Tax Planning Archives | Hutchinson and Bloodgood LLP

Tax Planning

Do you have an excess business loss?

February 20, 2025

If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need to know as you assess your 2024 tax situation. Disallowance rule The tax rules can get complicated if your business or rental activity throws off a tax loss — and many do during […]

#BusinessLosses, #ExcessBusinessLoss, #NOL, #TaxPlanning

Find Out More

Tax Planning

You may be able to make a deductible IRA contribution for last year this year

Easter,gold,egg,in,nest,on,black,background.,minimal,concept.

February 18, 2025

H&B

0

If you’re getting ready to file your 2024 tax return and your tax bill is higher than you’d like, there may still be a chance to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA until this year’s April 15 filing deadline and benefit from the tax savings on […]

#IRA, #RetirementSavings, #RothIRA, #TraditionalIRA

Find Out More

Tax Planning

Questions about taxes and tips? Here are some answers for employers

Restaurant,bill,receipt,holder,isolated,on,white,background

February 10, 2025

H&B

0

Businesses in certain industries employ service workers who receive tips as a large part of their compensation. These businesses include restaurants, hotels and salons. Compliance with federal and state tax regulations is vital if your business has employees who receive tips. Are tips becoming tax-free? During the campaign, President Trump promised to end taxes on […]

#PayrollCompliance #TipReporting #EmployeeTaxes

Find Out More

Tax Planning

Many business tax limits have increased in 2025

A, group, of, business, professionals, discusses, the, future, with, "2025," displayed, prominently. A, man, on, a, ladder, uses, a, telescope, symbolizing, foresight, and, planning. The, scene, represents, strategy, business, forecasting, and, preparation, for, the, year, ahead.

February 4, 2025

H&B

0

A variety of tax-related limits that affect businesses are indexed annually based on inflation. Many have increased for 2025, but with inflation cooling, the increases aren’t as great as they have been in the last few years. Here are some amounts that may affect you and your business. 2025 deductions as compared with 2024 Section […]

#BusinessTaxChanges, #IRSUpdates, #TaxUpdates2025

Find Out More

Tax Planning

Looking ahead to 2025 tax limits as you prepare to file your 2024 return

A, desk, calendar, reading, "TAX, 2025," sits, on, a, workspace, with, a, notebook, while, a, person, in, the, background, works, on, finances.

January 29, 2025

H&B

0

Chances are, you’re more concerned about your 2024 tax return right now than you are about your 2025 tax situation. That’s understandable because your 2024 individual tax return is due to be filed by April 15 (unless you file for an extension). However, it’s a good time to familiarize yourself with tax amounts that may […]

#2025Taxes, #FinancialPlanning, #TaxPlanning, #TaxUpdates

Find Out More

Tax Planning

Businesses: The Form W-2 and 1099-NEC deadline is coming up fast

Planning, ,tax,new,year,symbol.,concept,words, ,tax

January 27, 2025

H&B

0

With the 2025 tax filing season underway, be aware that the deadline is coming up fast for businesses to submit certain information returns to the federal government and furnish them to workers. By January 31, 2025, employers must file these forms and furnish them to recipients: Form W-2, Wage and Tax Statement. Form W-2 shows the wages […]

#1099Forms, #PayrollCompliance, #TaxDeadlines, #TaxPlanning, #W2Forms

Find Out More

Tax Planning

Early bird tips: Answering your tax season questions

ooden blocks labeled "EARLY, BIRD," and "LAST, MINUTE," with a hand rotating a cube. A green, arrow, points, to, "EARLY, BIRD," and a red, arrow, points, to, "LAST, MINUTE," symbolizing a choice, between, acting, early, or, waiting.

January 24, 2025

H&B

0

The IRS announced it will start the 2025 filing season for individual income tax returns on January 27. That’s when the agency began accepting and processing 2024 tax year returns. Even if you typically don’t file until much closer to the mid-April deadline (or you file for an extension), you may want to file earlier […]

#April15, #IRS, #TaxFilingDeadline, #TaxSeason2025

Find Out More

Tax Planning

The standard business mileage rate increased in 2025

January 20, 2025

H&B

0

The nationwide price of gas is slightly higher than it was a year ago and the 2025 optional standard mileage rate used to calculate the deductible cost of operating an automobile for business has also gone up. The IRS recently announced that the 2025 cents-per-mile rate for the business use of a car, van, pickup […]

#BusinessExpenses, #IRSUpdates, #MileageRates, #TaxPlanning

Find Out More

Tax Planning

Small business strategy: A heavy vehicle plus a home office equals tax savings

January 13, 2025

H&B

0

New and used “heavy” SUVs, pickups and vans placed in service in 2025 are potentially eligible for big first-year depreciation write-offs. One requirement is you must use the vehicle more than 50% for business. If your business usage is between 51% and 99%, you may be able to deduct that percentage of the cost in […]

#FirstYearDeductions, #HeavyVehicleDepreciation, #HomeOfficeBenefits, #TaxStrategies #BusinessTaxSavings

Find Out More

Tax Planning

Saving for college: Tax breaks and strategies your family should know

Large, calculator, shaped, like, a, graduation, cap, with, the, word, "TAX," displayed, on, its, screen. A, man, in, a, suit, leans, against, the, calculator, holding, a, large, pencil. To, the, right, the, word, "savings," is, written, in, cursive. The, background, is, a, beige, color, with, small, white, clouds, scattered, throughout.

January 10, 2025

H&B

0

As higher education costs continue to rise, you may be concerned about how to save and pay for college. Fortunately, several tools and strategies offered in the U.S. tax code may help ease the financial burden. Below is an overview of some of the most beneficial tax breaks and planning options for funding your child’s […]

#529Plan, #CollegePlanning, #CoverdellESA, #EducationSavings

Find Out More