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As a business owner, you know that it’s easy to spend nearly every working hour on the multitude of day-to-day tasks and crises that never seem to end. It’s essential to your company’s survival, however, to find time for strategic planning. Lost in the weeds Business owners put off strategic planning for many reasons. New initiatives, for example, usually don’t begin to show tangible results for some time, which...
Read moreThe Internal Revenue Service released a new tool Wednesday designed to help millions of Americans ensure they’re not dramatically underpaying or overpaying their taxes under the new Republican tax law. The online calculator allows taxpayers to compare how much their employer is withholding for taxes on their pay stub to a government projection of how much should be withheld. The tool makes that calculation based on income, household size, and other variables....
Read morePassage of the Tax Cuts and Jobs Act (TCJA) in December 2017 has led to confusion over some of the changes to longstanding deductions, including the deduction for interest on home equity loans. In response, the IRS has issued a statement clarifying that the interest on home equity loans, home equity lines of credit and second mortgages will, in many cases, remain deductible under the TCJA — regardless of...
Read moreGerson Preston recognizes Partner Stuart Rohatiner for his contributions to The Miami Heat Coaches Clinic, emphasizing the power of community and teamwork | Gerson Preston
Read moreGerson Preston features Cuban-American artist Ricardo Casado in its Miami office as he honors the rich history of Gerson Preston in his latest work, a 72×48 mural, depicting the growth and deep roots of the iconic CPA firm| Gerson Preston
Read moreIn this season of paper piles, bursting files and inscrutable tax forms arriving in the mail, tip your cap to one aspect of the new tax bill. If you’re among the millions of people who will no longer be itemizing your deductions next year, there may just be less mess in your future. This is no solace for people who hate the bill’s politics or the way it hits their...
Read moreAre you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) may be just what you need, and now may be a great time to establish one. A SEP has high contribution limits and is simple to set up. Best of all, there’s still time to establish a SEP for 2017 and make contributions to it that you...
Read moreSmart Strategy Steven F. Klein And Steven A. Moses | Gerson Preston Recovering from Disaster ENSURING A HOTEL’S INSURANCE CLAIM COVERS ALL THE BASES DESTRUCTIVE EVENTS ARE A GIVEN IN THE HOTEL BUSINESS. After attending to the safety of guests and staff , a hotelier’s next priority should be to assess the extent of the damages and start the process of recovering lost income. Hoteliers routinely protect against significant loss...
Read moreThe IRS has just announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October 15 (if you file for an extension by April 17). After all, why go through the hassle of filing your return earlier than you have to? But it can be a good idea to file...
Read moreTax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or eliminated some tax breaks for businesses. Two still-available tax credits are especially for small businesses that provide certain employee benefits. 1. Credit for paying health care coverage premiums The Affordable...
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