#SmallBusinessTax Archives | Hutchinson and Bloodgood LLP

Tax Planning

Expecting a big revenue year? Consider tax moves before year end

If your business is booming, congratulations! Higher profits are great news, but don’t overlook your 2026 income tax obligations. Let’s explore ways to lower taxes and avoid tax-filing surprises.

October 12, 2026

For most small business owners, strong revenue growth is something to celebrate. But a profitable year can also significantly increase your income tax liability. If your business is on track for a banner year, now is the time to evaluate tax-reduction strategies. Here’s some guidance for sole proprietors and owners of pass-through entities (such as […]

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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 […]

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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. […]

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Tax Planning

The new law includes favorable changes for depreciating eligible assets

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July 21, 2025

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The One Big Beautiful Bill Act (OBBBA) includes a number of beneficial changes that will help small business taxpayers. Perhaps the biggest and best changes are liberalized rules for depreciating business assets. Here’s what you need to know. 100% bonus depreciation is back The new law permanently restores 100% first-year depreciation for eligible assets acquired […]

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