by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | May 13, 2022 | Financial Services, Pro Tips, Real Estate, Rental Property, Tax Planning
We all know you can have tax-code-defined vacation homes in the city, the suburbs, and recreation areas. Your tax life can get more complicated when you have both rental and personal use of the home; because you have entered the tax code’s vacation home section. In...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | May 9, 2022 | Palma Financial Services, Pro Tips, Real Estate, Tax Planning
Our home is our most valuable asset for most of us, but it can also be one of our most vulnerable assets. Keep in mind that not only is every individual in a different situation with their assets, family, and types of risks they’re facing, but EVERY STATE is...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | May 4, 2022 | EIDL Loan, Featured, Financial Services, Palma Financial Services, Pro Tips, Real Estate, Tax Planning
Major Client Win: $1.9 EIDL Loan Approved after the SBA denied his application 9 times. Another one of our clients found financial relief through SBA’s EIDL program. Our client had his SBA EIDL loan approved today for $1.9 Million after being turned down nine...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Apr 24, 2022 | Financial Services, Palma Financial Services, Pro Tips, Real Estate, Tax Planning
If you thought it was hard to move from one state to another for tax purposes, wait until you see what’s involved with moving outside the US. The foreign earned income exclusion is a significant tax loophole for those living outside the US. First, know your tax...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Apr 12, 2022 | Palma Financial Services, Pro Tips, Real Estate, Tax Planning
When I tell my high-income clients that living in California is excellent, they roll their eyes. But why? The state income taxes here make many people want to move elsewhere. Lately, we have been working on tax plans and implementing tax strategies for several...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Mar 31, 2022 | Palma Financial Services, Pro Tips, Real Estate, Tax Planning
Your Home Equity Loan: Interest paid on home equity loans, and HELOCs are deductible on Schedule A. However, since 2018, the deductions may be limited or disallowed. When Congress passed the TCJA, they placed a handful of restrictions on interest deductions for home...