Financial tips, tax-saving strategies, and money-management advice for individuals and small business owners in Wisconsin and Illinois.
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Process Improvement Services for Small & Mid-Sized Businesses
Process Improvement Services for Small & Mid Sized Businesses Streamline workflows, eliminate waste, and build a business that runs efficiently at every level. When growth slows or operations feel chaotic, the problem is rarely a lack of effort. More often, the root issue lies in outdated or inefficient business processes
2026 Tax Changes: New Retirement Catch‑Up Rules & Restored R&E Deductions
🔷 What’s New for Retirement Catch‑Up Contributions in 2026 Two important tax changes are coming in 2026 that may affect how you save for retirement and how your business deducts research and development costs. Below is a clear, easy‑to‑understand walkthrough of what’s changing and how it may impact you. And
Tips & Overtime Tax Deductions and Expiring Clean Energy Incentives
Can You Claim a Tax Deduction for Tips or Overtime Income? Recent tax law changes create new opportunities for workers who receive tips or overtime pay. For 2025, both types of income may qualify for a federal tax deduction — even if you do not itemize deductions. However, these deductions
Rental Real Estate Loss Deductions & Estate Planning Strategies for 2026
Unlock Bigger Deductions on Rental Real Estate & Strengthen Your Estate Plan for 2026 and Beyond Real estate owners and high‑net‑worth families have powerful opportunities to reduce taxes — but only if the rules are understood and applied correctly. Below is a refined overview of how you may unlock larger
New Auto Loan Interest Deduction & NOL/EBL Business Loss Rules
🚗 How the New Car Loan Interest Deduction Works (2025–2028) For years, personal interest — including interest on car loans — hasn’t been deductible for federal income tax purposes, with the main exception being mortgage interest. The One Big Beautiful Bill Act (OBBBA) changed that. Beginning in 2025, certain taxpayers
100% Bonus Depreciation Restored & Retirement Plan Options for Business Owners
Bonus Depreciation & Other Year End Tax Saving Tools for Businesses As 2025 draws to a close, business owners have an excellent opportunity to position themselves for meaningful tax savings. The recent legislative changes under the One Big Beautiful Bill Act (OBBBA), combined with long‑standing year‑end planning tools, can create
Section 179 vs. Bonus Depreciation & Year‑End Tax Planning
📅 Year End Tax Planning Strategies for 2025 As 2025 comes to a close, taxpayers still have opportunities to reduce their tax bill before December 31. Recent legislative changes restored valuable deductions for businesses, while individuals can take advantage of several proven planning strategies. The following summary highlights the most
SALT Deduction Expansion & OBBBA Business Tax Updates
New Tax Law Brings Big Changes for Homeowners & Businesses: What the OBBBA Means for You The One Big Beautiful Bill Act (OBBBA), signed on July 4, introduces some of the most meaningful tax updates in years. Whether you own a home in a high‑tax area or operate a small
Business Disaster Planning & Storm Preparedness for Homeowners
Before a Weather Emergency Closes Your Business, Make a Plan Severe weather can disrupt any business—whether you operate in a region prone to hurricanes, tornadoes, floods, wildfires, or winter storms. According to the Federal Emergency Management Agency (FEMA), roughly 25% of businesses never reopen after a major disaster, and many
Estimated Tax Payments & Partnership K-1 Basics
Should You Be Making Estimated Tax Payments? Here’s What You Need to Know If your federal tax withholding doesn’t fully cover your annual tax liability, you may need to make estimated tax payments. This often applies to individuals who earn income outside of regular wages—such as interest, dividends, self‑employment income,
Household Employer “Nanny Tax” Rules & Compliance
You May Owe the “Nanny Tax” Even Without a Nanny The term “nanny tax” can be misleading. It doesn’t apply only to nannies—it covers the wages of any household employee you hire, including housekeepers, gardeners, cooks, in‑home caregivers, or summer helpers. If the person is not an independent contractor, you
Cash vs. Accrual Accounting & 529 Plan Tax Advantages
Choosing the Optimal Accounting Method for Tax Savings The accounting method your business uses — cash or accrual — directly affects your taxable income and potential tax savings. The right choice can give you more flexibility, better cash flow control, and the ability to strategically time income and deductions. The
Worker Misclassification Risks & Your Next Steps After Filing
🚨 The High Cost of Worker Misclassification Why It Happens, What It Costs, and How to Protect Your Business Misclassifying a worker may seem like a small paperwork issue, but the financial impact can be substantial. When a worker is treated as an independent contractor instead of an employee, the
A Tax Quirk of Being a Business Partner
A Tax Quirk of Being a Business Partner If you’re a partner in a business, you may have encountered a situation that gave you pause: In any given year, you may have been taxed on more partnership income than was distributed to you. The cause of this quirk of taxation
Curtailing Cryptocurrency Tax Surprises
Curtailing Cryptocurrency Tax Surprises As investing in Bitcoin, Dogecoin and other cryptocurrencies becomes increasingly popular, investors need to understand the potential tax ramifications. Unlike traditional currency, the IRS views cryptocurrency as property for federal income tax purposes and even asks about it on Form 1040. Many transactions involving cryptocurrency —
JTA CPA serves clients across Mount Pleasant, Racine, Kenosha, Milwaukee, Chicago, and the broader Southeast Wisconsin region. We provide a full range of professional services — including tax preparation, accounting, bookkeeping, business advisory, QuickBooks consulting, and assurance support — with a commitment to accuracy, transparency, and exceptional client service. As a local firm invested in our community, we’re here to help individuals and small businesses plan confidently, stay compliant, and make informed financial decisions.
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