2025 was a big year for taxpayers. The passing of the OBBBA in July 2025 brought significant changes to the tax laws. By now you’ve probably heard about the no tax on tips, the no tax on overtime provisions, or the additional senior deduction. There has been a lot of speculation on how these provisions will [...]
As the year draws to a close, now is the ideal time to take advantage of tax-saving opportunities before the calendar resets. Year-end tax planning helps you reduce your taxable income, maximize available deductions and credits, and avoid unnecessary surprises when filing your return. A few proactive steps now can make a meaningful difference in your [...]
In August 2025, severe storms, flooding, straight‐line winds, and mudslides struck parts of southeast Wisconsin—including Milwaukee, Washington, and Waukesha counties—causing property damage, business interruption, and widespread hardship. In response, federal, state, and local authorities have put in place several relief programs and tax relief measures to assist residents. Below is a summary of who qualifies, what [...]
The One Big Beautiful Bill Act signed into law on July 4, 2025 has some beneficial changes to our tax laws for individuals across the country. Below are a few of the changes that go into effect for 2025. No Tax on Tips This is effective starting with tax year 2025 and set to expire after [...]
Roth vs. Traditional IRA: What's the Difference? When planning for retirement, choosing the right type of Individual Retirement Account (IRA) is crucial. The two most common options—Roth IRA and Traditional IRA—offer distinct tax advantages, and understanding the key differences can help you make the best choice for your financial goals. Tax Treatment Traditional IRA: Contributions may [...]
The talk of the town is regarding Biden’s Student Loan Relief Plan. It is still in the works but here’s a breakdown of what we know so far. This is still a proposal and is not yet finalized.1. The Department of Education will provide debt cancellation to Pell Grant recipients up to $20,000.2. The Department of [...]
Many self-employed taxpayers are booking trips now in an effort to reenergize their business opportunities. Good news: If you meet certain requirements, you can write off the bulk of your travel costs, even if you “mix in a little pleasure” with your business. Background: Generally, you can deduct business travel expenses away from home if the [...]
The CARES Act spells out that the forgiven loan amount won’t be included in taxable income. That means you don’t pay taxes on the money that you receive. The aim of this loan is to provide businesses with the money to keep running and continue paying employees, not to create a tax burden for businesses receiving the [...]
Every financial transaction, whether you are an individual or a business owner, has the potential to affect your tax strategy. The many twists and turns of 2020 have added new complexities. Combinations of Paycheck Protection Program (PPP) loans, Cares Act payroll tax deferral, unemployment benefits are just of few of the unfamiliar issues that are new [...]
We had a great celebration of the WISCONSIN STATE FAIR at Tax Management yesterday. We enjoyed the famous cream puffs, almost as famous brownies and chocolate chip cookies direct from the dairy pavilion. We are proud to serve our community and recognize the value of our Wisconsin businesses.
