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December 2025
HANSON HEADLINES
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Charity and Change Tax Facts That Matter
There is much to be thankful for with the arrival of another holiday season, but making it through the end of another year is the greatest gift we’ll receive. I hope this message finds everyone well and in good spirits. One of the best things about this time on the calendar is that it encourages us to show greater kindness to others and consider ways to help those less fortunate. Whether donating some old clothes to an area organization, contributing to the community activities at your church, or volunteering your time and resources in some other way, anything we do to help others in December and throughout the year makes the world a better, more caring place. Making monetary contributions to charitable organizations is a popular way to assist those in need, but how do
satisfy all or part of a taxpayer’s required minimum distribution, but it is not limited to the required minimum amount. After 2025, taxpayers who cannot itemize will be able to take an extra deduction of $1,000 for a single individual or $2,000 in the case of a joint return for charitable contributions made in cash for that year. Although some possible tax incentives exist for donors who make large enough contributions, what’s most important is that people support causes they believe in and help those recipients regardless of how it looks on a tax return. However, if you are considering making charitable donations to take advantage of the added benefit to your taxes, please be aware that your giving must be directed to a 501(c)(3) organization to be tax-deductible. Most 501(c)(3) organizations will display their status on their websites or promotional materials, but you can also search the IRS’s database at IRS.gov/charities-non-profits/ tax-exempt-organization-search to confirm. Most importantly, be aware that political donations (either to a specific politician, a party, or a political action committee) are never tax-deductible. Enjoying a tax benefit from a charitable donation has more nuances than I’ve covered here, especially regarding the IRA factor. Please contact me if you have any questions or want to strategize ways to help those in need while better managing your tax bill moving forward. Away from all this tax talk, I wish you all a wonderful holiday season and a prosperous new year ahead. If you have a coat
these gestures affect your tax status? Well, not as much as you may think. For one thing, most people don’t derive a tax benefit from charitable donations because those amounts don’t exceed their standard deductions. Currently, the standard deduction for a married couple filing jointly is in the ballpark of $31,000. This deduction will increase slightly in 2026 due to the One Big Beautiful Bill Act that was signed into law last July, which means you’ll soon have an even higher threshold to reach before charitable donations exceed the amount you’d normally deduct from your taxes anyway.
Although several things, such as mortgage interest and qualified medical expenses, can be itemized in addition to your charitable donations in ways that could exceed your standard deduction amount, that standard deduction is still the higher figure in many cases. If the taxpayer is 70 1/2 or older and has an IRA, they may make a Qualified Charitable Distribution (QCD) from it. A QDC is a nontaxable distribution made by the trustee of the taxpayer’s IRA to an eligible charitable organization. It may be used to
that no longer fits or can spare some nonperishable goods, please consider giving them to someone who could use them. These charitable acts may not make you rich at tax time, but they’ll always make you rich in heart. –Craig Hanson
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RAISE PRICES WITHOUT LOSING CUSTOMERS Sticker Shock Survival
Over the past few years, we’ve watched prices rise at the grocery store, gas pump, restaurants, and just about everywhere else we spend money. Tariffs have left many business owners feeling like they must raise prices to offset their potential cost, but this can create new concerns, as the increased prices will put some customers off. Thus, business owners are caught between a rock and a hard place. You can’t realistically eat the cost of tariffs or inflation while expecting to earn the same profit. However, if you raise prices, you risk scaring away customers who can no longer afford or want to spend so much on your products or services. So, what do you do? If you’re a business owner, you’ve likely already contemplated the potential cost of tariffs to your business and developed a plan to stay afloat. Most of you will likely have to raise prices to maintain profits, pay your workforce, and keep the same quality of products and services. You may have done this once and are now looking at a second price increase within a year. In these uncertain times, your business’s success depends on your actions and the relationships you’ve developed with your customer base. As you start developing your business plans for 2026, consider including an action plan in case you need to raise prices. If you’re unsure what you may need to do, don’t worry! We’ve got some solutions that could prove very beneficial for your business.
that you will have to raise the price of your products. Be honest and straightforward — this is not a time to beat around the bush. While this keeps your customers in the know, it also has another unintended effect. Those who love your products or service will rush to purchase before the prices increase. Another feature you should consider enabling if your business has an online presence is to add additional information to your checkout page. Instead of raising the costs of your goods, clearly show that the price increase comes from tariffs or another variable when your clients are about to check out. This will help them see that the rise in cost is entirely out of your control. Adapt Your Marketing Many businesses exclusively use marketing to highlight upcoming promotions and sales, but this won’t be a reasonable option once your prices increase. If you start promoting sales in line with what your full price was a year ago, your customers will grow frustrated. Instead, you need to pivot your marketing altogether and find a new approach to connecting with your base. One of the best ways to do this is by focusing your marketing efforts on the “why” behind the purchase. Your customers need a reason to buy from your business, especially if they can get similar products or services for a lower price elsewhere. Think about what separates your company before putting on your creative hat and developing a story around your brand. Consider who made your product, what it represents, and why it’s worth purchasing for your
Be Transparent The quickest way to send your customers running for the hills is to raise your prices without notice or explanation. If you charge them more for the products or services they’ve used for years, they deserve to know why. If you don’t explain, your customers will assume you based the decision on greed. Email your customers or post on your brand’s social media page whenever you need to announce
customers. You need to connect with their emotions if you want them to remain loyal when prices rise. When you have to raise your prices, the last thing you want is for your customers to think you’re doing it out of greed. Adjusting your marketing and being transparent can give your customers a reason to continue buying from you.
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He started exploring the idea of starting his own business. He created a ferry boat service over the Ohio River when he was 30, which became irrelevant when a bridge was built nearby. He also started an oil lamp business that failed once electricity became more mainstream. In 1927, Sanders tried another venture. He started a Standard Oil gas station in Nicholasville, Kentucky, which sadly only lasted three years due to the Great Depression. However, he took the business idea to Corbin, Kentucky, where he opened another service station and decided to sell his homemade chicken to truck drivers. Sanders Court and Café was wildly successful, which prompted Kentucky Gov. Ruby Laffoon to commission Sanders as a Kentucky colonel. Unfortunately, bad luck continued to hang over Sanders’ head as the Sanders Court and Café burned down in 1939. But he built it back bigger and started pressure-frying his chicken. However, a new highway opened in 1956 that bypassed his restaurant. He packed up shop, determined to find success, even though he was now in his 60s. Thankfully, in 1952, he secured his first Kentucky Fried Chicken franchise in Salt Lake City. After Sanders Court and Café shut down, Sanders desperately needed money to fund his retirement, so he began traveling
Freedom in a Deck of Cards THE SECRET TOOLS OF WAR James Bond gets the spotlight, but real WWII spies were pulling tricks long before 007. British MI9 and the U.S. MIS-X programs helped Allied soldiers escape or avoid capture by hiding tools in everyday items. A simple button held a compass. Hairbrushes hid maps. Monopoly boards came loaded with real money and coded markings. the country, searching for franchising opportunities and selling his secret spice blend. Restaurants that used his spices and patented pressure cooking technique would pay him 5 cents for every chicken they sold. Within seven years of starting this venture, Sanders had accumulated 600 locations across multiple countries. He sold the business to investors in 1964 for $2 million, allowing him to retire comfortably. Starting a business is rarely easy, but you can find incredible success if you persist through the challenges, adapt to changes, and remain determined. You may even find your face front-and-center on storefronts across the country, just like Colonel Harland Sanders. Playing cards from the U.S. Playing Card Company peeled open to reveal silk escape maps. Cigarette packs carried radio parts. Gillette even made razor blades that pointed north when balanced on a stick.
HAVE A Laugh
The gadgets didn’t stop there. Radios hid in suitcases, maps tucked inside boot heels, and even Ping-Pong paddles held secrets. Most of these tools were destroyed after the war, but the
stories remain. A deck of cards or a shaving kit didn’t just pass the time. For many POWs, it offered a real chance to get home.
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905 James Ave. NE • Jamestown, ND 58401 (701) 252-6190 • CraigHansonCPA.com Inside This EDITION
Have tax problems? Unsure what to do? Our Free video reveals what you should and should NOT do when you receive the dreaded letter from the IRS. CraigHansonCPATaxResolution.com
1.
A Guide to Giving Wisely
2.
The Right Way to Raise Prices
3. Disguised Devices of WWII
4.
Colonel Sanders and the Power of Persistence
What Colonel Sanders Teaches Us About Resilience The road to success is often paved with mistakes and failure. As a business leader, you probably know this all too well. You may have damaged team morale by hiring the wrong people or investing in technology or products that didn’t pan out as well as you had hoped. Mistakes are a part of growth, especially in the business world. Whenever you encounter one, you pick yourself up, try to learn where you went wrong, and develop strategies to ensure you don’t make the same mistake again. Do this repeatedly, and soon, you’ll have a flourishing business. siblings. This is where his passion for cooking developed. By age 10, Sanders started working BURNED DOWN, PASSED OVER, BUT STILL COOKING
outside the home as a farmhand. Two years later, he dropped out of school to live and work at a farm full time. Sanders landed a job emptying
ash pans from train engines in Alabama when he was 16. It didn’t take long for him to move up the ladder and become a fireman for the railroad. It appeared as if Sanders would have a long, fruitful career with the railroad, but his temper got in the way. He was fired from his firefighter position for alleged insubordination and lost his next job after a fight. He moved throughout various industries over the next few years, even trying a short-lived stint in the legal field that came to a close after a fight with a client.
Many of our country’s most successful and prominent businesses were started by entrepreneurs who refused to call it quits when things got tough. They pushed through adversity, found ways to improve their industry, and built businesses that have stood the test of time. One of the best examples of this comes from the world’s most famous fried chicken restaurant, Kentucky Fried Chicken or KFC. Harland Sanders was born in Indiana in 1890. His father passed away when he was 6 years old, which sent his mother into the working world, leaving him to watch over his two younger
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