Dabbs, Hickman, Hill & Cannon, LLP logo

Dabbs, Hickman, Hill & Cannon, LLP

 

319 South Main Street, PO Box 727

Statesboro, GA 30459

Phone: 912-764-6951

 

325 Tattnall Street

Savannah, GA 31401

Phone: 912-233-9004

December 2023

Manage Family Finances Like A Business

When doing your year-end financial review, consider managing your personal finances like you handle your business. Why? Looking at your personal situation from a business perspective helps you find places to cut expenses, boost cash flow and improve your personal financial situation.

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2020 Hindsight

Looking back at 2023 may provide ideas to help get your business off to a better start in 2024. Some questions to ask yourself include:

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Understanding Capital Gains Tax On Home Sales

Are you thinking of selling your primary residence? Unless the home has decreased in value since you bought it, you’ll want to know about potential capital gains tax on your sale. You don’t want to incur a larger-thannecessary tax bill.

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December 2023 Client Profile

Scott owns a popular coffee shop. Earlier in the year, he noticed a discrepancy in stock. It turned out to be petty theft by an employee. The employee was terminated, and Scott reported the loss to his insurer, who recommended he take these steps to help prevent future losses:

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Roth 401(k) Contribution Reprieve

Relief is here for 401(k) plan sponsors, participants and administrators. The SECURE 2.0 Act initially stated that employees aged 50 and older who earned $145,000 or more in 2023 could only make catch-up contributions to Roth 401(k) accounts in 2024 and later. However, IRS Notice 2023-63 postpones the new catch-up contribution rule for two years until January 1, 2026.

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December 2023 Q & A

Let's take a look at the suggested tip amounts for service workers.

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Beware Of Holiday Scams

According to the FBI Internet Crime Report, Americans lost over $10.2 billion to cyber-enabled fraud, including $107 million to spoofing in 2022. Even savvy people can be caught by sophisticated schemes. Don’t be a victim; here are some common types of threats you should know about.

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The High Cost Of Daycare

According to Care.com's 2023 Cost of Care Report, families are spending an average of 27% of their household income on childcare expenses in 2023. The chart shows how the average weekly cost of daycare per child varies by state.

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Retiree Regrets

History is a great teacher. Those who go before us can help us to learn from their mistakes. Here are common regrets of retirees who wish they had done things differently.

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