How to Maximize the QBI Deduction Amid the Pandemic

Since the qualified business income (QBI) deduction first became available in 2018, things have changed dramatically, mainly due to the various effects of the COVID-19 pandemic. Possible tax rate increases and inflation have also entered into the mix. How do these developments affect planning to maximize QBI deductions for your business? The Basics The QBI deduction

Get Our Latest Insights on the Topics that matter most to you

New Faces at H/D!

We have a couple of new faces here at Hancock/Dana. Welcome, Kelley Wenz and Edwin (Eddie) Leon! Kelley joined our Client Service department and is already making a great impact there. Eddie is our new IT Systems Administrator. It’s been wonderful having him here to help with all of our technical issues whenever they arise.

Late Night with the West O Chamber

Our very own, Jeff Faltys, was nominated for Business Person of the Year through the West O Chamber. We had a blast celebrating all night at the Relevant Center in Elkhorn. From a magician to an Elvis Impersonator, it was surely quite a night! Thank you, Jeff, for representing H/D so well!


In honor of another very successful busy season, we headed over to Topgolf for some fun! This was a great start to the first weekend off work in a while. It’s definitely safe to say everyone had a blast!  

Tax Angles for Landlords Today

The economic fallout from the COVID-19 pandemic caused some rental real estate properties to run up tax losses in 2020 and 2021, as tenants struggled to pay rent. If you’re a landlord, you may have had to negotiate lease modifications that were unfavorable to you in order to help tenants. To make matters worse, more

Catch-Up Contributions

Only 17% of individuals surveyed say they are “very confident” they will have enough money to live comfortably throughout their retirement years. At the same time, 36% were not at all confident. In 2001, Congress passed a law that can help older workers make up for lost time. But few may understand how this generous

Take Advantage of Tax Breaks for Small Businesses

If you own a small or medium-sized business, it may be eligible for some significant tax breaks that aren’t available for larger entities. Here are three examples to consider as you file your tax return for 2021 and plan for 2022. 1. QBI Deduction The qualified business income (QBI) deduction was a centerpiece of the Tax

HD Madness

Busy season can feel overwhelming at times, so we try to make sure our employees are given opportunities to get up from their desks for a little fun. This year, we started our very own HD Madness to make March even more exciting! Each Friday afternoon, we have had a new game to play. Some

Say Cheese … Life!

After the March 15th deadline, we treated our employees to a delicious food truck! We were so lucky to have The Cheese Life stop by for lunch. It is safe to say that everyone LOVED it.

5 Categories of Interest Expense: What’s Deductible?

People often ask: Is the interest paid during the year deductible on my federal income tax return? The answer is, “It depends.” Generally, the interest you incurred must be allocated among the following five “baskets” for tax purposes. Based on how the interest is classified, it may be nondeductible, partially deductible, or fully deductible. Other special