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Answers to your questions about taking withdrawals from IRAs
Hutchinson and Bloodgood LLP - 2022-12-06

Answers to your questions about taking withdrawals from IRAs

As you may know, you can’t keep funds in your traditional IRA indefinitely. You have to start taking withdrawals from a traditional IRA (including a SIMPLE IRA or SEP IRA) when you reach age 72. The rules for taking required minimum distributions (RMDs) are complicated, so here are some answers to frequently asked questions. What … Answers to your questions about taking withdrawals from IRAs Read More » The post Answers to your questions about taking withdrawals from IRAs appeared first on Hutchinson and Bloodgood LLP.

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Take a look at stock options as a recruitment tool
Hutchinson and Bloodgood LLP - 2022-11-30

Take a look at stock options as a recruitment tool

According to the U.S. Bureau of Labor Statistics, the U.S. unemployment rate rose slightly to 3.7% in October. Seeing as how that’s still a relatively low number, your business may be struggling to fill its open positions. Offering equity-based compensation to job candidates is one recruitment strategy to consider. Many companies have used stock options … Take a look at stock options as a recruitment tool Read More » The post Take a look at stock options as a recruitment tool appeared first on Hutchinson and Bloodgood LLP.

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Strategies for investors to cut taxes as year-end approaches
Hutchinson and Bloodgood LLP - 2022-11-29

Strategies for investors to cut taxes as year-end approaches

The overall stock market has been down during 2022 but there have been some bright spots. As year-end approaches, consider making some moves to make the best tax use of paper losses and actual losses from your stock market investments. Tax rates on sales Individuals are subject to tax at a rate as high as … Strategies for investors to cut taxes as year-end approaches Read More » The post Strategies for investors to cut taxes as year-end approaches appeared first on Hutchinson and Bloodgood LLP.

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Year-end giving to charity or loved ones
Hutchinson and Bloodgood LLP - 2022-11-22

Year-end giving to charity or loved ones

The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. Here are the basic tax rules involved in these transactions. Donating to charity  In 2022, in order to receive a charitable donation write-off, you must … Year-end giving to charity or loved ones Read More » The post Year-end giving to charity or loved ones appeared first on Hutchinson and Bloodgood LLP.

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Hutchinson and Bloodgood LLP - 2022-11-18

10 Tips to Help You Combat Rising Costs

Inflation is up 8.3% year over year, according to the latest data from the U.S. Bureau of Labor Statistics. Many factors — including supply chain disruptions, multi-trillion-dollar government spending packages, the war in Ukraine and economic fallout from the COVID-19 pandemic — have contributed to higher prices at the gas pumps, on the grocery shelves and … 10 Tips to Help You Combat Rising Costs Read More » The post 10 Tips to Help You Combat Rising Costs appeared first on Hutchinson and Bloodgood LLP.

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Hutchinson and Bloodgood LLP - 2022-11-16

Like every business, a start-up needs a sensible budget

An impressive 432,834 new business applications for tax identification numbers were submitted during October 2022, according to the U.S. Census Bureau. Indeed, despite the relatively higher costs of doing business these days, plenty of start-ups are still launching. One thing that every new company needs, along with a business plan, is a sensible budget. And that … Like every business, a start-up needs a sensible budget Read More » The post Like every business, a start-up needs a sensible budget appeared first on Hutchinson and Bloodgood LLP.

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Hutchinson and Bloodgood LLP - 2022-11-15

Computer software costs: How does your business deduct them?

These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services or sells or leases software to others. In any of these situations, you should be aware of the complex rules that determine the tax treatment of the … Computer software costs: How does your business deduct them? Read More » The post Computer software costs: How does your business deduct them? appeared first on Hutchinson and Bloodgood LLP.

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Hutchinson and Bloodgood LLP - 2022-11-11

Is Self-Employment Right for You?

For some time now, the media has highlighted the so-called “Great Resignation,” where legions of people have left their former jobs. If you’re among those who’ve resigned or you’re thinking about quitting, you may be considering a shift to self-employment. Before making the leap, though, you need to consider several factors that could be pros … Is Self-Employment Right for You? Read More » The post Is Self-Employment Right for You? appeared first on Hutchinson and Bloodgood LLP.

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Hutchinson and Bloodgood LLP - 2022-11-09

How should your marketing strategy change next year?

The current calendar year is winding down and a fresh 12 months lies ahead. That makes now a good time to think about how you should present yourself to customers and prospects next year. The U.S. economy has undergone notable change in 2022. Namely, rising inflation and persistent supply chain challenges have forced companies to really contemplate … How should your marketing strategy change next year? Read More » The post How should your marketing strategy change next year? appeared first on Hutchinson and Bloodgood LLP.

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Hutchinson and Bloodgood LLP - 2022-11-08

Adopting a child? Bring home a tax break too

Two tax benefits are available to offset the expenses of adopting a child. In 2022, adoptive parents may be able to claim a credit against their federal tax for up to $14,890 of “qualified adoption expenses” for each child. This will increase to $15,950 in 2023. That’s a dollar-for-dollar reduction of tax. Also, adoptive parents … Adopting a child? Bring home a tax break too Read More » The post Adopting a child? Bring home a tax break too appeared first on Hutchinson and Bloodgood LLP.

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