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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Now Showing: Companion
John Hancock’s son, Drew Hancock, has just written and directed his first major film, Companion. To give a quick synopsis, Companion is a Sci-Fi/Thriller about an AI companion who gains self-awareness and fights for autonomy, blending horror, sci-fi, and dark comedy. Our team wanted to celebrate this exciting accomplishment, so we rented a theater and
Extended Hours for Busy Season
Extended Tax Season Hours! To better serve our clients, we’ve extended our hours! Bring in your tax documents during these times: Monday – Friday: 7:30 AM – 5:30 PM Saturday: 8:00 AM – 1:00 PM We look forward to assisting you and making this tax season as smooth as possible! Please stop by and let
Taxation Issues in the Gig Economy
Do you provide car rides through a mobile app, rent out your spare room using an online platform, or repair computers for local businesses on demand? If so, you may be considered part of the “gig economy” or the “sharing economy.” Participation in this emerging method of distributing services can be a good way to
Avoiding the 10% Penalty on Early IRA Withdrawals
For one reason or another, you may need to take some money out of an IRA before retiring. You can withdraw money from an IRA at any time and for any reason, but it’s important to keep in mind that most IRA withdrawals are at least partially taxable. In other words, you’ll owe regular income
Federal Estate and Gift Tax Outlook 2025
The Tax Cuts and Jobs Act (TCJA) significantly increased the unified federal estate and gift tax exemption through the end of 2025. However, for 2026, it’s currently scheduled to revert back to the pre-TCJA level with a cumulative inflation adjustment for 2018 through 2025. If it reverts back to previous levels, it’s estimated to be roughly
Happy Holidays from Hancock/Dana!
As the holiday season is upon us, we want to take a moment to express our heartfelt gratitude for your continued trust and partnership throughout the year. It has been a pleasure working with you, and we look forward to more opportunities in the year ahead. In the spirit of the season, we are taking
Business Owners: Expiration Date Is Approaching for Certain TCJA Provisions
The Tax Cuts and Jobs Act (TCJA) included many important federal income tax provisions that affect small business taxpayers and their owners. Some of these provisions are scheduled to expire in the near future unless they’re extended or made permanent by Congress. Here’s an overview of five key provisions that may soon come to an
It’s Time to Think About Today’s Favorable Gift and Estate Tax Rules
The Tax Cuts and Jobs Act (TCJA) dramatically increased the unified federal gift and estate tax exemption from $5.49 million in 2017 to $13.61 million in 2024. If you’re married, you and your spouse have separate exemptions, for a total of $27.22 million for this year. Another inflation adjustment is scheduled for 2025. If you’re
Some Retirement Plan Benefits Will Increase for 2025
With the 2025 tax year almost here, there’s news from the IRS about retirement savings. According to a recent announcement from the tax agency (Notice 2024-80), there will be increases in some retirement plan contributions next year due to inflation adjustments. However, with inflation coming down, not all types of retirement plans will see increases,