Tax Preparation - 2020


Tax Preparation - 2020 | Winter Park, Florida

Tax preparation and business consulting. Tom Gillmore, CPA prepares taxes for individuals and small businesses located in Windermere,  Winter Park, Maitland, Florida and nearby cities. We come to your home or office.

What We Do

We meet with you to gather documents and to find out what your long term goals are. We take business records and compile them into financial statement format for preparing your taxes. 

What You Do

We ask to meet with you for an hour to get to know you and your goals. We ask that you keep detailed records which support your income and deductions. 

Head of Household - Determination of Support - 2020

Allowable Costs

Costs Not Allowed

Costs Not Allowed

  • Rent
  • Mortgage Interest
  • Real estate taxes
  • Insurance on home
  • Repairs on home
  • Utilities
  • Food eaten at home

Costs Not Allowed

Costs Not Allowed

Costs Not Allowed

  • Clothing
  • Education
  • Medical treatment
  • Vacations
  • Life Insurance
  • Transportation
  • Rental value of home you own
  • Value of our services or a member of your household

Gift and Estate TAx -2020


Basis Transfers

According to the IRS, your basis in gifted property is carried over from the donor; while your basis in inherited property is stepped up to fair market value

Fair Market Value of Transferred Wealth

The IRS requires a determination of Fair Market Value (FMV) for property received as a gift or inheritance. The FMV can be determined informally, i.e. without an appraisal  but you are advised to substantially conform to the level of expertise provided by an expert appraiser. 

FMV of gift  allowed to be calculated in a less formal manner than an accredited appraisal.

In calculating the donor's basis on the gifted property is important to include improvements to the property and diminution

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Estate Tax Formula

(+)   Gross Estate

(-)    Deductions, claims, expenses, taxes

(-)    Casualty and theft losses

(-)    Charitable bequests

(-)    Marital deduction

(=)   Taxable Estate

(+)   Taxable gifts made after 1976

(=)   Total Taxable Transfers

(x)   Tax Rate

(=)   Tentative Estate Tax

(-)    Gift taxes paid on post-1976 gifts

(=)   Gross Estate Tax

(-)    Applicable credit amount

(-)    Other Credits


Fiduciary Receipts to Trust or estate - 2020

Allocation to Principal

Allocation to Principal

Allocation to Principal

  • Gain on sale of property
  • Replacement property
  • Nontaxable stock dividends
  • Stock splits
  • Stock rights
  • Liquidating dividends
  • Depletion allowance, e.g. Royalties (90%)

Allocation to Income

Allocation to Principal

Allocation to Principal

  • Business income
  • Insurance proceeds for lost profits
  • Interest
  • Rents
  • Dividends (taxable)
  • Extraordinary dividends
  • Taxable stock dividends
  • Depletion allowance, (natural resource property) - Royalties (10%)

FIDUCIARY Disbursements from TRUST or ESTATE - 2020

Disbursements from Principal

Disbursements from Principal

Disbursements from Principal

  • Principal payment on debt
  • Capital expenditures, e.g. major repairs or modifications
  • Fiduciary fees
  • Tax on principal items, e.g. capital gains

Disbursements from Income

Disbursements from Principal

Disbursements from Principal

  • Business (ordinary and necessary) expenses, e.g. interest expense
  • Production of income expenses, e.g, maintenance  and repair, insurance, rent collection fee
  • Tax on fiduciary income
  • Depreciation
  • Fiduciary fees, e.g. Probate court fees and costs

Contact Us

We Are Committed to Your Goals!

Call First to Make an Appointment

We travel to our clients. If you prefer to come to our office please call to make an appointment. 

Gillmore Valuation & Forensics, P.L.

2431 Aloma Avenue, Winter Park, Florida 32792, United States



Open today

09:00 am – 05:00 pm