Business owners are still getting used to the massive tax law changes that generally went into effect last year. But it’s still possible to take steps before the end of the year to reduce liability. This article presents some options to consider, such as making capital purchases, establishing a new retirement plan and reviewing entity structure. The article also points out that all of these strategies could affect other aspects of a business’s tax planning, so obtaining professional advice is essential.

The end of the year is an excellent time to revisit your tax strategies with an eye toward ensuring you’re taking any and all actions needed to reduce your tax bill — before it’s too late. One area to look at is capital gains. Rising value is a good thing, but if you sell an investment, be aware that the gains are potentially taxable. This means that, depending on the kind of asset it is, your tax bill might increase along with the proceeds of the investment sale. But with proper planning, you can reduce your capital gains tax liability — and avoid unpleasant surprises.

When an individual changes jobs, an important consideration is how to handle any money accumulated in his or her current employer’s retirement plan. Although on option is simply to withdraw the funds, this can be costly. This article suggests several strategies, including leaving the funds where they are or rolling over the funds to an IRA, that will help people changing jobs avoid unfavorable tax consequences and penalties.

Equity-based compensation is a powerful tool for attracting, retaining and motivating executives and other employees. By rewarding recipients for their contributions to a business’s success, it aligns their interests with those of the company and provides them with an incentive to stay. This article explores several equity-based compensation options.

It may be advantageous to file a gift tax return when transferring property to a family member, even when one isn’t required. If the return meets the IRS’s “adequate disclosure” requirements, the three-year statute of limitations clock starts. This article explains why filing a gift tax return can reduce future tax surprises and defines “adequate disclosure.”

A major decision for those who are newly retired, or planning on retiring soon, is deciding what to do with the savings accumulated in their company’s 401(k) plan. This article discusses the various factors to consider before making a decision.

We are pleased to announce the recent hires to our firm! Read more about the new faces in our firm.

At Hancock & Dana giving back to the community is an important part of our history and mission. This month we volunteered at Food Bank for the Heartland to help stop hunger in Nebraska and Western Iowa. During our time, we bagged 7,525 pounds of apples and potatoes. We are grateful for the opportunity to work and serve in such a wonderful community.

Executives and business owners often find the greatest obstacle to innovation isn’t the change itself, but employees’ resistance to it. Employees may be concerned about their ability to manage or control changes. They may worry about the ways innovation is likely to alter (or even eliminate) their jobs. This article offers some ways to gain support from employees and notes that companies can ease a transition by acknowledging and addressing the reasons employees might resist it.

The Qualified Opportunity Zone (QOZ) program created by the Tax Cuts and Jobs Act (TCJA) provides a tax incentive for investors who realize capital gains to make long-term investments in one of the nearly 9,000 distressed communities in the United States that have been designated QOZs. This article discusses the pros and cons of investing in QOZs. For investors to gain the maximum tax benefits, they need to invest not only capital gains but time-seven years or more. But the article notes that, if they can hold onto the investment over that period, they’ll make a profit both for the communities and for themselves.