H&B, Author at Hutchinson and Bloodgood LLP

Technology

5 tips for more easily obtaining cyberinsurance

August 9, 2023

Every business should dedicate time and resources to cybersecurity. Hackers are out there, in many cases far across the globe, and they’re on the prowl for vulnerable companies. These criminals typically strike at random — doing damage to not only a business’s ability to operate, but also its reputation. One way to protect yourself, at […]

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Tax Planning

Can you deduct student loan interest on your tax return?

Notebook with the phrase Student Loan Interest Deduction written in it, post it with a question mark on the page. Various post its on desk surrounding it

August 8, 2023

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The federal student loan “pause” is coming to an end on August 31 after more than three years. If you have student loan debt, you may wonder whether you can deduct the interest you pay on your tax return. The answer may be yes, subject to certain limits. The deduction is phased out if your […]

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Technology

Protecting Your Business While Using AI

August 4, 2023

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Have you ever wondered whether the photo or video you’re viewing, the audio you’re listening to or the article you’re reading is real? Artificial intelligence (AI) can make the line between authentic and inauthentic hard to determine. For fraud perpetrators, the ability to create deepfakes, voice clones or machine-generated communications can make their scams far more […]

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Employee Relations

Should your business add a PTO buying feature to its cafeteria plan?

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August 3, 2023

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With the pandemic behind us and a red-hot summer in full swing, many of your company’s employees may be finally rediscovering the uninhibited joys of vacation. Your workers might be having so much fun, in fact, that they might highly value being able to buy even more paid time off (PTO) as an employee benefit. […]

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Tax Credits

Pocket a tax break for making energy-efficient home improvements

Laptop on a white desk. Screen has an illustration of a green colored house woyth a plant growing from the chimney and various colored bars to the right ranging from green to orange

August 2, 2023

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An estimated 190 million Americans have recently been under heat advisory alerts, according to the National Weather Service. That may have spurred you to think about making your home more energy efficient — and there’s a cool tax break that may apply. Thanks to the Inflation Reduction Act of 2022, you may be able to […]

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Business Planning & Consulting

Risk Management: 8 Ways to Reduce Business Insurance Costs

Business people sitting at table having a meeting working on laptop and looking at reports

July 31, 2023

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How much money is your business spending on insurance products? Insurance is often a major business expense, and it can be a lifesaver when the unexpected happens. However, higher spending doesn’t necessarily equate to better coverage. Rather than focusing on just the price, it’s important to match insurance products and coverage levels with your business’s risk management […]

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Payroll

10 Payroll Issues for Small Businesses

July 27, 2023

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You may not think of your small business’s payroll function as risky. But if you don’t properly handle certain payroll challenges, you may risk IRS scrutiny, operational disruptions and financial losses. What should you watch out for? Here’s a list of 10 payroll issues small organizations must grapple with. Accurate recordkeeping.If you don’t keep detailed and accurate […]

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Tax Planning

A tax-smart way to develop and sell appreciated land

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July 25, 2023

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Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels and sell them off for a hefty profit, it could trigger a large tax bill. In this scenario, the tax rules generally treat you as a real estate dealer. That means your entire profit — including […]

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Tax Planning

Poor Planning Can Lead to Double Taxation of Trusts

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July 20, 2023

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These laws can complicate things, as beneficiaries might move at any time. Bear in mind, too, that states may have broad definitions for the term “beneficiary” in this context. They could ensnare not only mandatory beneficiaries but also discretionary or contingent remainder beneficiaries living there. However, in 2019, the U.S. Supreme Court dealt a blow […]

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Retirement Planning

Retirement account catch-up contributions can add up

Cloudy blue sky with 2 white street signs. 401k Limits n one and IRA Limits on the other

July 19, 2023

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If you’re age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). It is worth the trouble? Yes! Here are the rules of the road. The deal with IRAs Eligible taxpayers can make extra catch-up contributions of up to $1,000 annually to a traditional or Roth IRA. If you’ll […]

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Author: H&B

5 tips for more easily obtaining cyberinsurance

Can you deduct student loan interest on your tax return?

Protecting Your Business While Using AI

Should your business add a PTO buying feature to its cafeteria plan?

Pocket a tax break for making energy-efficient home improvements

Risk Management: 8 Ways to Reduce Business Insurance Costs

10 Payroll Issues for Small Businesses

A tax-smart way to develop and sell appreciated land

Poor Planning Can Lead to Double Taxation of Trusts

Retirement account catch-up contributions can add up

A Comprehensive Approach to Goal-Based Financial Planning