Tax Planning Archives | Hutchinson and Bloodgood LLP

Tax Planning

Increase your current business deductions under tangible property safe harbors

February 3, 2026

Did your business make repairs to tangible property, such as buildings, equipment or vehicles, in 2025? Such costs may be fully deductible on your 2025 income tax return — if they weren’t actually for “improvements” that must be depreciated over a period of years. Betterment, restoration or adaptation In general, a cost that results in […]

#BusinessTax, #TaxCompliance, #TaxPlanning

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Tax Planning

How the new Trump Accounts for children will work

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January 28, 2026

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A new tax-advantaged way to help children build up savings for the future was created by the One Big Beautiful Bill Act (OBBBA): Trump Accounts (TAs). Under a pilot program, you can make an election to set up a TA for your U.S. citizen child born in 2025 through 2028 and the federal government will […]

#FinancialPlanning, #TaxPlanning, #WealthPlanning

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Retirement Planning, Tax Planning

There’s still time to set up a SEP and reduce your 2025 taxes

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January 27, 2026

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If you own a business or are self-employed and haven’t already set up a tax-advantaged retirement plan, consider establishing one before you file your 2025 tax return. If you choose a Simplified Employee Pension (SEP), you’ll be able make deductible 2025 contributions to it, saving you taxes. Not only is the SEP deadline favorable, but […]

#BusinessOwners, #SEPIRA #SimplifiedEmployeePension #RetirementPlanning, #TaxAdvantagedRetirement

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Tax Planning

Tax filing FAQs for individuals

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January 23, 2026

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The IRS is opening the filing season for 2025 individual income tax returns on January 26. This is about the same time as when the agency began accepting and processing 2024 tax year returns last year, despite IRS staffing having been significantly reduced since then. Here are answers to some FAQs about filing. When is […]

#IRSUpdates, #TaxFiling, #TaxSeason2026

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Tax Planning

Is your business ready for the tax deadline that’s on Groundhog Day this year?

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January 21, 2026

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Normally businesses must furnish certain information returns to workers and submit them to the federal government by January 31. But this year, that date falls on a Saturday. So the deadline is the next business day, which happens to be Groundhog Day: February 2, 2026. W-2s for employees By February 2, employers must furnish and/or file these […]

#February2Deadline, #GroundhogDayDeadline, #TaxDeadlines

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Tax Planning

When medical expenses are — and aren’t — tax deductible

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January 14, 2026

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If you had significant medical expenses last year, you may be wondering what you can deduct on your 2025 income tax return. Income-based thresholds and other rules can make it hard to claim the medical expense deduction. At the same time, more types of expenses may be eligible than you might expect. Limits on the […]

#ItemizedDeductions, #MedicalExpenseDeduction, #TaxPlanning

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Tax Planning

SALT Digest Issue #5: Navigating U.S. Sales Tax

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January 12, 2026

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#SalesTax, #SALT, #UseTax

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Tax Planning

Not all “business” expenses are tax deductible

January 6, 2026

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With 2025 in the rear view mirror and the tax filing deadline on the road ahead, it’s a good time for businesses to start gathering information about their deductible expenses for 2025. But what’s deductible (and what’s not) might not be as clear-cut as you think. Most business deductions aren’t specifically listed in the Internal […]

#BusinessTax, #TaxDeductions, #TaxPlanning

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Tax Planning

A new year means new tax figures for individuals

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December 31, 2025

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Many tax figures are annually adjusted for inflation and typically increase each year (or at least every few years). For 2026, some additional changes are going into effect under the One Big Beautiful Bill Act, signed into law July 4, 2025. Here’s an overview of some important limits and other tax figures for 2026. Keep […]

#2026Taxes, #TaxPlanning, #TaxUpdates

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Tax Planning

More individuals with disabilities will be eligible for tax-advantaged ABLE accounts in 2026

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December 29, 2025

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Did you know there’s a tax-advantaged way to save for the expenses of a person with a disability that’s similar to saving for college expenses with a Section 529 plan? Achieving a Better Life Experience (ABLE) accounts can help fund qualified disability expenses for an eligible beneficiary. The SECURE 2.0 Act, signed into law in […]

#FinancialPlanning, #IndividualTaxPlanning, #TaxPlanning

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