#TaxPlanning Archives | Hutchinson and Bloodgood LLP

Tax Planning

How the new Trump Accounts for children will work

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January 28, 2026

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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Tax Planning

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

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January 14, 2026

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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

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

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

New itemized deduction limitation will affect high-income individuals next year

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November 21, 2025

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Beginning in 2026, taxpayers in the top federal income tax bracket will see their itemized deductions reduced. If you’re at risk, there are steps you can take before the end of 2025 to help mitigate the negative impact. The new limitation up close Before the Tax Cuts and Jobs Act (TCJA), certain itemized deductions of […]

#ItemizedDeductions, #TaxPlanning, #TaxUpdate2026

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Tax Planning

New deduction for QPP can save significant taxes for manufacturers and similar businesses

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November 19, 2025

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The One Big Beautiful Bill Act (OBBBA) allows 100% first-year depreciation for nonresidential real estate that’s classified as qualified production property (QPP). This new break is different from the first-year bonus depreciation that’s available for assets such as tangible property with a recovery period of 20 years or less and qualified improvement property with a […]

#BusinessTaxUpdate, #DepreciationRules, #TaxPlanning

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