Staszak and Company

05/30/2026

If your child recently graduated from high school and is planning to attend college next fall, consider creating a basic estate plan before he or she leaves home. Perhaps the most critical document is a health care power of attorney. Children age 18 or older are usually treated as adults. So without a health care power of attorney, you might have no say in your child’s medical treatment should he or she become incapacitated. This document (sometimes referred to as a “health care proxy” or “durable medical power of attorney”) allows your child to appoint someone — such as you — to make health care decisions on his or her behalf. Contact us for more details.

05/22/2026

05/22/2026

Small business owners, beware: Tax identity theft is a costly, ongoing threat. Criminals may file fraudulent returns using a business’s EIN, impersonate executives to steal employee W-2 data, or use forged IRS documents to pose as a business for financial or tax-related activity.

Protect your organization by implementing a cybersecurity plan, securing sensitive data, training employees and using technology tools such as encryption and multi-factor authentication. Working with a trusted tax professional is also critical. We can review your risks, recommend safeguards and determine the next steps if something looks suspicious. Contact us to learn more.

05/15/2026

If you’re thinking about relocating, don’t choose a new state based only on climate, cost of living or proximity to family. Also review the tax implications.

For example, some states don’t have a personal income tax, and some that do have one offer tax breaks for pension payments, retirement plan distributions and Social Security payments. Also be aware that a state with no personal income tax may impose high property, sales or estate taxes.

Before making a move, contact us to review the potential income, property, sales and estate tax implications. We can help you minimize potential negative tax consequences and make the most of any tax advantages offered by the new state.

05/09/2026

Do you hold assets such as overseas real estate, foreign bank accounts or investments in international markets? Proper estate planning for foreign assets is essential to avoid unexpected tax consequences, legal complications and administrative delays for heirs. To ensure that your foreign assets are distributed according to your wishes, your will must be drafted and executed in a manner that will be accepted in the United States as well as in the country or countries where your assets are located. Often, it’s possible to prepare a single will that meets the requirements of each jurisdiction. But it may be preferable to have separate wills for foreign assets. Contact us for more details.

05/02/2026

C corporation shareholders usually owe tax on gains from selling stock. But qualified small business (QSB) stock sales may qualify for a special gain exclusion. To be eligible for this break, certain requirements must be met.

QSB stock acquired after Sept. 27, 2010, may be eligible for a 100% gain exclusion if it’s held for at least five years. Under recent tax law changes, QSB stock acquired after July 4, 2025, may be eligible for a partial gain exclusion if it’s held for at least three years.

Contact us to learn whether this tax-saving strategy is right for your business. We can help structure your business to unlock the potential tax savings and navigate the complex rules.

04/25/2026

Here are a few key tax-related deadlines for individuals for the rest of 2026. JUNE 15: Pay the second installment of 2026 estimated taxes, if applicable. SEPT. 15: Pay the third installment of 2026 estimated taxes, if applicable. OCT. 15: File a 2025 income tax return and pay any tax, interest and penalties due if an automatic six-month extension was filed. DEC. 31: Incur various expenses that potentially can be deducted on your 2026 tax return. Contact us for more information about the filing requirements and to help ensure you meet all deadlines that apply to you.

04/06/2026

Life insurance can provide peace of mind. But if your estate is large enough that estate taxes are a concern, it’s important not to own the policy at death. The policy’s proceeds will be included in your taxable estate. To avoid this result, you can create an irrevocable life insurance trust (ILIT) to hold the policy. But a time may come when you no longer need the ILIT. Does its irrevocable nature mean you’re stuck with it forever? Maybe not. Depending on the ILIT’s terms and applicable state law, you might be able to pull a life insurance policy out of an ILIT or even unwind the ILIT entirely. Options may include allowing the policy to lapse or swapping the policy for cash or other assets.

03/28/2026

Some businesses may claim tax deductions for animals that perform a legitimate business function. Guard dogs that protect property or cats that control rodents in warehouses are common examples of “working animals.” If an animal provides a clear and direct business benefit, certain expenses (such as food, veterinary care, training and supplies) may qualify as ordinary and necessary business expense deductions. However, the IRS draws a clear line between bona fide working animals and household pets. Contact us to discuss your situation. We can explain the tax rules and documentation needed to support animal-related business deductions.