Featured 
Home Office Deductions in the COVID-19 Era

Have you been working from home during the COVID-19 crisis? Join the club. Approximately 42% of the American workforce is currently working from home full-time, according to a recent study by the Standford Institute of Economic Policy Research. Only 26% are working on business premises-and many of those are essential workers, such as public servants

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Tax Planning 
2020 Year-End Tax Planning

With year-end quickly approaching, there is much to be considered in terms of 2020 tax planning. From tax law changes coming out of the stimulus package passed earlier this year to proposals ahead of the election, this year has provided a myriad of tax planning opportunities. We continue to monitor the final results of the

Culture 
Hancock Dana hits the links

After the conclusion of this year’s tax season, some of our staff spent their well-deserved Employee Appreciation Day hitting the links. The team of Jeff Faltys, Mary Kraft, and John Hancock took home first prize!

Charitable Giving 
Year-End Moves for Charitable Donations

‘Tis almost the season for charitable giving. Besides helping a worthy cause, your donations may qualify for festive write-offs on your 2020 tax return if you qualify. Here are five ways to boost your deduction for charitable contributions if you itemize. Bunch Contributions Under the Tax Cuts and Jobs Act (TCJA), for 2018 through 2025,

Tax Planning 
How to Save Taxes in 2020 and Beyond

It’s time to implement strategies to help reduce your 2020 federal income tax bill and position yourself for future tax savings. Here are some ideas to consider before year-end. Gaming the Standard Deduction The Tax Cuts and Jobs Act (TCJA) almost double the standard deduction allowances are: $12,400 for single people and married couples who

Real Estate 
Selling Real Estate on the Installment Basis

Do you own real estate that will produce a big capital gain when you sell it? Fortunately, you may be able to realize significant tax benefits by negotiating an installment sale of the property. However, there are several potential tax traps to avoid. How do you qualify for installment sale reporting? It’s relatively easy. All

Personal Finance 
Helping Your Kids Achieve Future Financial Security

Young adults who start their careers weighed down by college debt have a tough time buying a home or initiating a retirement savings plan. That’s why, in 1996, Congress added Section 529 to the Internal Revenue Code, creating a new tax-advantaged college saving vehicle. More than two decades later, “529 plans” now collectively hold around

Personal Finance 
Home Office Deductions in the COVID-19 Era

Have you been working from home during the COVID-19 crisis? Join the club. Approximately 42% of the American workforce is currently working from home full-time, according to a recent study by the Standford Institute of Economic Policy Research. Only 26% are working on business premises-and many of those are essential workers, such as public servants

Tax 
Small Businesses: Are 1st Year Depreciation Write-offs Right for You?

Under today’s federal income tax rules, your business may be able to claim big first-year depreciation write-offs for eligible assets that are placed in service in the current tax year. But that strategy might not be right for every small business every year. Here’s what you should know before claiming 100% first-year bonus depreciation or

Culture 
Hancock Dana Rounds Out Summer Volleyball Season

Smiles all around for our summer sand volleyball team as we concluded our season last month! It was fun to get out and compete, but we might just stick to accounting services for now.