Fixing Common Problems in Estate Plans
November 02, 2024Estate Planning Woes that Are Easily Fixed Estate planning is essential for safeguarding your assets and ensuring that your wishes are respected after you pass away. However, even well-crafted estate plans can encounter problems if not regularly reviewed or correctly executed. Anthony J. Madonia & Associates, Ltd. emphasizes the importance of recognizing and addressing these… Read more »
Inflation Adjustments for Tax Year 2025 Announced by IRS
October 28, 2024The Internal Revenue Service has announced the annual inflation adjustments for tax year 2025. Revenue Procedure 2024-40 PDF provides detailed information on adjustments and changes to more than 60 tax provisions that will impact taxpayers when they file their returns in 2026. Notable Inflation Adjustments changes for tax year 2025 The tax year 2025 inflation adjustments… Read more »
IRS Tax Relief for Storm Victims in Parts of Illinois
October 28, 2024The Internal Revenue Service today announced disaster tax relief for individuals and businesses in parts of Illinois affected by severe storms, tornadoes, straight-line winds and flooding that began on July 13, 2024. Affected taxpayers now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments. The IRS is… Read more »
Using Partnerships in Estate Planning
October 18, 2024The Role of Partnerships in Estate Planning Estate planning is more than just a will or trust; it’s about securing your legacy, protecting your assets, and ensuring that your wishes are honored. While many approach estate planning as an individual task, integrating partnerships can enhance the effectiveness and comprehensiveness of your plan. Collaborating with Anthony… Read more »
Estate Planning Tips for 2024
October 17, 20242024 Estate Planning Tips You Need to Know Estate planning is essential for securing your financial future and ensuring that your loved ones are cared for according to your wishes. With evolving laws and financial considerations, it’s crucial to review and update your estate plan regularly. Here are practical tips to help you protect your… Read more »
High Interest Rates Make Estate Planning Challenging
October 09, 2024The Impact of High Interest Rates on Estate Planning Estate planning is a complex process that requires careful planning and consideration of various economic factors, including interest rates. As interest rates fluctuate, so do the strategies legal professionals, like AJM&A, use to help individuals and businesses seeking to effectively manage their estate. High interest rates… Read more »
Planning for Next Tax Season…Already!
October 08, 2024Time to Get Ready for Next Tax Season It’s the time of year that we begin reaching out to clients to start planning for the tax season and tax years ahead — and this year, more than any in recent memory, is a very tough time to plan. Tax planning for 2025 starts with the… Read more »
Who Can Help You With the CTA Beneficial Ownership Information Reporting?
October 07, 2024Time to File Your Beneficial Ownership Information (BOI) Report-Who to Call for Help? The Corporate Transparency Act (CTA) mandates that most smaller business entities file a with the Financial Crimes Enforcement Network of the Treasury Department. We have shared this information before, but it seems that most business entities, and their owners have not addressed… Read more »
Best Time to Do Your Estate Plan?
October 07, 2024When Is the Best Time or Age to Do Your Estate Plan? With the inevitable topic of estate planning, many individuals may wonder when exactly is the “right” time to undertake this important life task. Estate planning is not merely a formality but a crucial step in securing your legacy, finances, and peace of mind… Read more »
Focus on Gift and Estate Tax Planning
September 25, 2024Gift and Estate Tax Planning – the Basics When it comes to managing your wealth and ensuring your legacy, understanding the principles of gift and estate tax planning is essential. Gift and estate taxes can significantly impact the transfer of assets, but with careful planning, you can minimize tax liabilities and ensure that your… Read more »