by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Nov 13, 2022 | Business Planning, Palma Financial Services, Pro Tips, Small Businesses, Tax Credits, Tax Planning
Businesses can reimburse employees for business expenses tax-free under an accountable plan if they are correctly claimed and documented.An Accountable Plan is a great strategy to extract money from the firm and lower the overall tax bill. Additionally, your wages may...
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 | Nov 7, 2022 | Tax Strategy, Business Planning, Palma Financial Services, Tax Credits, Tax Planning
Tax Break of 2022: Direct Investment in Oil & Gas & 100% Tax Write-Off of Intangible Drilling Costs (IDC). Expensing exploration, development, and intangible drilling expenses is one of the federal income tax provisions that support domestic fossil extraction....
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Nov 6, 2022 | Business Planning, Palma Financial Services, Pro Tips, Small Businesses, Tax Planning
You should consider the Employee Retention Credit if you had W-2 employees in 2020 or 2021 (ERC). As you are probably aware, there is still time to apply for the ERC. And right now is a perfect moment to do this. You can qualify for 2020 credits of up to $5,000 per...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Oct 26, 2022 | Palma Financial Services, Pro Tips, Tax Credits, Tax Planning
Tax deductions and credits are a common topic of conversation. Are you aware of the difference? Which one is worth more? Many people have the wrong ideas about taxes. One of the biggest is the misconception that a tax credit and a write-off are the same. They...
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...