Spring 2018

 
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“Day in and day out, your tax accountant can make or lose you more money than any single person in your life.”

Harvey Mackay, Syndicated Business Columnist and Author of "Swim with the Sharks"

This is not true when you use Stanislawski & Company.  (See story below - "Don't Wait")  As a Master Tax Specialist with certificates from the Institute for Preparing Heirs and the American Institute of Certified Tax Coaches, and a 50+ year legacy of remarkable tax savings for clients, the only thing to lose is the IRS continuing to take more of your wealth.

 

Don't Wait Until It's Too Late.

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A high-profile new client came to us for help.   We reviewed her documents and holdings.  Her family's real estate partnership had accumulated a large amount of wealth, thanks to her parents.
 
After the parents died, the brother took over and prepared returns using Turbo Tax.  After an extensive review, we discovered significant tax benefits for the family real estate partnership--that can accrue to the heirs-- which would have saved my new client over $500,000 in tax deductions.  Unfortunately, neither the brother nor the CPA of the parents nor the estate tax attorney properly advised the family.  Worse yet, these particular tax benefits expire within 24 months of the parent’s date of death.  I met the client 2 ½ years after her parents passed.  

Individuals or successor trustees who own real estate where one or both spouses are either infirmed (for pre-mortem estate and tax planning) or have passed away can meet us on a complimentary basis... on average, our tax reduction strategies save $100,000+.

Call Chuck Today! 626.441.0330

 

 
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A surviving spouse with numerous real estate holdings saved over $660,000 in a combination of sophisticated tax reduction strategies related to her real estate rentals.  A $650,000 unknown tax deduction was discovered for the sole owner of a publishing company and the timing of that deduction was optimized to offset a new venture generating an $800,000 profit.  THE EDGE certified tax coach program can help you save thousands to millions.  Our fee is based solely on significant tax savings.  Our guarantee is simple: no fee if there are no savings.  Click here or call 626.441.0330

 

 
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Better Be Prepared

Only 32 percent of companies are prepared for the demands of managing the Tax Cuts and Jobs Act.  Very few small and medium-sized business leaders can hire full-time tax and financial experts to help meet the new requirements. Let Stanislawski & Company serve as your go-to subject matter expert. 

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More Peace of Mind

We Are a Fixed Fee Taxation Specialist.  Hourly fees reward inefficient CPAs.  And that is not fair to you.  Running the clock might work for other CPA firms, but over six decades we've learned that you should pay for results, not promises.  Our mission is about dramatically improving income, not about taking more of it away.

 

 
 

Winter 2017


 
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Prepare for BIG Changes.

The largest tax overhaul in over 30 years is underway.  Here is what you need to do in the next 10 days to save money!

 

 
 

For Individuals

STATE & LOCAL TAXES, PROPERTY TAXES, SALES TAX DEDUCTIONS:

  • STATE & LOCAL TAXES, PROPERTY TAXES, SALES TAX DEDUCTIONS: In 2018 the maximum deduction on Schedule A (Itemized Deductions) is $10,000 for state and local income taxes, real and personal property taxes, and sales tax combined.  If your combined total is greater than $10,000 in 2018,  consider pre-paying some or all of these expenses NOW, but "save"/do not pay $10,000 if it can be paid in 2018.  In other words, hold back $10,000 and pay it in 2018.  (See A.M.T. exception below.)
  • SCHEDULE A - MISCELLANEOUS ITEMIZED DEDUCTIONS: These are not deductible for the next 8 years. Consider prepaying NOW any anticipated 2018 or later miscellaneous itemized deductions such as legal fees paid for your Living Trust, investment management fees paid to your financial advisor, employee expenses including a business computer, and our tax preparation and planning fees.  Regarding our 2018 tax preparation fee, we recommend you pay 105% of last year’s amount (see A.M.T. exception below).  
  • A.M.T. EXCEPTION: CAUTION!  Regarding the previous two items, if you are subject to the Alternative Minimum Tax (A.M.T.) in 2017, we DO NOT recommend you pre-pay all of these expenses, because such tax deductions are never deductible for A.M.T. purposes.
  • ROTH RECHARACTERIZATIONS: If in 2017 you converted part of your IRA to a ROTH, and you want to change your mind and reverse (referred to as recharacterizing) some or all of the previously converted IRA, you MUST complete the reverse/recharacterizationBEFORE 12-31-17.    
  • STANDARD DEDUCTION: In 2018, the standard deduction has increased to $24,000 for married filing joint, $18,000 for head-of-household and $12,000 for all other taxpayers.  In 2017, these standard deductions were $12,700, $9,350 and $6,350. For those who use Schedule A in 2017 but will use the new higher standard deduction in 2018, consider making 2018 charitable contributions NOW when you will generally be able to deduct the contribution on Schedule A, because in 2018 you will be using the standard deduction.   
  • PERSONAL EXEMPTIONS: The standard of $4,050 per person in 2017 is SUSPENDEDbeginning in 2018, which remains in effect for the next seven years.

RECOMMENDATIONS UNRELATED TO THE NEW TAX BILL

  • RMD’S: It is CRITICAL that you take your Required Minimum Distributions (RMDs) from your IRA or 401(k) plan (or other employer-sponsored retirement plans) if you are age 70 ½ or older.  Failure to take a required withdrawal can result in a penalty of 50% of the amount of the RMD not withdrawn.  Also, if you haven’t already made arrangements with your financial advisor or your investment company, please contact them AS SOON AS POSSIBLE, because they ordinarily need 1 to 2 weeks to process your request.

For Businesses

  • ENTERTAINMENT EXPENSES: These expenses are disallowed beginning 2018.  Consider paying scheduled 2018 entertainment expenses NOW, such as sporting, music and theatrical events, amusement parks, golf greens fees, etc.
  • BUSINESS MEALS: The current 50% limit is still allowed, but in 2018, it is expanded to include meals provided for the convenience of the employer (which used to be fully deductible in 2017). 
  • STATUS QUO: There are not a lot of significant changes except in extenuating circumstances which we will discuss with select clients.
  • PENSION: We always remind clients who are contemplating starting a pension plan before year-end that they MUST FORMALLY SIGN a pension plan document BEFORE 12-31-17.  Signing this document does not force you to make a pension contribution.  It simply allows you the choice of deducting in 2017 any discretionary pension payment made in a timely fashion during 2018. 
  • FINAL THOUGHTS: We also always recommend that, where it concerns an employee’s 2017 wages (and W-2), you add the personal use of any company car, and for S Corporations you must add the shareholder’s medical insurance to 2017 wages (and W-2). 

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2017 was a wonderful year, thanks to clients and associates like you. We are honored that most of our business comes from referrals, so please tell colleagues, friends, and family members like you that we are here to help them too.  From the bottom of our hearts, we wish you all the best throughout 2018.


 
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