Tax Planning Archives | Page 3 of 26 | Hutchinson and Bloodgood LLP

Tax Planning

What’s your potential business vehicle deduction?

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March 3, 2026

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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Tax Planning

Deferring taxes on advance payments

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February 24, 2026

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An advance payment is one received by a business before it provides whatever is being paid for. For federal income tax purposes, generally advance payments must be reported as taxable income in the year received. This treatment always applies if your business uses the cash method of accounting for tax purposes. But, if your business […]

#TaxDeferral, #TaxPlanning, #TaxStrategy

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Tax Planning

Quadrupled SALT deduction limit means more taxpayers will benefit from itemizing on their 2025 returns

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February 18, 2026

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An important decision to make when filing your individual income tax return is whether to claim the standard deduction or itemize deductions. A change under the One Big Beautiful Bill Act (OBBBA) will make it beneficial for more taxpayers to itemize deductions on their 2025 returns. Specifically, if you paid more than $10,000 in state […]

#ItemizedDeductions, #StandardDeduction, #TaxPlanning

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Tax Planning

SALT Digest Issue #6: Hawaii General Excise Tax

February 12, 2026

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#HawaiiGET, #SALT, #StateAndLocalTax

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Tax Planning

Some small businesses can still benefit from the health care coverage credit

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February 11, 2026

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Tax credits reduce tax liability dollar-for-dollar. As a result, they can be more valuable than deductions, which reduce only the amount of income subject to tax. One tax credit that hasn’t been getting much attention lately but that can still be valuable for some small businesses is the credit for providing health insurance to employees. […]

#EmployerTaxCredit, #SmallBusinessTax, #TaxCredits

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Tax Planning

How to get inventory under control

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February 10, 2026

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Uncertainty regarding inflation, demand and foreign tariffs has made inventory management even harder for businesses than it was previously. Although there are many unknowns right now, one thing is generally certain: Carrying excess inventory is expensive. If you’d like to trim your buffer stock and maximize profitability, there are effective ways to do it without […]

#BusinessOperations, #InventoryManagement, #SupplyChain

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Tax Planning

Increase your current business deductions under tangible property safe harbors

February 3, 2026

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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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