Corporate PersonHood – A Brief History

Here at Palma Financial Services, Inc., we often encourage our clients to establish a corporate entity for their business activities. A corporate entity is afforded the same rights as a natural person. In 1886, the Chief Justice of the Supreme Court extended the Fourteenth Amendment equal protection clause to corporations. Corporate personhood is the legal concept that a corporation may …

Why I Love My Profession

I have a client who for purposes of this article we shall call Bob. I have known Bob for over 15 years. Approximately 12 years ago Bob and I had a discussion about his young sons college education. Bob was concerned how he was going to pay for it. I proposed a life insurance policy as a means of college …

Porque Amo mi Profesion

Tengo un cliente a quien para efectos de este articulo llamaré Bob y al cual conozco por más de 15 años. Aproximadamente hace 12 años Bob y yo tuvimos una discusión acerca de la educación universitaria de su hijo quien aún era muy joven. A Bob le preocupaba como iba a pagar por ello. Yo le propuse invertir en una …

Per-Diem Rate for Truckers

Q. I am a company driver. What is deductible when Im on the road? A. While self-employed individuals can generally deduct any expenses incurred to earn their income, company drivers are limited to non-reimbursed expenses required by their employer. You are entitled to per diem for overnights and motel expenses. A good rule to follow for deductions would be any …

Tax Preparation Discount for Individuals and Married Couples

It is no secret that our economy is improving, but perhaps not quickly enough for those on the lower and middle rungs. At Palma Financial Services in Dublin, CA, we are committed to helping those in need and to keep the positive momentum of our economic recovery moving forward. For the first time in our company history, we are offering …

Ignoring Tax Class Diversification

I originally wrote the following article in November, 2011. I am choosing to republish it today because I think it is as relevant today as it was then. If you have any questions please call or email. – Miguel Palma, CPA, PFS, CGMA. Warren Buffett is widely regarded as one of the most successful investors in the world. Here are …

2013 Tax Benefits Inflation Adjustments

The IRS announced the annual inflation adjustments for certain 2013 tax provisions. These include: The annual exclusion for gifts rises to $14,000 for 2013, up from $13,000 for 2012. The amount used to reduce the net unearned income reported on a childs tax return subject to the kiddie tax, is $1,000, up from $950 for 2012. The foreign earned income …

Tax Reduction & Asset Protection

Are you interested in reducing your taxes? Of course you are, who isnt. At Palma Financial Services, Inc., we specialize in building worry-free retirement plans for business owners and professionals through a combination of tax reduction and asset protection strategies. Our clients are from diverse industries such as Construction Companies and Dental Practices. What they have in common is that …