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 11, 2022 | Business Planning, Financial Services, Health, Pro Tips, Small Businesses
Last-Minute Year-End Medical Plan Deductions and Credits Every small business owner with one to 49 employees needs a medical plan for their company.The law does not force you to have a plan if you have 49 or fewer employees, but you should.Most medical plan tax...
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 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 | Nov 3, 2022 | Pro Tips
The first Sunday in November marks the end of daylight saving time. So make sure to set your clocks back one hour on November 6 at 2 a.m! This weekend, we’ll get an extra hour of sleep, but as we approach the winter months, that means less daylight. It’s a...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Nov 2, 2022 | Pro Tips, Tax Credits, Tax Planning, Tax Strategy
Considering Postponing TAX Payments? You do not get an extension to delay your tax payments. You can postpone the date when your tax filing is due by filing an extension which will move the deadline from April to October 15. It’s a common misconception that a...