01Jul
To have and to hold
Uncategorized

When the TCJA took effect at the beginning of 2018, the IRS updated the withholding tables employers use to determine how much money to withhold from employees’ paychecks. The new tables caused employers to withhold substantially less than they had in the past, which increased paycheck amounts. But this past tax filing season, many people were surprised to receive smaller refunds than they expected. This article advises that, if it’s necessary for employees to increase their withholding, it’s not a good idea for them to wait until the end of the year; it’s better to spread the additional withholding over as many paychecks as possible, so each paycheck bite will be smaller.

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01Jul
Are all of your customers profitable for your business?
Uncategorized

Owners typically spend a lot of time and energy trying to attract customers to their businesses and keep them, while rarely asking whether those customers are actually desirable ones. This article points out that, while it may seem counter intuitive to intentionally let go of customers, sometimes doing so can create a healthier, more profitable company. The article notes several strategies for evaluating customer value, including tracking their purchase history and sorting them by profitability level.

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01Jul
The lowdown on homeowner’s insurance
Uncategorized

A homeowner’s insurance policy provides protection against damage from weather events like lightening and hail, as well as fire and theft. many also offer some coverage for the costs homeowners will incur if they need to live somewhere else while their homes are being repaired after being damaged. But the specific coverage of each policy can vary greatly. This article looks at the different types of policies and what they cover. It suggests that it’s important to regularly review coverage to determine if adjustments are needed.

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03Jun
Tax Tips
Uncategorized

These brief tips explain steps to take to hold on to a passport when one has seriously delinquent tax debt; detail the benefits of a cash balance retirement plan; and discuss why having a formula-funding clause in an estate plan can unintentionally disinherit a spouse.

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03Jun
The “backdoor” Roth IRA remains open
Uncategorized

The Roth IRA is an attractive savings vehicle, offering tax-free retirement income and other significant benefits. Unfortunately, income limitations prevent many people from contributing to these accounts. But even if you can’t contribute directly, there’s not limit on converting a traditional IRA into a Roth. This “backdoor Roth IRA” strategy allows anyone, regardless of income, to enjoy a Roth IRA’s benefits.

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03Jun
Estate Planning and business succession planning
Uncategorized

For many business owners, estate planning and succession planning go hand in hand. An owner of a closely held business likely has a significant portion of his or her wealth tied up in the business. Without proper estate planning steps to ensure that the business lives on after the owner has gone, his or her family may be placed at risk. This article explains the unique challenges presented by family businesses when older and younger generations may have conflicting financial needs.

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03Jun
When can you deduct business meals?
Uncategorized

The Tax Cuts and Jobs Act eliminated most tax deductions for business-related entertainment, beginning in 2018. It also created confusion over the continued deductibility of business meals. late last year, the IRS issued a notice clarifying that taxpayers may continue to deduct 50% of eligible business meal expenses and providing temporary guidance on the subject. This article details a five-point test to determine whether business meal expenses are deductible.

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30Apr
Save more with retirement savings accounts
Uncategorized

To help people save more for retirement, limits on the amounts they can contribute to many types of retirement plans have increased. This article looks at some common retirement plans and specifies how the limits have changed for each one. The article suggests that boosting contributions this year could both reduce this year’s tax bill and increase retirement savings.

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30Apr
How to prepare for the new lease accounting standard
Uncategorized

If your company, like most, leases equipment, vehicles or other assets, you’ll need to prepare for the Accounting Standards Update Leases (Topic 842)-often referred to as ASC 842. For public companies and certain others, the rule is effective this year. For nonpublic companies, this new lease accounting standard goes into effect for fiscal years beginning after December 15, 2019.

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30Apr
Does the TCJA affect the “price” of your donations?
Uncategorized

For years, charitable givers have benefited from tax breaks that provided them with extra incentive to donate substantial amounts to charities of their choice. With the passage of the Tax Cuts and Jobs Act (TCJA), however, that incentive has been reduced for many taxpayers. This article discusses the potential tax impact in light of the new rules. By understanding the impact of the new tax rules on giving, individuals can set up a giving plan that benefits everyone involved.

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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