by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Nov 10, 2022 | Financial Services, Palma Financial Services, Pro Tips, Tax Planning
The Tax Benefits of Private Jet Ownership The new tax code has made private jet ownership more advantageous than ever before. The 2017 Tax Cuts and Jobs Act brought adjustments that increased the charm of purchasing a private plane. The tax code currently permits a...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Oct 29, 2022 | Financial Services, Pro Tips, Tax Planning, Tax Strategy
Are the Halloween Treats and Costumes Tax Deductible??? Do you want to elevate your Halloween Celebration for fun and business? Well, we have some good news for you. If you follow these rules, the IRS will allow you to deduct the cost of the...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Oct 24, 2022 | Business Planning, Financial Services, Palma Financial Services, Pro Tips, Tax Planning, Tax Strategy
Tax Planning for Business Owners, Doctors, Dentists, and Attorneys Do you operate a business, practice medicine, dentistry, engineering, or law, and wish to stop overpaying taxes to the IRS? Regardless of your area of expertise, running a small business requires...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Oct 17, 2022 | Business Planning, Financial Audit, Financial Services, Tax Planning
If you attended our recent webinar on the Inflation Reduction Act, you know the IRS is getting over 80 billion dollars in funding to improve compliance. Therefore, you can expect more audits in the coming years. One way to trigger an IRS audit is the failure to pay...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Oct 6, 2022 | Financial Services, Tax Planning, Tax Strategy
Will Sanchez was living the good life before 2018. He and his Dentist partner owned a local horse-boarding ranch. They were approaching two decades of laboring together when the Dentist passed away unexpectedly, leaving him without a partner. Unable to keep the...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Sep 22, 2022 | Financial Services, Business Planning, Deductions, Palma Financial Services, Pro Tips, Tax Planning, Tax Strategy
The tax deductibility of some meals and entertainment can be exciting when starting a business, but it varies from situation to situation. The Consolidated Appropriations Act changed how tax-deductible pricey steak dinners are for the 2021 and 2022 tax years. Deduct...