H&B, Author at Hutchinson and Bloodgood LLP

Tax Planning

When can seniors deduct Medicare premiums on their tax returns?

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June 13, 2023

If you’re age 65 and older and have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially for married couples with both spouses paying them. But there may be an advantage: You may qualify for a tax break for paying […]

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Business Planning & Consulting

Got a “Business” Idea? You Might Want to Form a Nonprofit

Beautiful Business Woman Owner Selling Online Using Tablet To Chat With Customer.

June 12, 2023

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Do you have an idea for a new venture with social benefits or environmental applications? You can set up as a for-profit entity — such as a C corporation, S corporation or limited liability company — with charitable functions. Or, if your key objectives are more altruistic, you may want to consider an alternative: forming […]

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Estate Planning

Ways to Secure Your Estate Plan

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June 8, 2023

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Estate planning isn’t just for the rich and famous. For example, you may have family heirlooms (such as jewelry or artwork) or real property that has sentimental value to certain family members. Wills and trusts can help ensure that your estate is divvied up fairly after your passing. But you won’t be around to explain […]

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Payroll

10 Payroll Issues for Small Businesses

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June 7, 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. 1. Accurate recordkeeping. If you don’t keep […]

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Tax Planning

Reduce the impact of the 3.8% net investment income tax

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June 6, 2023

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High-income taxpayers face a regular income tax rate of 35% or 37%. And they may also have to pay a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some ways you may be able to reduce its impact. Affected taxpayers The NIIT applies to you only […]

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Social Media

How to Outsmart Social Media Scammers

June 5, 2023

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With billions of users worldwide, social media platforms can be a breeding ground for illicit activity — from simple identity theft to sophisticated and wide-ranging fraud schemes. Here’s an overview of some of the most common social media scams and tips to help prevent you or your business from becoming a fraud victim. Crooks Find […]

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Tax Planning

Saving for Your Child’s Education? Consider a Custodial Account

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June 2, 2023

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If you’re looking to save for your child’s or grandchild’s education, you may have several options, including 529 plans, Coverdell education savings accounts (ESAs) and IRAs. But one of the best ways to invest for college is to open a custodial account under the Uniform Gifts to Minors Act (UGMA) or the Uniform Transfers to […]

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Tax Planning

Keep these DOs and DON’Ts in mind when deducting business meal and vehicle expenses

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May 31, 2023

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If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting […]

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Estate Planning

Estate Planning Considerations if You’re Single, With No Children

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May 30, 2023

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If you aren’t married and have no children, you may think you don’t need an estate plan. But nothing could be further from the truth. Unlike with married couples, there could be no specific person who can legally make medical decisions for you should you become incapacitated. And if you were to die without an […]

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Healthcare

Choosing the Best Employer Health Plan Takes Time

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May 25, 2023

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Even though many employers offer more than one health plan option, a recent survey by the Employee Benefit Research Institute (EBRI) found that most enrollees spent less than an hour making their selections. The survey was conducted during the 2022 open enrollment season, questioning 2,015 employees, ages 21 to 64. Other facts about the amount […]

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Author: H&B

When can seniors deduct Medicare premiums on their tax returns?

Got a “Business” Idea? You Might Want to Form a Nonprofit

Ways to Secure Your Estate Plan

10 Payroll Issues for Small Businesses

Reduce the impact of the 3.8% net investment income tax

Saving for Your Child’s Education? Consider a Custodial Account

Keep these DOs and DON’Ts in mind when deducting business meal and vehicle expenses

Estate Planning Considerations if You’re Single, With No Children

Choosing the Best Employer Health Plan Takes Time

A Comprehensive Approach to Goal-Based Financial Planning