Umbreit, Wileczek & Associates, PC

07/17/2026

Providing a gift of stock can make sense if handled properly. Read more.

Providing a gift of stock (or other property) to a friend or loved one can be a powerful tax planning tool. However, it is not without its complications.

07/10/2026

Pass-through entities such as S corporations and certain partnerships offer legal protections and avoid double taxation. Does it make sense for your business?

Given the popularity of this business format, it continues to drive tax policy. Here is what you need to know.

07/03/2026

The ensure you're ready for an audit, tax returns should be kept indefinitely and supporting documents should be kept a minimum of three years.

After filing your tax return, do not close the book on your taxes until you have set up next year's files, purged unneeded old records, and prepared your records in case of an audit. Here are some tips.

07/01/2026

Side hustle income, tax tips, smarter food budgeting, and the growing trend of unplugging from screens. This month's insights can help you keep more money and spend more time on what matters.

Many Americans are taking on side hustles and part-time jobs to boost their income. While earning extra money can help pay for vacations or provide a financial cushion for your family, it can also increase your tax bill. In this month's newsletter, learn how additional income may affect your tax sit...

06/26/2026

It's not always a good idea to amend a tax return. Do you know how to choose?

Oops! You find an error or omission on last year's tax return. What should you do? Is it always a good idea to file an amended tax return? Here are some things to consider.

06/19/2026

Looking for tax-free income? Here's a list of the more common types.

There's a lot of income the IRS doesn't tax. Here are a few of the more common types.

06/12/2026

Social Security planning starts at an early age. Here is what you should be doing now!

Too many think to pay attention to Social Security only when they near retirement. Do this at your own risk! Even those in their 20s should be taking action. Here are some tips.

06/11/2026

If you're self-employed, own a business, receive significant investment income, or have other income not subject to withholding, your second-quarter estimated tax payment is due Monday, June 15! 🚨🚨🚨

Missing a payment (or paying too little), can result in penalties and interest, even if you ultimately receive a refund when you file your tax return.

🤔 If you're unsure whether you're required to make estimated payments, or if your income has changed significantly since the beginning of the year, now is the time to review your situation.

Have questions about your estimated tax payments? Reach out to our team before Monday's deadline! We're here to help.

📞: 610-444-3222
✉️: [email protected]

06/10/2026

If you're currently enrolled in the SAVE student loan repayment plan, there are some important changes on the horizon.

👉 Beginning July 1, loan servicers will start notifying borrowers about transitioning from the SAVE Plan to one of the newly approved repayment options. Once you receive your notice, you'll have a limited window to choose a new plan.

All repayment plans are NOT the same, though.

📊 Different plans calculate payments differently. Small changes in how income, family size, and forgiveness eligibility are treated can have a significant impact on your monthly payment and the total amount you repay over time.

If you're affected by this change:

✔️ Review your repayment options carefully
✔️ Make sure your income and household information is up to date
✔️ Explore any forgiveness programs or employer repayment benefits you may qualify for
✔️ Don't wait until the last minute to submit your selection

Our best advice? Focus on the total cost of the loan, not just the monthly payment.

A lower payment may feel better today, but it can result in substantially more interest paid over the life of the loan.

06/09/2026

If you think today's tax code is complicated, imagine trying to explain a shipwreck deduction to your accountant 👀

During the Civil War, Congress introduced one of the country's earliest federal income taxes. And among the allowable deductions?

🚢 Losses from shipwrecks!

At the time, transporting goods by sea and river was a major part of doing business, so losing cargo in a wreck was considered a legitimate financial loss.

As for beard-grooming expenses? Nice try.

One thing we've learned from 250 years of tax history is that while the rules change, taxpayers have always been looking for ways to keep a little more money in their pockets.

How many of you guessed correctly? 🇺🇸