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Hutchinson and Bloodgood LLP - 2022-08-30

The Inflation Reduction Act: what’s in it for you?

You may have heard that the Inflation Reduction Act (IRA) was signed into law recently. While experts have varying opinions about whether it will reduce inflation in the near future, it contains, extends and modifies many climate and energy-related tax credits that may be of interest to individuals. Nonbusiness energy property Before the IRA was … The Inflation Reduction Act: what’s in it for you? Read More » The post The Inflation Reduction Act: what’s in it for you? appeared first on Hutchinson and Bloodgood LLP.

Hutchinson and Bloodgood LLP - 2022-08-24

Evaluating an ESOP from a succession planning perspective

If you’ve been in business for a while, you’ve probably considered many different employee benefits. One option that might have crossed your desk is an employee stock ownership plan (ESOP). Strictly defined, an ESOP is considered a retirement plan for employees. But it can also play a role in succession planning by facilitating the transfer of … Evaluating an ESOP from a succession planning perspective Read More » The post Evaluating an ESOP from a succession planning perspective appeared first on Hutchinson and Bloodgood LLP.

Hutchinson and Bloodgood LLP - 2022-08-23

Self-employed? Build a nest egg with a solo 401(k) plan

Do you own a successful small business with no employees and want to set up a retirement plan? Or do you want to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan? Consider a solo 401(k) if you have healthy self-employment income and want to contribute substantial amounts to a retirement nest egg. … Self-employed? Build a nest egg with a solo 401(k) plan Read More » The post Self-employed? Build a nest egg with a solo 401(k) plan appeared first on Hutchinson and Bloodgood LLP.

Hutchinson and Bloodgood LLP - 2022-08-17

The Wide-Ranging Inflation Reduction Act Is Signed Into Law

Congress has passed the Inflation Reduction Act (IRA) and President Biden signed it into law on August 16. The $740 billion law contains many tax breaks and raises revenue through a new minimum tax on large, profitable corporations and an excise tax on stock buybacks. It’s intended to reduce the U.S. deficit by about $300 billion. … The Wide-Ranging Inflation Reduction Act Is Signed Into Law Read More » The post The Wide-Ranging Inflation Reduction Act Is Signed Into Law appeared first on Hutchinson and Bloodgood LLP.

Hiring Family Members Can Pay Off for Everyone

One of the advantages of owning and operating your own business is the ability to hire family members to fill open positions. This can be a significant perk in today’s tight labor market. Bringing on family members can have tax benefits for all involved, too, and offers an opportunity to start a retirement savings account for … Hiring Family Members Can Pay Off for Everyone Read More » The post Hiring Family Members Can Pay Off for Everyone appeared first on Hutchinson and Bloodgood LLP.

Weigh the Pros and Cons Before You Hire Part-Timers

The number of part-time jobs in the United States has generally increased over the past couple of decades. As of June 2022, there were approximately 25 million part-time workers. Although some part-time employees would prefer a full-time position, many people choose to work fewer than 40 hours per week. Employing part-timers can provide financial and operational … Weigh the Pros and Cons Before You Hire Part-Timers Read More » The post Weigh the Pros and Cons Before You Hire Part-Timers appeared first on Hutchinson and Bloodgood LLP.

Is it time for your business to fully digitize its accounts receivable?

With electronic payments and in-app purchases becoming so much the norm, many midsize to large companies have grown accustomed to software-driven accounts receivable. But there are some smaller businesses that continue to soldier on with only partially automated payment systems. If your company is still using paper-based processes, and suffering the consequences, it might be … Is it time for your business to fully digitize its accounts receivable? Read More » The post Is it time for your business to fully digitize its accounts receivable? appeared first on Hutchinson and Bloodgood LLP.

Estimated tax payments: Who owes them and when is the next one due?

If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This is the case if you receive interest, dividends, self-employment income, capital gains or other income. Here are the applicable rules for paying estimated tax without triggering the penalty for underpayment. When are … Estimated tax payments: Who owes them and when is the next one due? Read More » The post Estimated tax payments: Who owes them and when is the next one due? appeared first on Hutchinson and Bloodgood LLP.

Is your withholding adequate? Here’s how to check

When you filed your federal tax return this year, were you surprised to find you owed money? You might want to change your withholding so that this doesn’t happen again next year. You might even want to adjust your withholding if you got a big refund. Receiving a tax refund essentially means you’re giving the … Is your withholding adequate? Here’s how to check Read More » The post Is your withholding adequate? Here’s how to check appeared first on Hutchinson and Bloodgood LLP.

Should You Transfer Your Home to Your Adult Child?

Buying a house in today’s overheated real estate market can be challenging — especially as mortgage rates are on the rise. But financially secure parents who are considering downsizing or relocating to greener pastures may want to consider transferring their homes to their adult children. Here are three options to consider. 1. Make an Outright Gift … Should You Transfer Your Home to Your Adult Child? Read More » The post Should You Transfer Your Home to Your Adult Child? appeared first on Hutchinson and Bloodgood LLP.