When Is the Best Time or Age to Do Your Estate Plan?
September 22, 2023With 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 for your family. Here, Anthony J. Madonia & Associates, Ltd., shares insights… Read more »
Trends in Estate Planning for 2023
September 15, 20232023 Trends in Estate Planning Estate planning is a dynamic field, with changes driven by legislative shifts, advances in technology, and evolving family structures. So far, in 2023, the arena of estate planning in Chicago and across the United States has a new set of challenges and opportunities. These estate planning trends help keep people… Read more »
Unmarried Couples Need to Focus on Financial Planning
September 08, 2023Unmarried Couples Plan on Extra Steps for Financial Planning While marital status is a personal choice couples make, yet it can have an impact on financial planning. Married couples do enjoy certain advantages when it comes to financial planning. For example, if they divorce and have not entered into a prenuptial agreement, state law provides… Read more »
Tax-Free Student Loan Help from the IRS
September 08, 2023Get Tax-free Help with Student Loan Program from the IRS The Internal Revenue Service will host a free webinar on September 14, 2023. The webinar is to educate employers on how to can set up educational assistance programs for student loan repayment. Employers can help employees with student loan repayments, which are coming due for… Read more »
Illinois Education Expense Credit and More Back to School Tax Benefits
August 24, 2023You May be Eligible for Back-to-School Expense Tax Benefits With the new school year upon us, you may be able to claim school expenses for K-12 students on your 2023 Illinois individual income tax returns. Utilizing the Illinois Education Expense Credit you can receive tax benefits. Qualified educational expenses for parents and guardians include: tuition… Read more »
Reminders to Avoid Identity Theft
August 23, 2023Important Reminders to avoid Identity Theft Risk Tax-related identity theft scams continue to grow with a regular bombardment of scams and schemes that seek to gain access to sensitive information. These schemes continue to evolve and ensnare victims. We want to share information from the IRS to help you avoid identity theft. Anthony J. Madonia… Read more »
IRS Mistakenly ‘Deceased Locked’ Taxpayer Accounts
August 18, 2023Living or Dead? IRS Isn’t Sure and Makes Too Many Deceased Locked. The Internal Revenue Service (IRS) developed an indicator to lock the accounts of millions of taxpayers whom the agency assumed had died. This is known as Deceased Locked. They did this to prevent identity theft and filing of fraudulent tax returns. Sadly, the… Read more »
IRS Launches Paperless Processing Initiative
August 18, 2023Paperless Processing Becomes the Rallying Cry at IRS The Internal Revenue Service hopes to process all the tax correspondence, notice responses and nontax forms it receives digitally (electronically) in the next two years. To do so, they have launched the “paperless processing initiative.” Now, taxpayers will have the option to go paperless for IRS correspondence… Read more »
Reminder on Beneficial Ownership Reporting
August 17, 2023Fact Sheet on Beneficial Ownership Reporting The Corporate Transparency Act of 2021 requires corporations, LLCs, and other entities formed under state law (domestic reporting companies) or similar entities formed under foreign law and registered to do business in the U.S. (foreign reporting companies) to report their beneficial ownership to FinCEN — the Financial Crimes Enforcement… Read more »
August Is National “Make a Will” Month
August 17, 2023Celebrate National “Make a Will” Month August is National “Make a Will” Month, and it’s a great annual reminder to update your will if needed and create a will if you don’t have one already. A will is an important estate planning document that can help you transfer your assets with ease. Having a proper… Read more »
