Tax and accounting
Find a Middle Ground Between Saving for College and Saving for Retirement
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…
Read MoreClaiming the QBI Deduction for Rental Real Estate :
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…
Read MoreTwo Estate Documents Working in Tandem: A Living Trust and a Pour-Over Will
At the very least, your estate plan should include a legally valid will governing the disposition of assets upon your death. But comprehensive estate planning often goes much further. For instance, you may provide for transfers of assets to a living trust (also known as a revocable trust) to supplement your will. For many, the…
Read MoreFunding Long-Term Care Expenses: What Are Your Options?
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…
Read MoreAvoid These 6 Estate Planning Pitfalls
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…
Read MoreFirst-Time’ Homebuyers: A Window of Opportunity
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…
Read MoreWhat Parents Need to Know About the Kiddie Tax
If you’re a parent of minor children or of one or more college students, you’re likely thinking about them as you prepare to file your 2025 federal tax return or begin tax planning for 2026. Do they make you eligible for the Child Tax Credit? For the Credit for Other Dependents? For education-related tax breaks?…
Read MoreHow Philanthropy Can Strengthen Your Family Business
If you own a family business, chances are the company’s name and reputation are well-known in the community. That makes your business more than just a source of income — it reflects your values, history, and future. And that’s exactly why charitable giving isn’t just a nice gesture — it’s a smart business strategy. With…
Read MoreHit the Breaks: 2026 Tax Write-Offs for Business Driving
At the end of last year, the IRS announced its annual inflation adjustments to the optional standard mileage rates used to calculate the deductible vehicle operating costs for business, charitable, medical, or moving purposes. And there’s good news for those who drive for work: the cents-per-mile deduction increased for this year — even though the…
Read MoreAre You Up to Speed on the Auto Loan Interest Deduction?
The One Big Beautiful Bill Act (OBBBA), enacted in the summer of 2025, introduced a new temporary federal income tax deduction for auto loan interest. On January 2, 2026, the IRS published proposed regulations in the Federal Register clarifying how the write-off works. The deduction is available whether or not taxpayers itemize their returns and…
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