#TaxPlanning Archives | Page 2 of 9 | Hutchinson and Bloodgood LLP

Be tax-smart with your mutual fund investments

Do you invest in mutual funds? If you hold such funds in a taxable account (in other words, outside of a retirement plan), it’s important to understand the tax consequences of holding and selling them.

July 29, 2026

Mutual funds offer an easy way to invest in a diversified portfolio compared to buying individual stocks and bonds. But the tax treatment of mutual funds isn’t so simple. How are mutual funds taxed? If you sell appreciated mutual fund shares, the resulting profit will be taxable. If you’ve held the shares for one year […]

#FinancialPlanning, #MutualFunds, #TaxPlanning

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Tax Planning

How what you donate impacts your tax deductions

Charitable donations can be a powerful tax-saving tool. But there’s much to consider as you plan your giving for the rest of 2026.

July 21, 2026

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Have you already made contributions to charity this year? Are you considering making more between now and year end? If so, it’s important to be familiar with the tax rules for different types of donations so you can maximize your tax benefit — or at least avoid finding out at tax filing time that your […]

#CharitableGiving, #TaxDeductions, #TaxPlanning

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Tax Planning

Before you spend lottery, gambling or other winnings, understand the tax rules

A winning scratch-off ticket or a slot-machine payout is worth celebrating, especially if it’s big. But there are also income tax consequences to be aware of.

July 14, 2026

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It’s easy to focus on the excitement of a big win. But federal tax law generally treats lottery prizes, gambling winnings and other awards as taxable income. Knowing the basic rules can help you avoid surprises when you file your 2026 return next year. Lottery prizes Of course, the chances of winning big in the […]

#GamblingTaxes, #LotteryWinnings, #TaxPlanning

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Tax Planning

FAQs about resolving small business tax issues

IRS or state tax problems don’t have to derail your business. Learn what steps you can take to make tax resolution feel more manageable and keep your business moving full speed ahead.

July 13, 2026

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Tax problems can happen to even the most organized small business owners. A cash flow crunch, an unexpected tax notice, a missed filing deadline or a payroll tax oversight can be stressful — especially when penalties and interest begin to add up. Fortunately, businesses can get back on track by addressing tax issues promptly and […]

#BusinessFinancess, #SmallBusines, #TaxPlanning

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Tax Planning

Midyear tax planning: Review opportunities to save taxes this year (or next)

Planning opportunities often become more limited as the end of the year approaches. Reviewing your tax picture midyear gives you more time to take steps to reduce or defer taxes.

July 7, 2026

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Summer is a good time to see whether your income, deductions and investment activity are lining up as expected. Let’s take a look at a few areas that commonly provide tax-saving opportunities. Your tax bracket The legislation commonly known as the One Big Beautiful Bill Act (OBBBA), which was signed into law on July 4, […]

#MidYearTaxPlanning, #PersonalFinance, #TaxPlanning

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Tax Planning

Selecting a tax accounting method for your small business

Certain “small” businesses have a choice of using cash or accrual accounting for tax purposes. If you’re one of them, which route should you take?

July 6, 2026

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Small business owners must answer an important question: Should we use the cash or accrual accounting method for federal income tax purposes? Larger entities are required to use the accrual method. But certain small businesses can elect to use the cash method. You may want to consider this option if it will help lower your taxes. However, […]

#Accounting, #SmallBusiness, #TaxPlanning

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Social Security

Will your Social Security benefits be taxable?

June 30, 2026

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Last year, the new tax deduction for taxpayers 65 and older was sometimes referred to as “no tax on Social Security.” In actuality, this up-to-$6,000-per-individual deduction, also known as the “senior” deduction, is generally available whether or not someone receives Social Security benefits. (But other limits do apply, such as an income-based phaseout.) Of course, […]

#RetirementPlanning, #SocialSecurity, #TaxPlanning

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Business Planning & Consulting

What’s the right entity type for your new business?

A critical part of starting a business is deciding how to structure it — and there’s no universal “right” choice. Find out how two popular entity types compare.

June 29, 2026

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Start-ups must choose a legal entity for their business activities. The type of entity you select affects how the business is taxed and who may be held personally liable for its debts and obligations, among other things. Two popular options — assuming you’re going into business with one or more other people — are S […]

#BusinessFormation, #SmallBusiness, #TaxPlanning

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Tax Planning

Don’t overlook these tax issues after a job loss

A job loss can create tax consequences that aren’t always obvious. Reviewing your options before making decisions about severance, health coverage and retirement accounts may help you avoid unnecessary taxes and penalties.

June 16, 2026

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Even with a relatively low unemployment rate (averaging around 4.4% over the past year), layoffs and terminations continue to affect workers across many industries. If you’ve recently lost your job, you’re likely focused on replacing income and evaluating your next steps. But some tax implications related to a job loss also may require attention. Here […]

#FinancialWellness, #JobLossPlanning, #TaxPlanning

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Real Estate & Construction

Demystifying like-kind exchanges

A like-kind exchange can be a valuable tax-deferral strategy — but only if you follow the rules. Learn four common myths that can lead to missed opportunities or costly mistakes.

June 15, 2026

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If you’re a real estate developer or a small business owner who owns commercial real estate, you might be thinking about selling a property. If it has appreciated significantly, a Section 1031 like-kind exchange may allow you to defer tax on some or all of the gain. With this transaction, you exchange one property for […]

#1031Exchange, #CommercialRealEstate, #TaxPlanning

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