The Tax Advantages of Incorporating Your Business
January 21, 2026Starting a business is one of the most rewarding decisions an entrepreneur can make, but how that business is structured can have lasting tax and legal implications. Incorporating your business, whether as a Limited Liability Company (LLC), an S Corporation (S-corp), or a C Corporation (C-corp), can provide significant financial benefits while ensuring long-term operational… Read more »
Estate and Gift Tax Planning
January 19, 2026Estate and Gift Tax Planning: How to Minimize the Impact on Your Heirs Financial success often leads to new responsibilities, especially when preparing for future generations. Estate and gift tax planning helps reduce the financial burden on heirs by managing how wealth is transferred. At Anthony J. Madonia & Associates, we provide direct legal and… Read more »
AJM&A’s Areas of Expertise
January 19, 2026“Oh, You Do That?” AJM&A’s Areas of Expertise Clients come to AJM&A for a variety of reasons. Maybe you are starting a new business. While assisting you with that, you find out we do taxes and now have one last professional to line up. Perhaps you were meeting with us for estate planning and… Read more »
Tony Goes to FARMCON
January 16, 2026There Is So Much Agricultural Know-How at FARMCON But less people in costumes than COMICcon In early January, Tony was invited to join his colleague, Mark Queen, at FARMCON. It was a whirlwind of agricultural activity and future-planning. He returned to Illinois with some cool swag (see the t-shirt) and a better understanding of… Read more »
Looking at the Tax Season Ahead
January 16, 2026Tax season 2026 Looking at the Tax Season Ahead While every tax season has its challenges, 2026 seems to have a few extra layers of trickiness. There have been some major legislative changes, the IRS workforce disruptions and departures and a 43-day government shutdown come to mind. The IRS has announced that the filing season… Read more »
Introducing IRS Form 4547 a.k.a Trump Account
January 16, 2026Parents Take Note – You Can Sign Up for the Trump Account The IRS has released Form 4547, allowing parents to register eligible children for Trump Accounts when filing 2025 tax returns. Parents can now elect to open Trump accounts, while parents of newborns can opt in to seed money. The main feature of these… Read more »
Ushering in a New Year
January 16, 2026Cheers to 2026! As we welcome 2026, we at Anthony J. Madonia & Associates, Ltd. want to take a moment to reflect, celebrate, and look ahead. Our clients in Chicago-land, Kansas and Arkansas have given us so much to be grateful for this year, and we’re thrilled to ring in 2026 alongside all of you—our… Read more »
Estate and Gift Tax Planning: How to Minimize the Impact on Your Heirs
December 10, 2025Financial success often leads to new responsibilities, especially when preparing for future generations. Estate and gift tax planning helps reduce the financial burden on heirs by managing how wealth is transferred. At Anthony J. Madonia & Associates, we provide direct legal and tax guidance to individuals and business owners throughout Schaumburg and Chicago. Our goal… Read more »
Year End Look at The One Big Beautiful Bill Act
December 09, 2025Let’s Review the New Tax Changes and Financial Notes from the OBBBA On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law by President Trump, capping off the final step of the budget reconciliation process for the 2025 fiscal year. Here is a partial list of goals and benefits that… Read more »
Federal Government Issues Guidance on Trump Accounts
December 09, 2025New Details About the Investment Accounts for Newborns a.k.a. Trump Accounts The Federal government has released information on how “Trump Accounts” work. The Treasury Department and the Internal Revenue Service are addressing certain initial questions about creating initial and rollover accounts, which are a new type of IRA. Jointly, the Department of the Treasury and… Read more »