by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | May 17, 2022 | Palma Financial Services, Pro Tips, Tax Planning, Tax Reform
Tax Advisory vs. Tax Preparation Worried about tax overpayment? Every year we help our clients perform proactive tax planning on each of these categories: Deductions Legal Entity Design Retirement Tax Cuts & Jobs Act (TCJA), FFCRA, and CARES Tax Acts Insurance...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | May 1, 2022 | Palma Financial Services, Pro Tips, Tax Planning, Tax Reform
Real Estate Professional or Investor: Can you get a refund for the taxes you paid in 2019, 2020, and 2021? The Tax Deadline is Running Out on the PY Tax Refunds With the recent Notice 2019-7, it is now easier than ever to take advantage of your 199A deduction! The IRS...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Apr 30, 2022 | Palma Financial Services, Pro Tips, Tax Planning, Tax Reform
You qualify for this net income tax deduction if you own a small business or a real estate investment. The IRS owes you money. Net Income Tax Deduction The 199A Pass-Through: This is a 20% deduction off the bottom line profit of your business but also comes with a lot...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Apr 29, 2022 | Pro Tips, Tax Planning, Tax Reform
Real Estate Professional or Investor: Get a refund for the taxes you paid in 2019, 2020, and 2021? Tax preparation services can help you get the refund you deserve. The Tax Deadline is Running Out on the PY Tax Refunds With the recent Notice 2019-7, it is now easier...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Mar 20, 2022 | Pro Tips, Tax Planning, Tax Reform
If you have a business, look into these tax strategies to save money: Home office deduction Travel expenses Meals Hiring children and grandparents Maximizing depreciation (Sec 179, Bonus depreciation, Bifurcation, or Cost Segregation) Health care strategies Fringe...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Mar 14, 2022 | Palma Financial Services, Pro Tips, Tax Planning, Tax Reform, Tax Resolution
IRA for Kids: No age restrictions. That’s why your kid needs a Roth IRA. Having your kids contribute to their own IRA is a great idea, and it should be a tradition. Here’s what you need to know about IRAs for kids. Roth IRA Contribution Basics The only...