Tax Planning Archives | Page 3 of 25 | Hutchinson and Bloodgood LLP

Tax Planning

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

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January 14, 2026

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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Tax Planning

Avoiding inadvertent S corp termination

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December 23, 2025

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S corporation structure provides most of the tax benefits of a partnership plus the liability protection of a corporation. But because of the strict requirements that apply to these entities, preserving S corporation status requires due diligence. Reap the benefits Like a traditional C corporation, an S corporation shields its shareholders from personal liability for the corporation’s […]

#BusinessTax, #SCorporation, #TaxPlanning

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Tax Planning

There’s still time to save 2025 taxes

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December 16, 2025

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Just because it’s December doesn’t mean it’s too late to reduce your 2025 tax liability. Consider implementing one or more of these year-end tax-saving ideas by December 31. Defer income and accelerate deductions Pushing income into the new year will reduce this year’s taxable income. If you’re expecting a bonus at work, for example, ask if […]

#TaxPlanning, #TaxSavings, #YearEndTaxPlanning

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Tax Planning

New law eases the limitation on business interest expense deductions for 2025 and beyond

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December 10, 2025

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Interest paid or accrued by a business is generally deductible for federal tax purposes. But limitations apply. Now some changes under the One Big Beautiful Bill Act (OBBBA) will result in larger deductions for affected taxpayers. Limitation basics The deduction for business interest expense for a particular tax year is generally limited to 30% of […]

#BusinessInterestExpense, #OBBBA, #TaxUpdates

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Tax Planning

SALT Digest Issue #4 – Tax Planning at Year End

December 8, 2025

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#SALT, #TaxPlanning, #YearEndPlanning

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Tax Planning

How will taxes affect your merger or acquisition?

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November 25, 2025

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Whether you’re selling your business or acquiring another company, the tax consequences can have a major impact on the transaction’s success or failure. So if you’re thinking about a merger or acquisition, you need to consider the potential tax impact. Asset sale or stock sale? From a tax standpoint, a transaction can basically be structured […]

#BusinessSale, #MergersAndAcquisitions, #TaxStrategy

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