31Dec
Understand the ins and outs of estate planning under the TCJA
Uncategorized

Although the recent TAX Cuts and Jobs Act doesn’t get rid of the federal estate tax, it does contain several provisions that may significantly affect gift and estate tax planning. So individuals need to be proactive-and plan accordingly. This article discusses exemption changes and suggests several moves that may be helpful for estate planners. The article also explains the expansion of 529 plan tax benefits, which families can use to grow money tax-free for their children’s higher education, and notes some “kiddie tax” rate changes.

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31Dec
Raising financially responsible kids
Uncategorized
babysitter working with a toddler

Helping kids understand money when they’re young will help them develop sound financial habits that pay off when they’re adults. Discussions about money can start early, but need to be tailored to the child’s age. This article offers several tips on coaching children by maintaining an open dialogue about finances and modeling sound money management-at every age.

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13Dec
Tax Tips
Uncategorized

These brief tips explain why donating a car to charity may not be the most tax-efficient strategy, detail what to address in an estate plan for a college-age child, and discuss new IRS compliance campaigns that target specific business-related tax issues.

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13Dec
Got bitcoin?
Uncategorized

The tax treatment of bitcoin and other “virtual currencies”–also known as “cryptocurrencies”–is widely misunderstood. But if one invests in virtual currency, uses it to pay for good or services, or receives it as a payment for goods or services, failure to understand the tax obligations can have serious consequences. This article explains the IRS policies regarding virtual currencies.

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13Dec
Supreme Court’s Wayfair decision
Uncategorized

In its much-anticipated decision in South Dakota v. Wayfair, the U.S. Supreme Court rule, by a 5 to 4 margin, that a state may require out-of-state sellers to collect sales and use tax even if they lack a physical presence in the state. In reaching this result, the court overturned its landmark 1992 decision in Quill Corp. v. North Dakota. This article explains how the ruling affects businesses and their tax obligations.

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14Nov
How TCJA changes to employee benefits will affect your business
Uncategorized

The Tax Cuts and Jobs Act (TCJA) mandates multiple changes to the tax treatment of employee benefits. This article notes that, though the TCJA was signed into law too late for employers to have made many adjustments to benefits offerings for 2018, they need to know how the changes will affect their businesses’ 2018 taxes. They also will need to determine whether they want to make any adjustments to their benefits packages going forward.

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14Nov
Investing in your business still a powerful year-end tax planning strategy
Uncategorized

coins in stacks on a wooden table

One of the best strategies for business owners attempting to reduce their tax burden continues to be investing in business assets that will provide large depreciation-related deductions. In fact, as this article points out, such investments could provide larger deductions in 2018 than in 2017, thanks to the Tax Cuts and Jobs Act. In addition to discussing the potential benefits of bonus depreciation, the article explains how qualifying for Section 179 expense might be a strategy also worth investigating.

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14Nov
Year-end planning for the new rules on deductions
Uncategorized

macbook and pig on a desk

One of the areas most affected by the recent Tax Cuts and Jobs Act (TCJA) is planning for deductions. This article explains how the TCJA might change year-end tax planning and which deductions make sense under the new rules. The article looks at itemizing and discusses home-related interest, medical expense and charitable contribution deductions, among others. A sidebar lists the itemized deductions that the TCJA has suspended.

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13Nov
The pros and cons of a Roth IRA conversion
Uncategorized

Roth IRAs offer some important tax advantages over traditional IRAs.For example, qualified Roth IRA withdrawals are tax-free for federal purposes. And, unlike with traditional IRAs, you don’t have to start taking required minimum distributions from Roth IRAs after reaching age 70 1/2, so the assets can grow tax-free indefinitely. This article explains that the quickest way to get a significant sum into a Roth IRA is by converting a traditional IRA to Roth status but a conversion won’t be beneficial for every taxpayer. It also notes that a Tax Cuts and Jobs Act provision could make Roth IRA conversions riskier from a tax perspective.

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08Nov
Dig out your business plan to plan for the year ahead
Uncategorized

Like many business owners, you probably created a business plan when you launched your company. But, as is also often the case, you may not have looked at it much since then. Now that fall has arrived and year end is coming soon, why not dig it out? Reviewing and revising a business plan can be a great way to plan for the year ahead.

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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