by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Feb 16, 2023 | Tax Planning, S Corporation, Tax Strategy
As an S Corporation owner, you work hard to grow your business and achieve your financial goals. But did you know that with the right tax preparation, you can get even more out of your business? Our team of expert tax advisors can help you maximize your savings and...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Nov 21, 2022 | Business Planning, S Corporation, Tax Credits, Tax Planning
Accountable Plan Background:The Tax Cuts and Job Act eliminated out-of-pocket employee expenses from itemized deductions in 2018. The employees could no longer deduct out-of-pocket expenses.An accountable plan is a policy that companies have in place to help employees...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Sep 15, 2022 | Financial Services, Palma Financial Services, Pro Tips, S Corporation, Tax Planning
Sell Your Home to Your S Corp to Convert it into A Rental A couple sells their primary home to their S corporation.Can they rent the house from the S corporation?The strategy behind creating an S corporation and then selling your home to that corporation comes into...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Sep 8, 2022 | Business Planning, Pro Tips, S Corporation, Tax Planning, Tax Strategy
Failure-to-File Penalties for S Corps and Partnerships Are Costly Generally, tax penalties are assessed based on the amount of tax owed. However, S corporations and partnerships can be assessed “failure-to-file” penalties even if the entity has no taxable...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Aug 7, 2022 | Business Planning, Financial Services, Pro Tips, S Corporation, Tax Planning
The majority of business owners overpay taxes every year. Are you one of them? Business Owners Beware If you are a business owner, you are most likely overpaying taxes without knowing it. And this is expected; don’t get surprised if you are paying more than you...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jul 21, 2022 | Business Planning, Financial Services, Pro Tips, S Corporation, Tax Planning
Question: Have you noticed that the self-employment tax significantly drains your cash? The S corporation can help you reduce the amount of federal employment taxes paid on your wages. The S Corporation: 👉Deducts the W-2 wages; 👉Passes the remaining taxable income to...