Posts by Lucida Tax + Accounting Solutions
IRS Grants Tax Relief for 21 Wisconsin Counties: Filing and Payment Deadlines Extended to November 2
If you or your business were affected by the recent severe storms, tornadoes, and flooding in Wisconsin, the IRS has announced tax relief that may give you some extra time. Eligible taxpayers in covered disaster areas have until November2,2026to file federal tax returns and make federal tax payments. Individuals and households that reside in Bayfield,…
Read MoreIRS Raises Standard Mileage Rates Midyear — What You Need to Know
The IRS has announced a midyear bump to the standard mileage rates for business, medical, and moving travel, retroactively effective to July 1, 2026. The adjustment, issued in IRS Announcement 2026-11, allows for recent increases in fuel prices and applies to all qualifying travel on or after July1st, 2026. Why a Midyear Change? The IRS…
Read MoreWhy You Need a Buy-Sell Agreement
If you co-own a business with other family members, it’s generally a good idea to have a well-drafted buy-sell agreement to protect everyone’s interests. If you’re working with a Tax Planning company in Brookfield, they can help ensure the agreement aligns with your overall tax strategy and addresses potential financial implications for all parties involved.…
Read MoreMake the Most of the General Business Credit
Tax credits are far more valuable than tax deductions. Unlike a deduction, which reduces a business’s taxable income, a credit reduces the business’s tax liability dollar for dollar. If you’re working with a Tax Planning company in Brookfield, they can help you identify and optimize available tax credits to improve your overall tax position. Tax…
Read MoreMedical Costs: Can I Really Get a Tax Break for That?
It’s difficult for many people to write off medical expenses because of the limits imposed under the tax laws. But you may qualify by including every expense allowed. Some of the qualified procedures may surprise you. For example, most insurance plans won’t cover laser eye surgery, such as radial keratotomy or “Lasik,” because they consider…
Read MoreSwapping Life Insurance for Long-Term Care Insurance
Do you own a life insurance policy that’s no longer essential to your financial goals? You may have purchased a policy long ago, when your children were infants or before their college years. Now that you’re no longer raising a family, your focus has probably changed to your own future needs, which could include some…
Read MoreImproving Your Home? Understand the Mechanics of Mechanic’s Liens
Consider the following: 1. A homeowner hires a company to replace her roof and signs a contract. She refuses to pay $2,000 of the bill, insisting that the quality of the work was poor and the roofing company took much longer to finish the job than agreed upon. The homeowner receives a notice that the…
Read MoreNow’s the Time to Review Your Estate Plan
When you first dipped your toes into estate planning, you were probably told to start with a legally valid will. Check. Next, you may have been advised to create an estate plan that incorporates your will and other legal documents, such as powers of attorney and trusts. Check. If you’re working with the best…
Read More2026 Midyear Tax Planning Tips for Individuals
Summer may feel far removed from tax-filing season. But for strategic taxpayers, it’s a great time to gather information and plot moves that may pay off when they file their 2026 return. Here are some midyear tax planning tips to consider. Be Mindful of Your Rate and Bracket Many people don’t think about their individual…
Read MoreWisconsin Manufacturers: Unlock R&D Tax Credits
R&D Tax Credits: The Opportunity Hidden in Everyday Manufacturing We see this often—companies solving complex production challenges every day without realizing those activities may qualify for valuable tax credits. If your team is: …there’s a good chance you may qualify for R&D tax credits. Unfortunately, many manufacturers who qualify may be leaving significant tax savings…
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