Robert Rosen
Navigate Changing Times With This Experienced Financial Team
When Mark Gerstle and Robert Rosen started their firm 32 years ago, joined five years later by Brian Goldenberg, they never expected that the business partnership and friendship between them would yield what they have today: five South Florida locations, over 80 staff and many satisfied clients.
GRG specializes in condominium and homeowner association audits, in addition to tax planning and tax preparation for many individual and corporate clients. Their staff combines seasoned veteran employees with interns that they recruit from local universities to blend knowledge and experience with youthful energy and new perspectives.
But enough about them….GRG realizes that you are more interested in help understanding the myriad of changes as a result of the 2017 Tax Cuts and Jobs Act, effective for years beginning after December 31, 2017, which are complicated enough to provide job security for those 80 employees! Some changes that are noteworthy:
For your Form 1040 individual income tax return, the individual tax rate has changed. This year, the top rate is 37 percent versus 39.6 percent previously. This means that hopefully many people will be paying less tax this year!
For business owners,corporate tax rates for “C” corporations will now top out at 21 percent, a significant decrease from the prior 35-38 percent. Many people will consider converting to this type of corporation to take advantage of this tax savings. Make sure to consult with your tax professional for advice.
There will be a $10,000 limitation on state and local taxes, including Real Estate Taxes, which will have a major effect on people with high real estate tax bills and on those who live in states where state income taxes are collected.
These are just a few items to look for among the numerous and complex changes. Don’t try to navigate this alone! A competent CPA firm with experienced tax advisors is a must in a year of this much change. The team at GRG is waiting for you!
Gerstle, Rosen & Goldenberg, P.A., is located at 3835 N.W. Boca Raton Blvd., Ste. 100, Boca Raton. For more information, call 561-447-4000 or visit grgcpa.com.
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