Law Office of Mary King, P.L.

When making sizable gifts to loved ones, proper reporting is crucial for avoiding gift tax issues and penalties. Florida residents must understand when gift tax returns are required and how to file them correctly. This article provides key steps for gift tax reporting compliance in Florida. Determine If You Need to File a Gift Tax Return The first step is evaluating if you meet the filing threshold for a Florida gift tax return. You must file if: You gifted any individual over $15,000 in the calendar year You gifted any non-U.S. citizen over $100,000 during the year Your lifetime taxable gifts exceed $11.7 million Any gifts under $15,000 per person do not require reporting. If between $15,000 and $11.7 million, file the return even though no tax is due. Calculate the Taxable Gift Amount Tally all gifts to each individual, excluding exempted transfers like direct medical tuition payments or political donations. The taxable amount is the total gifts per person less the $15,000 annual ex...

Choosing the Best Location for Your LLC Introduction When it comes to opening an LLC , location matters. Florida has gained popularity as a hotspot for business formation due to its advantageous tax policies and business-friendly atmosphere. However, it's essential to weigh the benefits and drawbacks of forming an LLC in Florida against those of other states. This article will provide an insightful comparison, considering factors such as taxes, regulations, and the overall business environment, to help you make an informed decision. Business-Friendly Environment in Florida Open LLC in Florida: Entrepreneurs looking to establish an LLC in Florida can benefit from a business-friendly environment that fosters innovation and growth. The absence of state income tax is a major draw, allowing LLC owners to retain a larger portion of their profits. Additionally, Florida's strategic geographical location, robust infrastructure, and access to diverse markets make it an appealing choice...