Let $A$ be a commutative ring.
On one hand we have the completion $ A[\![ x ]\!]$, given by the ring of formal power series. Elements are of the form $\sum_k a_kx^k$. The Jacobson radical of $ A[\![ x ]\!]$ consists of power series whose value at zero is in the Jacobson radical of $A$.
On the other hand, we have the localization $A[x]_{1+\langle x\rangle }$ at the polynomials whose value at zero is invertible. Using the notation $(1-xf)^{-1}=\sum_k f^k x^k$ this localization is an $A$-subalgebra of $ A[\![ x ]\!]$. I think its Jacobson radical is generated by polynomials whose value at zero is in the Jacobson radical of $A$.
Geometrically, what is the difference between these constructions? I am thinking of the latter as thickening the affine line by adding an infinitesimal neighborhood of the origin. Is this correct?
The completion seems to thicken the entire line, so perhaps it is best compared with the localization $A[x]_{1+I}$ where $I$ is the ideal of non-constant polynomials?