Advantages of keeping your business separate from its real estate
Gerson Preston Blog
by joseph
6d ago
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 ..read more
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Taking the mystery out of the probate process
Gerson Preston Blog
by joseph
1w ago
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 ..read more
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Understanding your obligations: Does your business need to report employee health coverage?
Gerson Preston Blog
by joseph
1w ago
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 ..read more
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Unlock your child’s potential by investing in a 529 plan
Gerson Preston Blog
by joseph
1w ago
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 ..read more
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How will the 2025 inflation adjustment numbers affect your year-end tax planning?
Gerson Preston Blog
by joseph
1w ago
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 ..read more
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Achieve multiple estate planning goals with one trust: A CRT
Gerson Preston Blog
by joseph
2w ago
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 ..read more
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Can homeowners deduct seller-paid points as the real estate market improves?
Gerson Preston Blog
by joseph
2w ago
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 ..read more
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Make year-end tax planning moves before it’s too late!
Gerson Preston Blog
by joseph
3w ago
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 ..read more
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What are the duties of an executor?
Gerson Preston Blog
by joseph
3w ago
A key decision you must make when drafting your estate plan is who to appoint as the executor. In a nutshell, an executor (called a “personal representative” in some states) is the person who will carry out your wishes after your death. Let’s take a look at the specific duties and how to choose the right person for the job. Overview of duties Typically, your executor shepherds your will through ..read more
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Is your home office a tax haven? Here are the rules for deductions
Gerson Preston Blog
by joseph
3w ago
Working from home has become increasingly common. The U.S. Bureau of Labor Statistics (BLS) reports that about one out of five workers conducts business from home for pay. The numbers are even higher in certain occupational groups. About one in three people in management, professional and related occupations works from home. Your status matters If you work from a home office, you probably want to know: Can I get a ..read more
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