Blog
![Happy Fourth of July!](https://mpalma.com/wp-content/uploads/2024/07/4th-of-July-Mpalma-1080x675.jpg)
Happy Fourth of July!
On behalf of the entire Palma Financial Services team, we wish you a happy Fourth of July! This holiday is a time to celebrate the freedom, independence, and opportunity that define the United States. We reflect on the sacrifices made by those who came before us and...
![Feel Like You’re Overpaying on Taxes? Try Cost Segregation!](https://mpalma.com/wp-content/uploads/2024/07/pexels-olly-3760067-1080x675.jpg)
Feel Like You’re Overpaying on Taxes? Try Cost Segregation!
As a savvy real estate investor, you always look for ways to enhance your returns. One powerful yet often overlooked strategy is Cost Segregation. This approach can accelerate depreciation deductions on your rental properties, leading to substantial tax savings and...
![Who Knew? Short-Term Rentals Can Lower Your Taxes!](https://mpalma.com/wp-content/uploads/2024/07/short-term-rental-mpalma-1080x675.jpg)
Who Knew? Short-Term Rentals Can Lower Your Taxes!
Are you aware that short-term rentals, like those on Airbnb and VRBO, offer a unique tax advantage that can significantly reduce your tax burden? Unlike long-term rentals, short-term rentals allow you to use losses to offset income from your W-2 job, active business,...
![4 Powerful Tax Strategies: REPS, Short-Term Rentals, Cost Segregation & Partial Asset Dispositions](https://mpalma.com/wp-content/uploads/2024/06/tax-strategy-mpalma-1080x675.jpg)
4 Powerful Tax Strategies: REPS, Short-Term Rentals, Cost Segregation & Partial Asset Dispositions
As a real estate investor and business owner, you constantly seek ways to optimize your returns. We understand the importance of maximizing your profits, which often goes beyond just rental income. Did you know advanced tax strategies are specifically designed to...
![Reduce Your Tax Bill by 15%: Leverage the Depletion Allowance](https://mpalma.com/wp-content/uploads/2024/06/tax-deductions-mpalma-1080x675.jpg)
Reduce Your Tax Bill by 15%: Leverage the Depletion Allowance
Soaring profits in the oil and gas industry are fantastic, but a hefty tax bill can eat into your bottom line. Did you know there's a powerful, often overlooked weapon in your arsenal: the depletion allowance? Slash Your Tax Bill with the Depletion Allowance Imagine...
![Payroll Theft Alert!](https://mpalma.com/wp-content/uploads/2024/06/bookkeeping-mpalma-1080x675.jpg)
Payroll Theft Alert!
Are you aware that a dishonest CPA could steal your payroll taxes, leaving you responsible for paying them to the IRS? A Shocking Case of Embezzlement Rodney Taylor hired Robert Gard, CPA, to manage his corporation's bookkeeping and accounting. Over several years,...
![Your New Electric Car Just Got a Discount (Tax Credit!)](https://mpalma.com/wp-content/uploads/2024/06/electric-car-mpalma-1080x675.jpg)
Your New Electric Car Just Got a Discount (Tax Credit!)
Thinking about going electric? You're in luck! While the information applies to the 2023 tax year (which you'll file in 2024), you can still claim a significant tax credit when you purchase a qualifying electric vehicle (EV) this year. 2023 Tax Credit Limits...
![Is Your Retirement at Risk?](https://mpalma.com/wp-content/uploads/2024/06/retirement-plan-1080x675.jpg)
Is Your Retirement at Risk?
Remember that Form 5498 (IRA Contribution Information) you received? It is key to maximizing your IRA benefits and avoiding potential tax issues. Your IRA Powerhouse: What's Inside Form 5498? Contribution Types: Traditional, Roth, SEP, SIMPLE - Track where your...
![Cheers to National Small Business Week!](https://mpalma.com/wp-content/uploads/2024/05/small-business-tax-1080x675.jpg)
Cheers to National Small Business Week!
Last week was National Small Business Week, a time to celebrate all we've achieved and reflect on our incredible ride. We've all been there—the late nights, the tight deadlines, the moments of pure joy. That's what makes this journey so special, right? But the party...
![Buying an EV? Here’s the Missing Piece You Need](https://mpalma.com/wp-content/uploads/2024/05/ev-taxes-1080x675.jpg)
Buying an EV? Here’s the Missing Piece You Need
As you prepare to hit the road in your new electric vehicle (EV) or plug-in hybrid (PHEV), there's a key piece of paperwork you need to ensure a smooth ride – the Clean Vehicle (CV) Time-of-Sale Report. This new requirement is essential for staying compliant and...