Hutchinson and Bloodgood

TAX TIP When you sell your home, you’ll pay tax (or avoid it) based on the basis of the property. Here’s how to determine yours. #realestate #tax #property https://hbllp.com/blog-tax-brief_apr13.html

Business Brief The COVID-19 pandemic has accelerated the trend toward allowing employees to telecommute. In turn, effective IT support has become an important contributor to profitability. # #covid #itsupportservices #remotework https://hbllp.com/blog-tax-brief_apr7_21.html

TAX TIP If you qualify to file as a head of household, you may pay less tax than if you file your tax return as a single individual. #taxes #irs https://hbllp.com/blog-tax-brief_apr6.html

President Biden has signed legislation to extend the application period of the popular Paycheck Protection Program (PPP). This followed a bipartisan 92-7 vote in the U.S. Senate to pass the Paycheck Protection Program Extension Act. This article explains the basics of the program, along with the new deadline for applications. #ppploans #pppextension https://hbllp.com/blog-tax-brief_mar31.html

Tax Tip: The nice weather and the general downturn in COVID-19 cases has spurred some business owners to think about buying a car this spring. Here’s an option that may save on taxes. #taxes #writeoff https://hbllp.com/blog-tax-brief_mar30.html

America's Best Tax and Accounting Firms For the second year, Forbes has published a list of the most recommended firms for tax and accounting services in the U.S. based on surveys of tax and accounting professionals and their clients. Hutchinson and Bloodgood is one of 25 firms listed from California! https://www.forbes.com/best-tax-firms/#9b8d9524bdc8

Tax Tip: This year has been full of twists and turns. But you're not done with the wild ride just yet there's still time to make tax planning moves that could lower your federal income tax bill for 2020 and position you to save in the future. Here's an overview of today's individual federal income tax rates and some strategies for you to consider implementing before year end. #taxes #taxplanning https://hbllp.com/blog-tax-brief_nov2.html

Tax Tip: Businesses have long been required to properly track payroll records. The urgency and complexity of this task has grown because of the pandemic. #payroll #payrollrecords https://hbllp.com/blog-tax-brief_oct28.html

Tax Tip: Getting a divorce can be distressing. You don’t want to make matters worse by making decisions that will cost you more in taxes. Here are four issues to consider if you’re in the midst of getting a divorce. #divorce #divorcetaxissues https://hbllp.com/blog-tax-brief_oct27.html

In The News: Ostendio Inc., a leading provider of integrated risk management software, today announced Hutchinson and Bloodgood LLP, a leading regional CPA firm, is the latest firm to join the MyVCM Auditor Connect marketplace. This groundbreaking marketplace offers customers more choices in their third-party security, risk management, and IT assurance audit firms. Hutchinson and Bloodgood LLP utilizes Ostendio MyVCM to guide its customers through well-known security frameworks and certifications such as SOC 1, SOC 2, HIPAA, FFIEC, NIST, and others. http://hbcg.com/press-release.html

Tax Tip: During the COVID-19 crisis, work-from-home arrangements have become more common. But there's been an uptick in cyberattacks as fraudsters target employees' less-secure home networks. A recent fraud alert from the Cybersecurity Infrastructure Security Agency explains how scammers use voice phishing (or "vishing") to access company records and how employers can fortify their defenses. #phishing #vishing #scam https://hbllp.com/blog-tax-brief_oct23.html

Tax Tip: Business owners, as you grapple with the economic impact of COVID-19, don’t overlook the importance of sound inventory management. #inventory #inventorymanagement https://hbllp.com/blog-tax-brief_oct22.html

Tax Tip: Planning to buy or sell mutual fund shares? Here are some tax hazards to avoid. #MutualFunds #TaxTips https://hbllp.com/blog-tax-brief_oct20.html

Tax Tip: In the COVID-19 era, one possible source of extra cash is your Roth IRA. But, beware, some Roth account withdrawals may not be tax-free. Plus, some withdrawals taken before you turn 59 can be hit with a 10% penalty tax. Here's a summary of the complex federal income tax rules that apply to Roth IRA distributions, including a special break for "coronavirus-related" distributions. #IRA #rothirawithdrawls https://hbllp.com/blog-tax-brief_oct15.html

Business Brief: Business owners: Have you paused to consider how well your company initially responded to the COVID-19 pandemic? Update your disaster plan before the details fade. #disasterplan #beprepared https://hbllp.com/blog-tax-brief_oct14.html

Tax Tip: Did you file an extension until Oct. 15 to file your 2019 tax return? After finishing, you may find yourself with piles of tax-related documents. You might not want to toss them out for fear of trashing something important. Here are some tax recordkeeping guidelines. #taxrecords #IRS https://hbllp.com/blog-tax-brief_oct13.html

Tax Tip: Every year, many Americans wait to see if Congress will extend certain expiring federal tax breaks for another year or two. In today's uncertain environment, you may not want to take anything for granted. Here are some expiring tax breaks you might want to cash in on before year end. Proper planning can help substantially lower your 2020 federal tax bill. #IRS #taxbreak https://hbllp.com/blog-tax-brief_oct9.html

Tax Tip: During the COVID-19 pandemic, many companies have shifted to work-from-home arrangements to protect the safety of their workers. This trend is expected to continue even after the pandemic ends. Unfortunately, the chances of intellectual property theft (or inadvertent loss) are generally greater when employees work at home. Here are some measures you can take to protect your trademarks, patents, copyrights and other forms of IP today. #security #workfromhome https://hbllp.com/blog-tax-brief_oct8.html

Tax Tip: Millions of Americans are now working from home, and many are asking whether unreimbursed home office expenses are tax deductible. While employees can't claim home office deductions for 2018 through 2025, self-employed individuals are eligible if they meet certain usage requirements. Here are the details, including whether the self-employed can deduct home office improvement. #taxdeductions #homeoffice https://hbllp.com/blog-tax-brief_oct7.html