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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.
Choosing the right business entity is a key decision for any business. The entity you pick can affect your tax bill, your personal liability and other issues. For many businesses, a limited liability company (LLC) is an attractive choice. It can be structured to resemble a corporation for owner liability purposes and a partnership for federal tax purposes. This duality may provide the owners with several benefits. Like the shareholders...
Read moreBelieve it or not, there are ways to collect tax-free income and gains. Here are some of the best opportunities to put money in your pocket without current federal income tax implications: Roth IRAs offer tax-free income accumulation and withdrawals. Unlike withdrawals from traditional IRAs, qualified Roth IRA withdrawals are free from federal income tax. A qualified withdrawal is one that’s taken after you’ve reached age 59½ and had at...
Read moreLife insurance can be a powerful estate planning tool. Indeed, it creates an instant source of wealth and liquidity to meet your family’s financial needs after you’re gone. And to shield the proceeds from potential estate taxes, thus ensuring more money for your loved ones, many people transfer their policies to irrevocable life insurance trusts (ILITs). But what if you have an ILIT that you no longer need? Does its...
Read moreYour businesses may have a choice between using the cash or accrual method of accounting for tax purposes. The cash method often provides significant tax benefits for those that qualify. However, some businesses may be better off using the accrual method. Therefore, you need to evaluate the tax accounting method for your business to ensure that it’s the most beneficial approach. The current situation “Small businesses,” as defined by the...
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