by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Apr 23, 2024 | Tax Advisory, Accounting Services, Auto Write-off, Newsletters
I was thinking about how often people rely on tax software like TurboTax, and it reminded me of a story that might interest you. Remember Timothy Geithner? When he was nominated for Treasury Secretary, it emerged that he had made some tax errors in previous years...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Apr 18, 2024 | Tax Evasion, Tax Reform, Tax Strategy
Listen, I know filing taxes jointly makes things easier, but it also means sharing responsibility. What happens if your spouse’s mistakes leave you with a hefty tax bill? It’s frustrating, but something called innocent spouse relief could help. A recent...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Apr 17, 2024 | Tax Advisory, Tax Planning
The recent H&R Block outage exposed a vulnerability for many taxpayers: a reliance on last-minute filing solutions. While these services can be convenient, they can also lead to stress, errors, and missed opportunities. Could there be a better way to manage your...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Apr 15, 2024 | Tax Advisory, Tax Planning, Tax Strategy
REMINDER!Today, April 15th, is the deadline to file your 2023 federal taxes (April 17th for Maine and Massachusetts residents). While tax payment isn’t due today, filing late can result in penalties. Need more time? You can request an extension to file by...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Apr 12, 2024 | Sole Proprietorship, Business Planning, Small Businesses
As we delve into tax strategies, you have a powerful tool—the Section 199A deduction under the Tax Cuts and Jobs Act. It’s time to explore how this can be a game-changer for your business. The 20% Boost for Pass-Through Entities (2018-2025): This provision can...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Apr 8, 2024 | Tax Credits, Tax Advisory, Tax Strategy
Did you know you might be eligible for significant tax credits for sick and family leave taken during 2020 and 2021? It applies even if you’re self-employed or run a small corporation. You might qualify if you could not work between April 1, 2020, and September...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Apr 5, 2024 | Bookkeeping, Cryptocurrency, Investments, Tax Planning
Listen up if you’re into crypto, Big changes are coming for tax time in 2025. Remember that whole thing about people buying and selling crypto without paying taxes? Yeah, Congress isn’t a big fan. So, they’re making companies that deal with crypto...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Mar 30, 2024 | Accounting Services, Business Planning, Business Protection, Tax Assessment
Did you know that even missing one tax deadline can lead to penalties and headaches? Don’t let that happen! The new year is here, and with it comes tax season! That’s why we are sharing the 2024 Federal Tax Calendar to help you stay on top of important...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Mar 28, 2024 | Accounting Services, Bookkeeping, Business Planning, Tax Evasion
Imagine this: Dr. Smith, a successful dermatologist in Beverly Hills who generates over $5 million annually, has entrusted his tax filings to a seemingly reputable wealth management firm for five years. They assure him everything is handled, even providing fabricated...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Mar 26, 2024 | Accounting Services, Tax Advisory, Tax Assessment, Tax Deadline
Feeling stressed about old tax returns? The IRS has limitations on how far back they can look. Let’s explore these timeframes and ease your worries! The statute of limitations clarifies when the IRS can no longer audit your tax return or assess additional taxes....
