Self-Employed Business Owners: What’s the Right Retirement Plan for You?

If you own a successful small business with no employees, you might be ready to set up a retirement plan. Or you might want to upgrade from a more-basic SIMPLE IRA or Simplified Employee Pension (SEP) plan. Here are two options – solo 401(k)s and defined benefit pension plans – to consider if you have healthy

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2023 Promotions

Join us in congratulating these nine individuals who were promoted at the beginning of 2023! Thank you for all of your hard work and dedication to Hancock/Dana. Dan Torczon: Managing Parter Connor Mullen: Partner Jesse Brickner: Partner Beth Tyler: Partner Brian Gough: Partner Stephanie Lindburg: Manager Eric Oman: Manager Conner Hardy: Senior Associate Austin Voigtman:

Say Hello to our New Receptionist!

We have a new smiling face at our front desk! Taylor Gerdes joined our team on February 13. She is our new receptionist and is already proving to be a great addition to the team. Taylor graduated from Peru State College and enjoys golfing in her free time. If you stop by to drop off

7 Tax-Saving Opportunities for Manufacturers in 2023

Are you up to date on the latest that has been filed, so you can focus your efforts on reducing its 2023 tax liability? What are the top tax-saving opportunities available to manufacturers this year? Here are seven prime candidates available for many companies: 1. Section 179 deduction. The Sec. 179 “expensing” deduction continues to

New Tax Law Improves QCD Benefits

Seniors who must take withdrawals from their IRA may be able to benefit from a special tax provision for qualified charitable distributions (QCDs). Briefly stated, this provision allows people in their 70s and older to transfer funds directly from an IRA to a charity without any adverse tax consequences. The new SECURE 2.0 law enhances these

Warning: Your 2022 Tax Bill May Ring in Higher

It’s that time of year again: tax season. Temporary tax relief measures that were provided during the pandemic have expired, so the changes to the tax rules for 2022 are generally unfavorable to many individual taxpayers. That means that you may owe more than you have in recent years. The reason is that many of the

Master Class

On February 1 we had our annual All Firm Meeting. Our staff gathered at the DC Centre to discuss the upcoming busy season. We were also fortunate enough to have another edition of our Master Class Series. Sean Mullen shared stories and words of wisdom with everyone. This was the perfect way to kick off

Extended Hours for Busy Season

It’s officially busy season which means our office will be 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 (effective February 13, 2023) Saturday: 8:00

Casualty Losses: How to Claim Deductions and Avoid Pitfalls

Every year, the United States experiences natural and manmade disasters, ranging from hurricanes and earthquakes to wildfires and electrical grid failure. If you’re unlucky enough to suffer a disaster-related loss, you’ll need to understand the federal income tax rules to determine whether you’re eligible for a casualty loss deduction. Personal Casualty Loss Deduction Basics You

5 Major Tax-Favored Retirement Plan Changes for Individuals under New Law

After months of negotiations, Congress finally passed the long-awaited Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0). This part of the omnibus funding package builds on the SECURE Act of 2019 and contains major changes in the required minimum distribution (RMD) rules and other retirement provisions. Here are five major taxpayer-friendly changes that