30Apr
Getting up to speed
Uncategorized

The Tax Cuts and Jobs Act (TCJA) more than tripled depreciation allowances for “luxury autos.” It also temporarily enhanced “bonus” depreciation for some business assets, boosting first-year depreciation deductions for passenger autos and allowing businesses to immediately deduct the full cost of heavier vehicles. This article suggests that, to reduce the costs of purchasing one or more vehicles for business purposes significantly, business owners may be able to take advantage of these enhanced tax breaks.

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22Apr
Why you should run your nonprofit like a business
Uncategorized

It’s a well-known truism in the corporate world: Organizations that don’t evolve run the risk of becoming obsolete. But instead of anticipating and reacting to market demands like their for-profit counterparts, many not-for-profits hold on to old ideas about how their organizations should be run. Here are a few things your nonprofit can learn from the business world.

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17Apr
Life insurance can be a powerful estate planning tool for nontaxable estates
Uncategorized

For years, life insurance has played a critical role in estate planning, providing a source of liquidity to pay estate taxes and other expenses. Today, the gift and estate tax exemption has climbed to $11.4 million, so estate taxes are no longer a concern for the vast majority of families. But even for nontaxable estates, life insurance continues to offer estate planning benefits.

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05Apr
Nebraska Flood Relief Update
Uncategorized
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02Apr
The 2018 gift tax return deadline is almost here
Uncategorized

Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return-or whether filing one would be beneficial even if it isn’t required.

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01Apr
Matters of Interest
Uncategorized

The Tax Cuts and Jobs Act has made a significant impact-both directly and indirectly-on the destructibility of interest expense. This article explores four categories of non business interest: qualified residence interest, investment interest, qualified student loan interest and personal interest.

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01Apr
Getting your affairs in order
Uncategorized
coins in stacks on a wooden table

If you receive the diagnosis of a terminal illness, likely the last thing on your mind is estate planning. But taking the time now to get your affairs in order can provide you and your family some peace of mind.

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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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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