienced estate planner can help ensure you dot all the “i’s” and cross all the “t’s.” But if you’ve done some of […]

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General

Handling Student Loan Debt

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August 16, 2023

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Starting September 1, 2023, federal student loans will begin accruing interest again. And loan payments will officially restart in October 2023. As part of federal relief measures during the COVID-19 pandemic, individuals with federal student loan debt weren’t required to make payments, and interest charges were suspended. Those relief measures have been in place since March […]

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Tax Planning

Disabled family members may be able to benefit from ABLE accounts

Black notebook on a desk with the lable ABLE Account. Also, a blue 3d graph and a pink and green 3D pie chart.

August 15, 2023

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If you have family members with disabilities, there may be a tax-advantaged way to save for their needs — without having them lose eligibility for the government benefits to which they’re entitled. It can be done though an Achieving a Better Life Experience (ABLE) account, which is a tax-free account that can be used for […]

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Recruiting

Now Hiring: Creative Ideas to Attract Skilled Workers

job applicants sitting in a row of chairs only visible from the waist down

August 10, 2023

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Finding and keeping talent can be challenging in today’s competitive hiring market. Many workers are ready and willing to switch jobs, in search of greener pastures. And there’s a skills shortage — especially for high-tech, accounting, health care and executive positions. If your company is having recruitment and retention problems, consider these suggestions to make […]

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Author: H&B

Plan now for year-end gifts with the gift tax annual exclusion

Selling your home for a big profit? Here are the tax rules

4 Strategies to Strengthen Your Small Business

Look carefully at three critical factors of succession planning

Guaranteeing a loan to your corporation? There may be tax implications

What Are the Tax Implications of the New Lease Accounting Rules?

4 Common Estate Planning Pitfalls

Handling Student Loan Debt

Disabled family members may be able to benefit from ABLE accounts

Now Hiring: Creative Ideas to Attract Skilled Workers

A Comprehensive Approach to Goal-Based Financial Planning