H&B, Author at Hutchinson and Bloodgood LLP

Strong billing processes are critical to healthy cash flow

Invoice,concept,cell,background, D,illustration

July 12, 2023

Once a business is up and running, one fundamental aspect of operations that’s easy to take for granted is billing. Often, a system of various processes is put in place and leadership might consider occasional billing mistakes to be part of the “cost of doing business.” However, to keep your company financially fit, it’s imperative to […]

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Estate Planning

Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis”

Deskscape of a notepad with the phrase Estate Tax Basis Planning and also a plant. glasses and pen.

July 11, 2023

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If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. How do the rules work? Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death […]

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Tax Planning

Are Your Social Security Benefits Taxable?

Senior African American Couple Using Laptop

July 10, 2023

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Many retirees have seen their social security benefits increase in 2023 due to a cost-of-living adjustment that was higher than in the past years. Further increases are expected for 2024. While more benefits are welcome, they could mean more income taxes on those benefits for some recipients. The Social Security Administration (SSA) estimates that more […]

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General

That email or text from the IRS: It’s a scam!

Hands typing on keybard with the headline TAX SCAM

July 6, 2023

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“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls or regular mail. Criminals regularly target both individuals and businesses and often prey on the elderly. Important: The IRS will never contact you by email, […]

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Retirement Planning

Solo business owner? There’s a 401(k) for that

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July 5, 2023

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If you own a successful small business with no employees, you might be ready to set up a retirement plan. Now a 401(k) might seem way out of your reach — only bigger companies can manage one of those, right? Not necessarily. Two ways to contribute With a solo 401(k), the self-employed can make large […]

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Estate Planning

Deciding When to Transfer Wealth: Factors to Consider

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June 30, 2023

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Should you transfer wealth during your lifetime or transfer it to heirs after your death? Answering this question can be complicated because many factors are involved. For example, you might want to take advantage of the inflation-adjusted $12.06-million gift and estate tax exemption now, since the exemption amount is scheduled to be cut approximately in […]

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Tax Planning

The Trust Fund Recovery Penalty: Who can it be personally assessed against?

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June 29, 2023

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If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund Recovery Penalty (TFRP) applies to Social Security and income taxes that are withheld by a business from its employees’ wages. Sweeping penalty The TFRP is dangerous because it applies […]

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Tax Planning

Hiring family members can offer tax advantages (but be careful)

Workers In Family Business Standing Next To Van

June 23, 2023

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Summertime can mean hiring time for many types of businesses. With legions of working-age kids and college students out of school, and some spouses of business owners looking for part-time or seasonal work, companies may have a much deeper hiring pool to dive into this time of year. If you’re considering hiring your children or spouse, […]

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Retirement Planning

Are you married and not earning compensation? You may be able to put money in an IRA

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June 22, 2023

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When one spouse in a married couple is not earning compensation, the couple may not be able to save as much as they need for a comfortable retirement. In general, an IRA contribution is allowed only if a taxpayer earns compensation. However, there’s an exception involving a “spousal” IRA. It allows contributions to be made […]

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Business Planning & Consulting

In financial planning, forecasts and projections aren’t the same

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June 15, 2023

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Businesses are rightly encouraged to regularly generate professionally prepared financial statements. Doing so is important for both understanding your own financial position and providing accurate, comprehensive information to stakeholders such as investors, lenders and advisors. However, keep in mind that financial statements are historical records. They depict the state of the company at a given point […]

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Author: H&B

Strong billing processes are critical to healthy cash flow

Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis”

Are Your Social Security Benefits Taxable?

That email or text from the IRS: It’s a scam!

Solo business owner? There’s a 401(k) for that

Deciding When to Transfer Wealth: Factors to Consider

The Trust Fund Recovery Penalty: Who can it be personally assessed against?

Hiring family members can offer tax advantages (but be careful)

Are you married and not earning compensation? You may be able to put money in an IRA

In financial planning, forecasts and projections aren’t the same

A Comprehensive Approach to Goal-Based Financial Planning