Divorce entails difficult personal issues, and taxes are probably the farthest thing from your mind. However, they should be considered to keep taxes to a minimum. For example, if you sell your personal residence or one spouse remains there while the other moves out, you want to ensure you’ll be able to avoid tax on up to $500,000 of gain. A spouse’s retirement benefits and business are often part of a divorce settlement and must be handled carefully. You also must decide how to file your tax return for this year (married filing jointly, married filing separately or head of household). There may be other issues you have to deal with. We can help you cope with divorce financial issues.
Hutchinson and Bloodgood LLP
Accounting
Glendale, CA 7,345 followers
Your Partner for Success Since 1922
About us
Hutchinson and Bloodgood LLP is a leading firm of Certified Public Accountants and Consultants providing Tax Planning, Auditing, Technology Consulting, Human Resources and Business Advisory Services. Since 1922, Hutchinson and Bloodgood LLP has been an active member of the community. Our reputation is based on the trusted advice and quality service we offer our clients. With offices throughout California, we are your local partner with national and international resources.
- Website
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http://www.hb.cpa
External link for Hutchinson and Bloodgood LLP
- Industry
- Accounting
- Company size
- 51-200 employees
- Headquarters
- Glendale, CA
- Type
- Partnership
- Founded
- 1922
- Specialties
- Certified Public Accountants and Consultants
Locations
Employees at Hutchinson and Bloodgood LLP
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Tanya Scott
Business Growth and Owner Transition Strategist | Hutchinson and Bloodgood LLP
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Philip Chow, CPA, MST
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Scott Suekawa
Partner in the ERP Consultant Group at Hutchinson & Bloodgood
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Steve Throop
CPA/Business Advisor - Partner at Hutchinson and Bloodgood LLP - Practical solutions moving from complexity to clarity!
Updates
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Business owners: As you know, controlling costs is both fundamental and challenging. Here’s a look at three specific areas that are getting attention from many companies. #businessplanning #controllingcosts #costcutting https://lnkd.in/gvhVb9iK
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The federal estate tax exemption is currently $13.61 million, so you may want to think more about saving income taxes for your heirs (rather than worrying about estate taxes). #estateplanning #incometaxes #estatetaxes https://lnkd.in/gYn7ME4C
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Between BBQs, fireworks and baseball games, you should take some time this summer to consider tax planning moves that could lower your tax obligations for 2024. Proactive midyear planning can help avoid a year-end scramble to implement tax saving strategies before December 31. When it comes to tax planning, procrastination can be a costly mistake. #taxplanning #taxes #taxstrategies https://lnkd.in/gi_w4VbX
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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
Cross “Create an Estate Plan” Off Your To-Do List
https://hb.cpa
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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
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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
Consider borrowing from your corporation but structure the deal carefully
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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.