01Apr
A powerful tax incentive for investors
Uncategorized
a small pile of united states currency

Investors willing to make long-term investments in distressed communities now have a powerful tax incentive for doing so: the Qualified Opportunity Zone (QOZ) program, created by the Tax Cuts and Jobs Act. This article explains the QOZ program and how to make the most of its benefits. A brief sidebar uses a fictional example to explain the potential benefits of investing in a Qualified Opportunity Fund.

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04Mar
Paying off your mortgage before you retire
Uncategorized

A Fannie Mae study found that less than 50% of homeowners age 65 to 69 were mortgage-free in 2015, down 10 percentage points from 2000. This brief article notes that homeowners will probably come out ahead by eliminating their mortgages before they stop working-but not always. The article discusses the pros and cons of paying off mortgages before retirement.

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04Mar
How to deduct business losses after the TCJA
Uncategorized

The pass-through entity structure, which includes sole proprietorship, partnerships, S corporations and certain limited liability companies (LLCs), provides owners with some valuable tax benefits, such as avoidance of double taxation and the potential ability to deduct losses from the business on their individual tax returns. But under the Tax Cuts and Jobs Act (TCJA), there are some new limitations on deducting business losses. This article looks at the changes in the rules and how they might affect owners of pass-throughs.

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04Mar
Best practices in issuing pay raises
Uncategorized
one dollar bills in a stack

Typically, business owners offer raises that recognize employee expertise, accomplishments and loyalty while keeping their pay scales roughly in line with those offered by other firms in their industries and geographic locations. A business might want to regard specific employees who’ve made contributions to the company, but it will also want to maintain a level of equity with other worker’s compensation- while at the same time keeping payroll costs in line. This article explains how businesses can balance these competing goals by taking such steps as standardizing the criteria they use to determine raises and setting up a raise schedule.

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04Mar
Family Matters
Uncategorized
babysitter working with a toddler

Taxpayers filing their 2018 tax returns on the new Form 1040 should expect to see some big differences-not just in the form itself, but also in their bottom lines. This year’s return will reflect changes made by the Tax Cuts and Jobs Act (TCJA), and for many families the act will live up to its name. But not everyone will enjoy a tax cut-some households may see their tax bills go up. This article discusses some of the ramifications of the TCJA for families.

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12Feb
Relax, but don’t forget about taxes
Uncategorized

Owning a vacation home requires tax planning

A vacation home can be many things to different people. For example, it can be a relaxing refuge for friends and family, or the property can serve as an income-producing investment if you choose to rent it out when you’re not using it.

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12Feb
BDIT lets you give away property without losing control
Uncategorized

By temporarily doubling the gift and estate tax exemption, the Tax Cuts and Jobs Act (TCJA) opened a window of opportunity for affluent families to transfer assets tax-free. To take advantage of the higher exemption amount, many families that own businesses or other assets worth more than the pre-TCJA exemption amount are planning substantial gifts to their children or other loved ones during the next seven years.

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12Feb
Are your business interest expenses deductible?
Uncategorized

Before the Tax Cuts and Jobs Act (TCJA), most business-related interest expense was deductible, although corporations couldn’t deduct interest paid to or guaranteed by a related party under certain circumstances. But for tax years beginning after 2017, the TCJA imposes a limit on business interest deductions, with exceptions for “small businesses” and electing real estate and farming businesses. This article explains why all businesses should evaluate the impact of the new deduction limit on their tax liability, and plan accordingly. 

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12Feb
Tax Tips
Uncategorized

These brief tips detail the IRS’s student loan repayment program that employers can provide to employees, examine the bills that may be included in Tax Reform 2.0 and explain the finalized regulations on the substantiation and reporting rules for deductible charitable contributions. 

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31Dec
Diaper Drive
Uncategorized

In the month of December members of our staff collected diapers for the 16th annual Channel 94.1 Diaper Drive.

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Hancock & Dana, PC
Certified Public Accountants and Business Consultants
12829 West Dodge Road, Suite 100
Omaha, NE 68154

Phone: 402.391.1065
Fax: 402.334.9498

Email: info@hancockdana.com