Tax Planning Archives | Hutchinson and Bloodgood LLP

Tax Planning

A small business primer on expense deductions

Which of your small business’s expenses are tax-deductible? This primer can help you understand the potential ramifications of spending decisions and which records you need to retain.

September 28, 2026

Whether your small business is new or you’ve run it for decades, you may not fully understand which expenses are potentially tax-deductible and which aren’t. After all, that’s why you have a tax advisor! But it’s worth keeping up with tax law because your daily decisions could significantly reduce your business’s taxable income — and […]

#businesstaxes, #TaxDeductions, #TaxPlanning

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Tax Planning

What higher 2026 AMT risk may mean for your year-end tax planning

September 25, 2026

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Tax law changes taking effect this year will increase alternative minimum tax (AMT) risk for some higher-income taxpayers. If you may be affected, consider the AMT before implementing income or deduction timing strategies. A move that would reduce your 2026 regular tax might provide little or no benefit under the AMT — or could trigger […]

#AlternativeMinimumTax, #FinancialPlanning, #TaxPlanning

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Tax Planning

What are the tax implications of cryptocurrency transactions?

Got crypto? Small business owners should beware of tax surprises when dealing with cryptocurrencies.

September 24, 2026

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If your small business accepts, uses or invests in Bitcoin, Ethereum or other forms of cryptocurrency, accurate reporting and detailed records are critical for federal tax purposes. The IRS continues to scrutinize digital-asset transactions. Today, business tax returns include a question about digital assets, and brokers are now required to report certain transactions to taxpayers […]

#CryptoAccounting, #Cryptocurrency, #TaxPlanning

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Tax Planning

SALT Digest Issue #11: Sales Tax on SaaS and Other Digital Products: California and Colorado Changes Coming in 2027

September 22, 2026

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#SoftwareTax, #TaxCompliance, #TaxPlanning

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Tax Planning

5 tax-smart ways to take cash out of your C corporation

Dividends aren’t the only way to take cash out of your C corporation. Here are some more tax-efficient alternatives to think about before year end.

September 15, 2026

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If you own a closely held C corporation, you might be looking for ways to withdraw cash from your business. Paying yourself a dividend can be a straightforward option — but it comes at a tax cost. Corporate distributions are generally taxable to you to the extent of your company’s “earnings and profits,” and your […]

#businesstaxes, #CCorporation, #TaxPlanning

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Tax Planning

Remote work can complicate your state taxes

Working remotely may have unexpected state tax consequences if you aren’t careful.

September 8, 2026

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Working remotely may broaden your job options and make daily life easier. But working from a different state than your employer — or spending part of the year working from a second home in a different state than where you normally reside — can create state tax issues. Because the rules vary by state, work […]

#HumanResources, #RemoteWork, #TaxPlanning

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Tax Planning

SALT DIGEST Issue #10: Looking Beyond State Lines: Understanding Local Tax Exposure

Many taxpayers assume that filing federal and state tax returns is sufficient, but changes such as remote work, rental property ownership, or operating a business in multiple locations can create additional local tax obligations. Overlooking local tax requirements, missing registration deadlines, or filing late can result in unexpected penalties and interest. In areas such as Portland, a single business or rental activity may trigger multiple local tax responsibilities, each with its own rules and deadlines. Our team can help assess your local tax exposure, identify filing requirements, prepare returns, and develop a compliance strategy tailored to your needs.

September 3, 2026

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#SALT, #StateAndLocalTax, #TaxPlanning

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Tax Planning

Educators may be able to claim 2 deductions for 2026 classroom expenses

At back-to-school time, many teachers buy classroom supplies to help make the school year a success for their students — and don’t receive reimbursement. If you’re among them, you may have expanded opportunities for tax deductions this year.

August 25, 2026

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Teachers and other educators often spend their own money on books, supplies, equipment and other classroom needs. For 2026, eligible educators may have two ways to deduct qualifying unreimbursed expenses. One deduction is available whether or not they itemize, and a new deduction under the One Big Beautiful Bill Act (OBBBA) is available to itemizers. […]

#EducatorExpenses, #TaxPlanning, #TeacherTaxDeduction

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Tax Planning

Let’s trade! Business bartering is still taxable

Bartering can be a viable way to conduct business, especially if you’re strapped for cash. But you can’t escape tax obligations.

August 17, 2026

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Trading items or services — without exchanging cash — has long been common among small businesses. Today, some use online barter exchanges to facilitate trades. In addition to preserving cash flow, these types of transactions may expand your purchasing power, help you move overstocked inventory and increase your business’s exposure to new markets. But bartering […]

#Bartering, #businesstaxes, #TaxPlanning

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Tax Planning

Tax essentials for sole proprietors

Sole proprietors: Are you on top of your federal tax obligations? Even if your business is small, tax compliance and planning are a big deal.

August 11, 2026

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Many small businesses start out as sole proprietorships. This structure is simple and inexpensive to establish and maintain — and it gives the owner direct access to profits without having to take formal distributions. But it also makes your taxes more complicated than when you were a W-2 employee. Here are some federal tax issues […]

#QualifiedBusinessIncome, #SoleProprietor, #TaxPlanning

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