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As one of the largest independent public accounting firms in Florida, Gerson Preston is no stranger to being recognized by the media for its expertise and trusted reputation. But our commitment to continually expanding our knowledge and staying abreast of changes within our industry, and the industries that impact our diverse slate of clients, means that our firm’s opinion and insight can provide a valuable resource for understanding and anticipating economic, regulatory and related issues that can and may impact your business operation. Staying current is a must in today’s fast-moving business environment if you want to remain successful. Gerson Preston is here to help you keep pace.
Not only is April 15 the deadline to file a 2023 income tax return and pay any taxes due, it’s also the deadline to file a gift tax return. If you made substantial gifts of wealth to family members in 2023, you may have to file a gift tax return. It’s due by April 15 of the year after you make the gift, so the deadline for 2023 gifts is...
Read moreThe qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear. So if you’re eligible, you want to make the most of the deduction while it’s still on the books because it can potentially be a big tax saver. Deduction basics The QBI deduction is written off at the owner level. It can be up to 20% of: QBI earned from a...
Read moreAre you dreaming of buying a vacation beach home, lakefront cottage or ski chalet? Or perhaps you’re fortunate enough to already own a vacation home. In either case, you may wonder about the tax implications of renting it out for part of the year. Count the days The tax treatment depends on how many days it’s rented and your level of personal use. Personal use includes vacation use by your...
Read moreOwners of closely held businesses typically have a significant portion of their wealth tied up in their enterprises. If you own a closely held business with your relatives involved, and don’t take the proper estate planning steps to ensure that it lives on after you’re gone, you may be placing your family at financial risk. Differences between ownership and management succession One challenge of transferring a family-owned business is distinguishing...
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