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

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

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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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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