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 22, 2022 | Tax Planning, Palma Financial Services, Pro Tips, Retirement Planning
Are taxes substantial in retirement? Of course, they are! Your retirement years will be seriously threatened by rising taxes. Most people are unaware of the HUGE TAX BOMB in their Retirement Account. Has your CPA or Financial Adviser talked to you about its existence...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Oct 20, 2022 | Vehicles, Palma Financial Services, Pro Tips, Tax Planning
There are pros and cons to getting an electric or plug-in hybrid car PROS: A wholly revamped tax credit for electric vehicles that starts in 2023 and continues through 2032, enacted by The Inflation Reduction Act. CONS: The credit comes with many new restrictions, now...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Sep 23, 2022 | Business Planning, Deductions, Palma Financial Services, Small Businesses, Tax Planning
As we approach the last few months of the calendar year, it’s time to start thinking about ways to reduce your small business taxes. Deferring income and accelerating deductions to minimize taxes—the standard year-end approach—will likely give your business 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...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Sep 15, 2022 | Financial Services, Palma Financial Services, Pro Tips, S Corporation, Tax Planning
Sell Your Home to Your S Corp to Convert it into A Rental A couple sells their primary home to their S corporation.Can they rent the house from the S corporation?The strategy behind creating an S corporation and then selling your home to that corporation comes into...