by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Nov 30, 2022 | Rental Property, Tax Deductions
If you are looking for ways to save on your taxes? The Augusta Rule may be a great option for you. The rule allows Mom and Dad to rent a room in their home or rent their entire house tax-free as long as they follow three simple rules. Rule 1: Mom and Dad cannot rent...
by Jackie Strack | Jun 25, 2022 | Financial Services, Palma Financial Services, Pro Tips, Real Estate, Rental Property
There are many reasons why you may want to establish residency in another state, besides the obvious (you just moved). Maybe you have a child going to an expensive college soon, and you want to establish residency for in-state tuition. Maybe you’re currently living in...
by Jackie Strack | May 25, 2022 | Palma Financial Services, Pro Tips, Real Estate, Rental Property, Tax Planning
Are you a business owner? In the past year, have you purchased an asset to help maintain or grow operations? Nearly all businesses invest in assets that are used in operating the business. The cost of long-lived assets is spread over the asset’s useful life and...
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 | Apr 28, 2022 | Business Planning, Palma Financial Services, Rental Property, Tax Planning
The short-term rental market is booming, but many investors still need guidance on structuring their investments for tax purposes. Are you aware of the rental property tax benefits available to you? Investors have a right to be confused and concerned about how these...
