Tax Season 2026 is right around the corner, and now is the perfect time to get organized before filing your 2025 tax return. With new inflation-adjusted brackets and credits taking effect, taxpayers may notice changes in their refund or balance due. Preparing early can help avoid delays, reduce stress, and ensure you take advantage of every [...]
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 [...]
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 [...]
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.
Who Needs to Return a Stimulus Payment The IRS says that a stimulus payment made to someone who died before receiving it should be returned to the government. The entire payment should be returned, unless it was made payable to joint filers and one spouse is still alive. In that case, you only need to return [...]
