Valuable story for 2nd graders, tax tips for adults
April is recognized as National Financial Literacy Month, which coincides with Tax Day. Local CPAs believe 2025 will bring ‘significant’ changes to current tax laws.
The Brief
- April is recognized as National Financial Literacy Month.
- It coincides with Tax Day, April 15.
- Local CPAs believe 2025 will bring ‘significant’ changes to current tax laws.
PEWAUKEE, Wis. - Lisa Seeger’s second grade class at Pewaukee Lake Elementary had a special guest in April. Neil Keller spent the afternoon reading to children in the class.
Learning about money early in life
What we know:
"How do we get money?" Keller asked the students.
One replied, "You work for it!"
Keller read the children’s book, Rock, Brock, and the Savings Shock. Keller practically knows the story by heart: it focuses on twin brothers who take two different financial paths in life.
National Financial Literacy Month
What we know:
Keller’s visit to Pewaukee Lake Elementary came during National Financial Literacy Month.
"Obviously, 15-20 years ago, financial literacy wasn’t as big of a concept as it is now," Keller said. "You can tell talking to clients – you just have to explain a little more or maybe have to go back to square one."
Neil Keller
The clients Keller referred to are those who rely on him for tax help and preparation.
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Starting conversations about money with kids
April is National Financial Literacy Month, and it's important to start the conversation about money early with children. Tammy Hofstede, President and CEO of WICPA joined FOX6 News to share more.
Keller is a principal, Certified Public Accountant (CPA) at Sikich in Brookfield and a member of the WICPA. He’s been a CPA for nearly three decades.
From January until April 15th each year, Keller is knee-deep in numbers. Visits with students provide a necessary distraction.
"If we can get into the grade schools, we set that foundation, and we can build upon that. So when we’re talking about being smart with your money or the importance of saving, it’s not a brand-new concept for kids when they face it later on in life," Keller said.
Do you dread April 15?
Why you should care:
For those of us old enough to dread April 15 on the calendar, Keller said we should already start thinking about next year’s deadline.
"2024 was a pretty quiet year for tax," Keller recalled. "I think that was a little bit of a reprieve for tax preparers. However, 2025 – most people believe there will be a brand-new tax law."
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Keller later added, "A lot of the provisions that were set to expire will get extended. Just what the tax law will look like at the end of 2025 is a little bit up for grabs."
Don't forget this…
Dig deeper:
Before you sit down to do your taxes, Keller shared this important reminder: Make sure you have all your paperwork with you.
Keller said you’d be surprised how many people think they’re ready to file their return but can’t because of missing tax documents. Keep them all stored in one place.
If you’re not ready to meet the April 15 deadline – file an extension. Keller said you can delay filing taxes until October 15, but the deadline to file an extension is also Tax Day (April 15).
The Source: The information in this post was provided in part by a Certified Public Accountant (CPA) at Sikich in Brookfield along with WICPA.
