#TaxDeductions Archives | Hutchinson and Bloodgood LLP

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

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

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

Tax Court case provides lessons on best recordkeeping practices for businesses

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September 22, 2025

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Running a successful business requires more than delivering great products or services. Behind the scenes, meticulous recordkeeping plays a crucial role in financial health, compliance and tax savings. Good records can mean the difference between successfully defending a deduction and losing valuable tax breaks. A recent U.S. Tax Court decision underscores just how important this […]

#Recordkeeping, #TaxCourt, #TaxDeductions

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Tax Planning

DOs and DON’Ts to help protect your business expense deductions

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June 23, 2025

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If you’re claiming deductions for business meals or vehicle expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting […]

#BusinessExpenses, #IRSCompliance, #TaxDeductions

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Tax Planning

Turning stock downturns into tax advantages

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March 18, 2025

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Have you ever invested in a company only to see its stock value plummet? (This may become relevant in light of recent market volatility.) While such an investment might be something you’d rather forget, there’s a silver lining: you can claim a capital loss deduction on your tax return. Here are the rules when a […]

#CapitalGains, #Investing, #StockLosses, #TaxDeductions

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