Gerson, Preston, Klein, Lips, Eisenberg & Gelber, P.A.

Advantages of keeping your business separate from its real estate: Does your business require real estate for its operations? Or do you hold property titled under your business's name? It might be worth reconsidering this strategy. With long-term tax, liability and estate planning advantages, separating real estate ownership from the business may be a wise choice. How taxes affect a sale Businesses that are formed as C corporations treat real estate assets as they do equipment, inventory and other business assets.... https://bit.ly/48yQiMN

Taking the mystery out of the probate process: Few estate planning subjects are as misunderstood as probate. Its biggest downside, and the one that grabs the most attention, is the fact that probate is public. Indeed, anyone who's interested can find out what assets you owned and how they're being distributed after your death. And because of its public nature, the probate process can draw unwanted attention from disgruntled family members who may challenge the disposition of your... https://bit.ly/3YHzTTa

Understanding your obligations: Does your business need to report employee health coverage?: Employee health coverage is a significant part of many companies' benefits packages. However, the administrative responsibilities that accompany offering health insurance can be complex. One crucial aspect is understanding the reporting requirements of federal agencies such as the IRS. Does your business have to comply, and if so, what must you do? Here are some answers to questions you may have. What is the number of employees before compliance is... https://bit.ly/4fmXP3y

How will the 2025 inflation adjustment numbers affect your year-end tax planning?: The IRS has issued its 2025 inflation adjustment numbers for more than 60 tax provisions in Revenue Procedure 2024-40. Inflation has moderated somewhat this year over last, so many amounts will increase over 2024 but not as much as in the previous year. Take these 2025 numbers into account as you implement 2024 year-end tax planning strategies. Individual income tax rates Tax-bracket thresholds increase for each filing status, but because they're... https://bit.ly/40j6cJf

Unlock your child's potential by investing in a 529 plan: If you have a child or grandchild planning to attend college, you've probably heard about qualified tuition programs, also known as 529 plans. These plans, named for the Internal Revenue Code section that provides for them, allow prepayment of higher education costs on a tax-favored basis. There are two types of programs: Prepaid plans, which allow you to buy tuition credits or certificates at present tuition rates, even though the beneficiary... https://bit.ly/4e05BiT

Achieve multiple estate planning goals with one trust: A CRT: For many people, two common estate planning goals are contributing to a favorite charity and leaving significant assets to your family under favorable tax terms. A charitable remainder trust (CRT) can help you achieve both goals. ABCs of CRTs Typically, you set up one of two CRT types (described below) and fund it with assets such as cash and securities. The trust then pays out income to the designated beneficiary... https://bit.ly/3C5GAW1

Last week, our Miami and Boca offices gathered at Tap 42 in Davie for our annual 'After Tax Season' Happy Hour. A great way to connect before the season wraps up!

Can homeowners deduct seller-paid points as the real estate market improves?: The recent drop in interest rates has created a buzz in the real estate market. Potential homebuyers may now have an opportunity to attain their dreams of purchasing property. “The recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,” said National Association of Realtors Chief Economist Lawrence Yun. If you're in the... https://bit.ly/3NynWbX

Make year-end tax planning moves before it's too late!: With the arrival of fall, it's an ideal time to begin implementing strategies that could reduce your tax burden for both this year and next. One of the first planning steps is to ascertain whether you'll take the standard deduction or itemize deductions for 2024. You may not itemize because of the high 2024 standard deduction amounts ($29,200 for joint filers, $14,600 for singles and married couples filing separately, and... https://bit.ly/3BOO4N7

Education, the cornerstone of empowerment, shines during October's Economic Education Month, a time dedicated to highlighting the significance of financial education and awareness. In honor of this annual observance, we would like to highlight Stuart Rohatiner, CPA/JD. His steadfast dedication to promoting financial literacy is in perfect harmony with this month’s theme. Throughout the year, he devotes his time to conducting workshops for students, equipping them with essential financial knowledge that empowers them to make informed choices, safeguard their financial futures, and pursue their aspirations. #EconomicEducationMonth #FinancialLiteracy