Hutchinson and Bloodgood LLP

Most Americans don't have an estate plan, which can have serious implications for them and their family members. But you can easily start by drafting a will and naming an executor. Then consider naming an attorney-in-fact, setting up health care directives and trusts, and making tax-advantaged gifts to loved ones. #estateplanning #estateplan #trusts https://lnkd.in/g3pg-fD6

When companies are ready to sponsor a qualified retiremen tplan, they have many options. One under-the-radar choice is a 412(e)(3) plan. Unlike 401(k) plans, these are defined benefit plans funded with insurance and annuity contracts. Older business owners who want to maximize retirement savings in a short time may want to check out 412(e)(3)s. Why? Because, assuming they have few if any highly compensated employees, owners can take a large share of the financial benefits while also enjoying tax deductions for plan contributions. As is the case with defined benefit plans, however, sponsors must have the financial stability to support the plan indefinitely. Contact us for more information. #retirement #retirementplan #benefitsplan https://lnkd.in/gTUHCVBc

Closely held corporation owners: If you need money for personal expenses like a new car or home improvements, consider borrowing from the business. But follow these tips to avoid adverse tax consequences. #loans #closelyheldcorporations #taxes https://lnkd.in/gW7uUQtz

We are excited to announce promotions for the following people: Kevin Mekhsian (Glendale) – Director Saad Panja (Glendale) – Director Sophie Yin (Glendale) – Manager Cesar White (El Centro) – Supervisor Fernando Hernandez (Santa Barbara) – Senior Associate Mary Slade (Santa Barbara) – Senior Associate Usman Rashid (Santa Barbara) – Senior Associate Zachary Manos (Santa Barbara) – Senior Associate Krystal Fowler (San Diego) – Payroll Supervisor Seiki Kumagai (San Diego) – Associate Congratulations to all of you! Your hard work is appreciated, and your promotions are well-deserved.

What do you do when the temperatures rise and it is officially summer? Get ice cream, of course! One of Santa Barbara's fun summer activities: Going to McConnell’s to get ice cream!

You can earn profits or incur losses when you sell assets, such as investments, real estate, intangibles and other holdings. Under the federal income tax rules, there's usually a clear distinction between capital gains and losses and ordinary gains and losses. But the line can sometimes become blurry. Here's an overview of the current rules and how they may affect you. #profitslosses #capitalgains #taxes https://lnkd.in/grErjvJn

We're #hiring a new Tax Supervisor. Apply today!

Business owners: If your company is increasingly technology focused, it may be time to add a “tech exec” to your leadership team. Here are some options and issues to consider. #technology #technologyleadership #techexec https://lnkd.in/gYFyKdav

What’s on the tax horizon as many Tax Cuts and Jobs Act provisions get closer to their scheduled expiration date? Here are four possible scenarios. #taxchanges #TCJA #taxprovisions https://lnkd.in/gZYMgnJb

If you're planning to donate shares of a private business to charity this year, it's important to obtain a formal #businessvaluation. The IRS scrutinizes large charitable #contributions claimed on individual returns, and valuing private businesses can be complicated. Qualified donations can help lower your taxable income as well as support worthwhile causes. But not all donations are deductible. https://lnkd.in/g8gr7NmY