Address Digital Assets in Your Estate Plan
Today, almost everyone owns some sort of digital asset – and some of these assets can be quite valuable. But if your estate plan doesn’t account for digital assets property, your heirs may not be able to access them. So, factoring these intangibles into your estate plan is essential. What Are Digital Assets? Financial transactions are
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H/D Madness Begins for 2024
March in our office means the official start of our H/D Madness competition! For the next five weeks, employees will compete, single elimination bracket style, on Fridays for a chance to win a donation to a charity of their choice. Check out next month’s social media posts and newsletter to find out who the winner
Bask in Tax Breaks for Vacation Home Rentals
Do you own a vacation home in the mountains or near the water where you can enjoy some much-needed rest and relaxation? If you rent it to tenants while you and your family aren’t using it, the home can be a valuable source of tax deductions, besides providing personal pleasure. In fact, you might even
Does the Marriage Penalty Still Exist Today?
A couple’s tax situation changes when they get married – for better or worse. Here are the most important things to know if you recently tied the knot or you’re planning to get married later this year. Timing Counts Your marital status as of December 31 determines your tax filing options for the entire year. Even if
New Twists and Turns Taken by EV Credits
Did you buy an electric vehicle (EV) in 2023? Under the Inflation Reduction Act (IRA), passed late in 2022, you may be eligible for a new and improved tax credit, beginning on your 2023 federal income tax return. But the new law also bars certain high-income taxpayers from claiming the credit. What’s more, if you’re looking
Meet Our Newest Hire
Paula Bruggeman has joined Hancock/Dana as an Accounting Specialist. Paula is originally from Omaha. She attended San Diego State University and has just recently passed her Enrolled Agent exams. Some of her hobbies include riding bikes, hiking, dog walks, and reading. Paula has come with many great years of experience, and we are thrilled to
Jo on the Go 2024
We had our favorite traveling coffee cart stop by the office again this year! Jo on the Go came by with delicious coffee, smoothies, and pastries for our employees. This is always a great pick-me-up for the office. No better way to start the year!
Extended Hours for Busy Season
Hancock/Dana is open with extended hours. Feel free to drop off your client documents at the front desk or in our secure drop box during these times. We look forward to seeing you! Monday – Friday 7:30 AM – 5:30 PM Saturday 8:00 AM – 1:00 PM
Can You Claim Your Parent as a Dependent?
If you pay over half the cost of supporting a parent, your parent is considered your dependent for federal income tax purposes. This treatment potentially entitles you to some significant tax breaks. Here are four potential benefits to consider when you file your 2023 federal income tax return. 1. HOH Filing Status For unmarried individuals,
How Employer-Issued ISOs May Affect Your Taxes
Employer stock options are a potentially valuable asset for recipient employees, especially those who work for start-ups or high-growth companies. For example, many Silicon Valley millionaires reaped sizable windfalls by exercising their employer stock options. Here’s a summary of the federal income tax rules for incentive stock options (ISOs). Tax Planning Objectives Stock options give you