LB – The New Tax Act and how you can save taxes.

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1/31/18

Hi Friends –

Next Tax Seminars:

(1) Tax seminar with Q&A – at a community church. Details yet to be posted.
(2) I am giving a tax seminar on 2/13/18 from 7 to 8pm, with lots of interaction by up to 12 people, live in the WVOX radio studio at ____ Fifth Ave., New Rochelle, NY 10801. Please call me now to register to be part of this exciting seminar, with questions and answers answered live.  The happening will also be broadcast on Facebook Live.
Thanks,
Fran Sisco
Facebook messenger – Francis Sisco
Email – FrancisSisco@aol.com
www.TransFranSisco.com

FranSiscoTaxSeminarFlyerFor010317_Draft1a

FRAN’S IMPORTANT STRATEGIES TO GAIN THE MOST (OR LOSE THE LEAST) FROM THE NEW TAX ACT

1. Salaried W-2 people (salespeople, entertainers, actors, contractors, etc.) – If possible, restructure to become an independent contractor sole proprietor and receive 1099s or incorporate (S Corp or C Corp), in order to deduct more expenses.

2. Small business owners – If a pass-through (Sole proprietorship, S Corporaton, LLC, partnership) and if restricted by new rules and not able to use the new 20% deduction  of new business income, then consider:

a. reorganizing as a C Corporation subject to 21% tax now and perhaps more later when distributed

b. apportion business to recharacterize services so as to qualify (e.g lawyers, architects and accountants may be able to split income into service income and income from use of intellectual property (e.g. methods, systems, etc.)

3. Gig economy workers – Recognize the trend toward gig economy, and even set up business for sideline activities.

4. Family structure – If elderly parents are incurring significant medical expenses that you are in part paying for, consider claiming them as a dependent and deducting the medical expenses (still deductible if over the 7.5% of AGI threshold). Regarding children over 16, consider employing them in your business if possible and pay them income, thus benefitting from their lower tax rates. This will reduce the negative effect of losing the personal exemptions for them.

5. Business owners in real estate industry if hurt by dampened demand for home ownership may want to (a) consider being pro-active (e.g. seminars, meetings, etc.) to demonstrate the actual effects of the new act on prospective clients, in order to quantify the costs and (b) consider focusing on customers who may be not has concerned (e.g. high-end homes with clients with significant income not caring about lost tax benefits, or who lose most of the real estate tax deduction and mortgage interest anyway in AMT cases)

6. Financial service professionals earning investment fees which are no longer deductible may want to take steps similar to #5.

7. For various other strategies, see Fran Sisco’s Financial Flyer (6 pages)

Click here for Fran Sisco’s Financial Flyer – 6 pages of ideas for saving money and taxes. (before the new tax act, but most still apply)

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12/23/17-Video 1 (IMG 5083)-Happy Holidays everyone! I’m hoping to see you at my upcoming seminars about the new tax act. As a CPA for over 30 years and with over 100 tax and financial advisory clients, I’ve become a quick resource for people. The first seminars are in a large office space conveniently located in New Rochelle, NY in Westchester County (from 8pm to 9:15pm) on Wednesday 1/3/18, Thursday 1/4/18, and Friday 1/5/18. Look for my seminar flyer in a couple of days to see more details.
Also, see video 2 in this posting for 4 examples of clients for whom I’ve built Excel templates to run figures to determine the effect of the new tax act, with several surprises. I can run calculations for you too!
Please contact me ASAP if you want to sign up for my upcoming tax seminars and/or would like template calculations run for you and your family.
Thanks,
Fran Sisco
FrancisSisco@aol.com
http://www.TransFranSisco.com

 

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Video 2 referred to above that shows examples (with explanation) of the approximate effects on 4 different “hypothetical” taxpayers – 2 singles and 2 married filing jointly.

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Fran Sisco’s summary of the tax rates for the New Tax Act.

FranSisco_NewTaxRates_122517

 


Click here for Fran Sisco’s Financial Flyer – 6 pages of ideas for saving money and taxes. (before the new tax act, but most still apply)

 

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‘WHAT IF’ SCENARIOS – EXAMPLES

EXAMPLE #1 – SINGLE TEACHER IN WESTCHESTER COUNTY, NY

FranSiscoTaxActWhatIf_SingleTeacher_MN


EXAMPLE #2 – SINGLE RETIREE IN NYC

FranSiscoTaxActWhatIf_SingleRetiree_RS


EXAMPLE #3 – MARRIED COUPLE, WITH ONE SPOUSE HAVING W2 AND OTHER SP0USE HAVING SCHEDULE C AND NO DEPENDENT CHILDRENFranSiscoTaxActWhatIf_MarriedCoupleW2AndScheduleC_SAAndDA


EXAMPLE #4 – MARRIED COUPLE, WITH TWO SPOUSES HAVING W2S AND 4 DEPENDENT CHILDREN

FranSiscoTaxActWhatIf_MarriedCoupleW2AndScheduleC_4CHILDREN_FAandPA


 

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