Hancock Accounting Services

07/28/2026

⭐️⭐️Tips for tracking charitable donations ⭐️⭐️

Taxpayers who have made or plan to make charitable donations during the year should keep good records of all their contributions. Organized records can make tax filing easier and help support a deduction if it's claimed on a federal tax return.

Here are some tips to help taxpayers keep track of charitable donations:

General deduction rules. Generally, taxpayers must itemize deductions on Schedule A (Form 1040), Itemized Deductions to claim a deduction for charitable contributions. However, beginning with tax year 2026, taxpayers who do not itemize may be able to deduct up to $1,000 in cash contributions, or $2,000 for married taxpayers filing jointly, made to certain qualified organizations.

Know what qualifies. Donations to individuals are not deductible. Examples of this include gifts or individual fundraising accounts. Taxpayers can use the Tax Exempt Organization Search tool on IRS.gov to verify whether an organization is eligible to receive tax-deductible contributions.

Keep proof of all cash donations. For any cash, check or other monetary gifts, taxpayers should keep a bank record or written communication from the charitable organization showing the organization's name, the date of the contribution and the amount donated.

Get a written acknowledgment for larger donations. Contributions of $250 or more, cash or property, require a written acknowledgment from the qualified organization before the deduction can be claimed. The documentation must include the amount of cash or description of the property. It also must state if the organization provided any goods or services in exchange for the gift. If so, description and a good faith estimate of the value of those goods or services must be provided.

Maintain records for non-cash donations. Taxpayers should keep records describing donated property and its fair market value. Additional documentation, including Form 8283, Noncash Charitable Contributions, and a qualified appraisal may be required for larger noncash donations.

Special rules apply to donations of certain types of property such as automobiles, inventory and certain other readily valued property. For more information, refer to Publication 526. For information on determining the value of noncash contributions, refer to Publication 561.

www.irs.gov

Pay your taxes. Get your refund status. Find IRS forms and answers to tax questions. We help you understand and meet your federal tax responsibilities.

07/23/2026

IRS Raises 2026 Standard Mileage Rate for Second Half of Year

The IRS has increased the optional standard mileage rate for business use of vehicles for the remainder of 2026, giving taxpayers a larger deduction for qualifying business travel. Effective July 1, 2026, the business mileage rate increased to 76 cents per mile, up from the 72.5 cents per mile rate that applied during the first half of the year. The IRS said the midyear adjustment was made in response to higher fuel costs.

The revised rate applies to taxpayers who use the standard mileage method to calculate deductible vehicle expenses, including many sole proprietors and self-employed individuals. Tax professionals should remind clients who use this method to maintain accurate mileage records and separate mileage driven before and after the July 1 effective date to apply the correct rates.

The IRS also increased the optional mileage rate for medical and qualified moving expenses to 23.5 cents per mile for eligible travel beginning July 1, 2026. The change marks the first midyear adjustment to the standard mileage rates since 2022 and highlights the importance of reviewing vehicle expense calculations for clients who rely on mileage deductions.

Source: Journal of Accountancy.

07/01/2026

🇺🇸 Holiday Office Closure Notice 🇺🇸

In observance of Independence Day, our office will be closed on Friday, July 3, as we celebrate the freedoms and sacrifices that make our nation so special.

We wish you and your family a safe, joyful, and memorable Fourth of July weekend filled with good food, great company, and spectacular fireworks! 🎆

Our office will reopen during our regular business hours on Monday, July 6.

❤️🤍💙 Happy Independence Day!

06/21/2026

To all the fathers and father figures who lead with strength, kindness, and integrity-we celebrate you today.

HAPPY FATHER’S DAY!!

05/22/2026

Congratulations to the EHS Class of 2026!! 🎉👏

05/21/2026

Our office will be closed on Memorial Day, Monday, May 25th, as we pause to remember and honor those who served and sacrificed for our freedom.

We hope you enjoy a safe and relaxing holiday with family and friends.

05/10/2026

Happy Mother’s Day to all of our wonderful clients who wear the title “Mom” so beautifully. 🌸

Thank you for all you do for your families and communities every single day. We hope today brings you love, joy, and a little extra time to relax — you deserve it! 💕