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 | Apr 11, 2022 | Palma Financial Services, Pro Tips, Retirement Planning, Tax Planning
As you likely know, there are many articles and youtube videos with some discussion of your business hiring your children as W-2 employees. The hire-your-child strategy works best for the Schedule C proprietorship because when the proprietor hires his or her...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Apr 6, 2022 | Palma Financial Services, Pro Tips, Retirement Planning, Tax Planning
Let’s talk about IRA. Did you know that a self-directed IRA is the same as a traditional IRA and is subject to the same rules? The income the investments in your IRA earn is not taxed until you take distributions, but distributions before age 59 1/2 are subject...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Apr 5, 2022 | Palma Financial Services, Retirement Planning, Tax Planning
If you want to save money on retirement accounts, IRAs are a great way to save, but self-directed IRAs are even better. Let’s talk about IRA! Suppose you establish a traditional IRA with a bank, a brokerage, or a trusted company. In that case, you are...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jan 19, 2022 | Retirement Planning
What is the most tax-efficient retirement plan if you have a business? When tax planning for retirement, there are many things you need to consider. The goal of tax planning for retirement is to minimize the taxes you pay now, so your money can grow without being...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | May 21, 2018 | Business Planning, Retirement Planning
Business owners who want to take advantage of the new 20 percent qualified business income (QBI) deduction under the 2017 tax law may want to consider having not only defined contribution retirement plans, such as 401(k) plans, but also defined benefit plans similar...