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 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 clients,… 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 »
Estate Planning for Young Families
December 09, 2025Young Families Estate Planning Made Easy Estate planning is not solely about wealth distribution-it’s about ensuring that you and your family’s needs are met in unforeseen circumstances. Beyond retirement, estate planning is one of the most important financial decisions a family can make, made even more difficult by the emotions driven by contemplating one’s own… Read more »
Why Every Adult Needs an Estate Plan — Not Just the Wealthy
November 15, 2025The Importance of an Adult Estate Plan for Everyone Planning for the future is often something people postpone, assuming it matters only to those with significant assets or complex financial portfolios. In truth, every adult, regardless of income, age, or family structure, should have an estate plan. An estate plan determines what happens to your… Read more »
Hooray for Three Decades of Amazing Work!
October 29, 2025Cheers to 30 Years! Our Firm Celebrates Three Decades of Providing Legal Service In 1995, Amazon sold its first book, DVDs were introduced, and Anthony J. Madonia & Associates, Ltd. was founded. It has been a wild ride ever since. Five different offices, many different lawyers and paralegals, the introduction of Zoom court and e-signing… Read more »
Smart Year-End Tax Strategies for Business Owners
October 15, 2025As the year draws to a close, business owners have a limited window to make financial decisions that can reduce their tax burden and strengthen their financial position for the coming year. Reviewing income, expenses, and investment opportunities before December 31 can lead to significant savings and smoother operations. Working with a qualified advisor who… Read more »
Do You Qualify for Legacy Nutrient Deductions (LNDs)?
August 19, 2025An Introduction to Legacy Nutrient Deductions Agricultural landowners are familiar with the application of depreciation for fencing; irrigation system etc. yet fewer farmers are aware of legacy nutrient deductions (LNDs). This opportunity credits the depreciation of the value of the soil nutrients that were present in the land at the time of acquisition or inheritance…. Read more »