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 reaching retirement.* You can withdraw money from an IRA at any time and for nay 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

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Holiday Hours

Hancock/Dana will be closed on Christmas Eve, December 24, and New Year’s Eve, December 31, for the holidays. On December 16, the office will be closing early at 4:00 PM for a staff gathering. Happy Holidays from us to all of you! May your days be filled with lots of joy and happiness!

West O Expo

Hancock/Dana had the pleasure of having a booth at the West O Expo Show with the West O Chamber. This event was a great way to introduce people to the services we offer and everything we do. Our very own Jeffrey Faltys is a member of the Chamber and has worked hard to give our

Retirement Planning 
Defaulting on Retirement Plan Loans Causes Taxable Distributions

Want to borrow money from your retirement plan? Not so fast. Retirement plan loans can be a viable way to get money in a crunch, but you need to follow the rules about repaying them. If you don’t, it could lead to unfavorable tax consequences, as two taxpayers recently learned the hard way in U.S. Tax

Estate Planning 
Estate Planning for Personal Property: Why You Should Sweat the Small Stuff

When planning their estates, most people focus on major assets, such as business interests, real estate, investments, and retirement plans. But it’s also important to “sweat the small stuff” – tangible personal property. Examples include automobiles, jewelry, clothing, antiques, furniture, artwork, photographs, music collections, personal papers, collectibles (such as stamps, coins, or baseball cards), and mementos.

Gift Tax 
How to Make the Most of the Annual Gift Tax Exclusion

The holidays often inspire a spirit of generosity. So, at year-end, many people decide to give money or assets to their loved ones. Over time, lifetime gifts can also be an effective way for wealthy people to minimize their taxable estates. Here are the basic federal tax rules for these transactions. Beware: Quite a few states

Happy Halloween from H/D!

Our employees got festive in the office for Halloween. Our costume contest winner was Kenzie Bertolas! Her scarecrow costume and makeup were spot on. It was such a blast to see everyone’s creativity come through. Make sure to check out our Facebook and LinkedIn pages to see some more pictures of these great costumes! Our


Congratulations to two of our employees, Cecilia London and Rochelle Landreth, for passing the CPA exam! We are so proud of you both. All of that hard work has absolutely paid off. Way to go ladies!!

Estate Planning 
Is it a Good Idea to Name Co-Executors or Co-Personal Reps?

When drafting a will, you need to decide who’ll be the executor or personal representative handling your estate when you die. Individuals who serve in these roles are fiduciaries with a duty to properly administer your estate. When selecting an executor or personal representative, many people gravitate toward individuals they feel should handle the task –

Personal Finance 
A New Chapter on College Financial Aid

Financially savvy parents of college students should generally take the time to complete the Free Application for Federal Student Aid (FAFSA) each year. Students must file their FAFSA for the 2022-2023 academic year between October 1, 2021, and June 30, 2023. This means there’s still time to file a FAFSA for the 2021-2022 school year. Important: The