by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jul 3, 2024 | Rental Property, Tax Assessment, Tax Deductions
As a savvy real estate investor, you always look for ways to enhance your returns. One powerful yet often overlooked strategy is Cost Segregation. This approach can accelerate depreciation deductions on your rental properties, leading to substantial tax savings and...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jun 28, 2024 | Rental Property, Tax Deductions, Tax Strategy
Are you aware that short-term rentals, like those on Airbnb and VRBO, offer a unique tax advantage that can significantly reduce your tax burden? Unlike long-term rentals, short-term rentals allow you to use losses to offset income from your W-2 job, active business,...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jun 20, 2024 | Tax Strategy, Tax Assessment, Tax Bill, Tax Deductions
As a real estate investor and business owner, you constantly seek ways to optimize your returns. We understand the importance of maximizing your profits, which often goes beyond just rental income. Did you know advanced tax strategies are specifically designed to...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jun 19, 2024 | Tax Bill, Tax Deductions, Tax Strategy
Soaring profits in the oil and gas industry are fantastic, but a hefty tax bill can eat into your bottom line. Did you know there’s a powerful, often overlooked weapon in your arsenal: the depletion allowance? Slash Your Tax Bill with the Depletion Allowance...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jun 13, 2024 | Vehicles, Tax Credits, Tax Deductions, Tax Planning
Thinking about going electric? You’re in luck! While the information applies to the 2023 tax year (which you’ll file in 2024), you can still claim a significant tax credit when you purchase a qualifying electric vehicle (EV) this year. 2023 Tax Credit...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | May 9, 2024 | Vehicles, Tax Assessment, Tax Deductions
As you prepare to hit the road in your new electric vehicle (EV) or plug-in hybrid (PHEV), there’s a key piece of paperwork you need to ensure a smooth ride – the Clean Vehicle (CV) Time-of-Sale Report. This new requirement is essential for staying compliant and...