Time to Spring Clean Your Finances

March 08, 2023

Spring Clean Your Finances  With Daylight Savings approaching, spring is just around the corner. While you plan to dust and declutter your home, take the same care with your finances. Here are some tips to get you started. Declutter your financial life. Consolidate old accounts-review your finances. More accounts don’t mean more diversification, just more… Read more »

New IRS Scams involving Form W-2 Wages

March 06, 2023

IRS warns taxpayers of new filing season scams involving Form W-2 wages On March 3, 2023, the Internal Revenue Service issued a consumer alert warning taxpayers of new scams that urge people to use wage information on a tax return to claim false credits in hopes of getting a big refund. The most common scheme,… Read more »

The latest news from the IRS

February 23, 2023

News from the IRS -Smaller refunds and other items of note The cat is out of the bag. The news from the IRS is that this year taxpayers might receive smaller refunds this year than they have become accustomed to. There are a number of reasons for this including the child tax credit reduction, and… Read more »

Ways to Protect Your Assets from Future Lawsuits

February 21, 2023

Techniques to Shield Your Assets from Future Problems It’s worth learning how to protect your assets. Learn how to implement effective asset protection techniques. The goal of asset protection is to guard against unanticipated future claims, not previously filed claims or ones that are reasonably predictable. So, what should you do? How to Protect Your… Read more »

Asset Protection Tools- Estate Planning Tips to Keep Your Money in the Family

February 08, 2023

Utilize Asset Protection Tools Now to Keep Your Money in the Family The prospect of estate planning can seem overwhelming. You need asset protection tools to get your started in the planning process. Financial planners recommend having an estate plan. It can be crucial to ensuring your money and assets go to your intended heirs…. Read more »

Set Goals to Protect Your Family Assets

February 07, 2023

Protect Your Family Assets and Avoid Probate An easy way to avoid probate when you have substantial assets is to create a trust. A trust outlines what will be done in terms of asset distribution without the courts being involved. While a will distributes your family assets and property after your death, a trust allows… Read more »

Check, Check and Double Check Your Taxes

February 03, 2023

Top 10 Taxpayers’ Goofs To err is human and we are ALL human. Apparently as taxpayers, we keep making the same mistakes on tax returns. As another tax season kicks off you, let’s all double check our work. Here is where we need to focus: Missing or inaccurate Socials (SSNs) Nine digits but way more… Read more »

Highlights to the SECURE ACT 2.0 Spending Bill

January 31, 2023

Secure Act 2.0 Offers Changes to Retirement Savings and Planning On December 23, 2022, Congress passed the Securing a Strong Retirement Act of 2022 (Secure 2.0) as part of the Consolidated Appropriations Act of 2023, which President Biden signed into law. The second Secure Act has several provisions that would benefit retirement savers and employers…. Read more »

IRS Opens 1099 Business Filing Portal

January 26, 2023

Free Portal for Businesses to File Their 1099 Forms Unveiled by IRS The Internal Revenue Service unveiled a long-awaited online portal Wednesday where businesses will be able to file their 1099 information returns for free. The Information Returns Intake System (IRIS) portal was originally expected to be available on Jan. 9, but after additional testing it… Read more »

Everyone has to Answer Cryptocurrency Question on 2022 Taxes

January 25, 2023

How to Declare Cryptocurrency on Your Tax Form The IRS decided to change the term from “virtual currency” to “digital asset” this year so it would include more than just cryptocurrencies like Bitcoin, but also non-fungible tokens and stablecoins. The change first showed up on the draft version of the Form 1040 that the IRS… Read more »

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Anthony J. Madonia & Associates, Ltd. Map

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Des Plaines, IL 60018
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