Tax and accounting

Although home improvements are often expensive, they can also create tax-saving opportunities. But just as renovations involve many details — measurements, materials, specifications and so forth — applicable tax breaks come with rules and limits all their own. Let’s explore some possibilities.  Claiming a Mortgage Interest Deduction If you itemize deductions on your return, you…

Don’t let the changing estate tax environment prevent you from getting your estate in order with trusted tax accounting solutions Brookfield professionals. Whatever happens with future estate tax laws, you’ll still want to ensure your assets are distributed according to your wishes.  In all cases, name your first choice and at least one successor. Working…

After retiring or leaving a job, your first big tax question might be: What should I do with the money in qualified retirement plan accounts with my former employer? These accounts include 401(k)s, profit-sharing plans, and stock bonus plans. The standard advice is to roll everything over into an IRA. That advice generally makes sense…

Like all investments, municipal bonds are not appropriate for everyone. Investors in high tax brackets often find them attractive because they generally provide tax advantages. But should you make municipal bonds part of your investment portfolio?  Here are some considerations to help answer that question: Types of Bonds Municipal or “muni” bonds are issued by…

Sorting out financial priorities in your family can be a tricky balancing act, and seeking professional tax accounting solutions Brookfield families trust can help you make smarter financial decisions. The contribution limits for tax-favored retirement savings plans continue to notch upward. This may cause parents to ask the following question: Should I max out my…

The One Big Beautiful Bill Act (OBBBA), enacted in 2025, permanently extended the federal income tax deduction for qualified business income (QBI), originally introduced under the Tax Cuts and Jobs Act. As a result, many property owners are now asking whether their rental real estate activities qualify for this valuable tax benefit. If you’re searching…

Planning for the future involves more than simply saving money — it requires careful financial and estate planning, especially when considering the high cost of long-term care. Few things can derail an estate plan as quickly as unexpected long-term care (LTC) expenses. Many individuals will require some form of care later in life, whether it’s…

No one likes to contemplate his or her own mortality, but ignoring the need for an estate plan or procrastinating in the creation of one is asking for trouble. If you haven’t started the process, don’t delay any longer. Working with experienced professionals who provide tax accounting solutions Brookfield residents rely on can help ensure…

If you’re in the market for a new home, your IRA might be a source of funding, thanks to a special exception in the tax law. Background: Normally, you’re required to pay a 10% tax penalty if you withdraw funds from an IRA before reaching age 59½. However, the tax law includes several exceptions that…