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What Households Should Do Now to Prepare for Changes Under the Recent Federal Tax Legislation

Jan 18, 2026 | Big Beautiful Bill, Blog, Newsletter, Tax Planning

Written By Steven J. Pope

Tax law changes rarely affect taxpayers only at filing time. The biggest impacts often come from decisions made during the year, such as timing income, deductions, or major financial moves.

Households should treat recent federal tax changes as a prompt to reassess their overall tax strategy. This includes reviewing paycheck withholding, estimated payments, retirement contributions, and major life events like home purchases, sales of investments, or changes in employment.

For families, changes in credits or dependency rules may affect planning around education costs or child-related benefits. For higher-income households, shifts in deduction limits or surtaxes may make timing income and expenses more important than in prior years.

Practical planning steps

  • Update withholding or estimated payments if income has changed
  • Review retirement and investment strategies for tax efficiency
  • Discuss upcoming life events before they happen, not after

Early planning reduces surprises and increases flexibility.

Written By Steven J. Pope

Steven J. Pope, CPA, is the principal and lead tax advisor at SJP Tax Services, a Wisconsin-based accounting and tax firm serving individuals and small to medium-sized businesses throughout the Milwaukee area and surrounding communities. With over 20 years of combined experience in accounting, bookkeeping, tax, and business services, Steve brings a practical, client-focused approach to navigating complex tax and financial matters. Steve specializes in individual and business tax preparation, proactive tax planning, audit counseling and representation, and small business advisory services. His experience spans closely held businesses, real estate professionals, trusts and estates, and individuals with complex tax situations. He has extensive expertise in areas such as IRS and state audit response, 1031 exchanges, cancellation of debt issues, and the tax rules governing passive activities and real estate professionals. Throughout his career, Steve has emphasized proactive planning rather than reactive compliance. He works closely with clients year-round to identify opportunities to minimize tax liability, manage risk, and support long-term financial stability. Clients value his responsiveness, clarity, and ability to explain complex tax concepts in straightforward terms. Steve is committed to building long-term relationships based on trust, accuracy, and personalized service. Whether meeting clients in the office, at their place of business, or remotely using secure technology, his goal is to meet clients where they are and provide guidance that supports informed financial decisions.

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