by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Feb 5, 2023 | Pro Tips, Financial Services
Are you ready for an exclusive inside secret that can help you increase your net worth? Well, you’re in for a treat because I’ve got one for you! Antiques – yes, those old pieces of furniture – can help you build your net worth in a way you...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Feb 3, 2023 | Tax Strategy, Pro Tips
Do you want to boost your income, keep from overpaying the IRS, and build wealth faster? If so, you’re in luck! I’ve been studying the Internal Revenue Code and discovered a dozen of the 1500 powerful income-boosting strategies you can take advantage of...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jan 4, 2023 | Consulting Services, Pro Tips
What are the most important income tax matters for a digital nomad moving to Mexico? As a digital nomad considering moving to Mexico, there are several key income tax matters to consider: Tax residency: Will you be considered a Mexican tax resident based on your home...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jan 3, 2023 | Pro Tips, Tax Planning
As a business owner, minimizing your taxes to maximize your profits is important. Here are seven common mistakes to avoid in reducing your corporate income taxes: Not keeping accurate records Not taking advantage of all available deductions and credits Not adjusting...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Nov 22, 2022 | Tax Planning, Accounting Services, Pro Tips
How to Avoid Tax Penalties By Disclosing a Return Position: The Art of the Tax Disclosure. It cannot be denied. The IRS Form 8275, which I lovingly refer to as the Disclosure Statement. A form that keeps my clients and me out of trouble (most of the time). It can also...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Nov 21, 2022 | Business Planning, Pro Tips, Tax Bill, Tax Planning, Tax Strategy
Deductible SALT payments before year-end are a priority for pass-throughs.Question: Can I pay my individual state income taxes through my business to bypass the state itemized deduction limitation, and get a business deduction? PROBLEM: While the $10,000 SALT itemized...