Tax Planning Archives | Hutchinson and Bloodgood LLP

Tax Planning

Material participation: Why it matters for LLP and LLC owners

LLC and LLP owners: Can you deduct your business losses this year? The answer may depend on whether your activity is considered passive under the IRS’s passive activity loss rules.

April 20, 2026

The passive activity loss (PAL) rules may limit your ability to deduct losses from a business structured as a limited liability partnership (LLP) or limited liability company (LLC). Depending on how your ownership interest is treated under these rules, you may have more or less flexibility to claim losses in the current year. Here’s a […]

#businesstaxes, #PassiveActivityLoss, #TaxPlanning

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Tax Planning

Your post-tax-filing checklist

There are a few more things to do once you’ve filed your 2025 income tax return …

April 14, 2026

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After you’ve filed your 2025 tax return, what’s next? It’s easy to move on to other things, but taking a little time to address some tax-related items now can help you stay organized and avoid issues later. Here are a few to-dos. Check your refund status If you’re getting a tax refund and haven’t received […]

#IRSUpdates, #TaxPlanning, #TaxTips

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Tax Planning

What you need to know about filing an extension — and minimizing penalties

Not ready to file your federal income tax return by April 15? There are things you can do to avoid or reduce penalties.

April 7, 2026

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If you don’t have everything ready to complete your 2025 federal individual income tax return by the April 15 deadline, you can request an automatic extension. Filing Form 4868, “Application for Automatic Extension of Time To File U.S. Individual Income Tax Return,” by April 15 can give you breathing room to file accurately and protect […]

#TaxDeadline, #TaxExtension, #TaxPlanning

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Tax Planning

Are you eligible for mileage deductions?

.The circumstances when individual taxpayers can deduct vehicle-related expenses are limited, but tax-saving opportunities are available.

March 31, 2026

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Whether you’re filing your 2025 individual income tax return or planning for 2026, it’s important to know if you can deduct vehicle-related expenses. A change that was made permanent by last year’s One Big Beautiful Bill Act (OBBBA) limits who can claim a deduction for business mileage. But you might still be eligible, and deductions […]

#MileageDeduction, #TaxDeductions, #TaxPlanning

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Tax Planning

Debt vs. equity: Classification counts when shareholders put money into their corporations

How you move money into your C corporation today can shape your tax outcomes tomorrow. Here’s why making bona fide loans to your business can be a tax-smart move.

March 30, 2026

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If you operate your business as a C corporation, how you put money into your company — and how you take it back out — can have a major impact on your tax bill. Payments from shareholders to fund the business can either be classified as capital contributions (equity) or shareholder loans (debt). That might sound […]

#BusinessStrategy, #CorporateTax, #TaxPlanning

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Tax Planning

Business deductions for four-legged coworkers

Expenses related to animals that protect business property or inventory may qualify for tax deductions. But the IRS draws a clear line between a working animal and a household pet. Learn the tax rules and required documentation.

March 16, 2026

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Did you know that you can claim tax deductions for animals that serve a bona fide business purpose? This benefit extends beyond agricultural operations. Working animals in many sectors may qualify. Here are the details. Working animals vs. personal pets A working animal must provide a clear and direct business benefit. Common examples include: Dogs […]

#BusinessTaxDeductions, #SmallBusinessTaxes, #TaxPlanning

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Tax Planning

April 15 is the deadline for more than just your income tax return

Depending on your situation, you may have more to do by April 15 than file your Form 1040. What you do — or don’t do — by that date could either save you or cost you taxes, interest and penalties.

March 12, 2026

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You know your 2025 federal income tax return is due April 15, 2026. But do you know what else has an April 15 deadline? If you don’t, you could miss out on valuable tax-saving opportunities or become subject to interest and even penalties. Making 2025 contributions to an IRA It may be 2026, but you can still […]

#IRATips, #TaxDeadlines, #TaxPlanning

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Tax Planning

4 types of interest expense you may be able to deduct

The rules for interest expense deductions for individual taxpayers are complex. Find out what you might be able to deduct on your 2025 income tax return.

March 4, 2026

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#InterestDeductions, #TaxPlanning, #TaxSavings

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Tax Planning

What’s your potential business vehicle deduction?

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March 3, 2026

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If you used one or more vehicles in your business during 2025, you may be eligible for valuable tax deductions on your 2025 income tax return. Businesses can generally deduct expenses attributable to business use of a vehicle plus depreciation. However, the rules are complicated, and your deduction may be affected by factors such as […]

#BusinessDeductions, #SmallBusinessTax, #TaxPlanning

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Tax Planning

Parents: Claim all the tax credits you’re entitled to

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February 25, 2026

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Raising a family comes with plenty of expenses, but it may also make you eligible for various tax breaks. Some of the most valuable are tax credits, because they reduce your tax liability dollar for dollar (unlike deductions, which only reduce the amount of income subject to tax). Here’s what you need to know. Child, […]

#ChildTaxCredit, #FamilyTaxSavings, #TaxCredits

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