by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Feb 14, 2024 | Financial Services, Pro Tips, Tax Planning, Tax Strategy
Love and taxes? Aren’t those like oil and water? Well, not quite! While Valentine’s Day may not scream “tax deductions,” there are a few interesting tidbits to consider for both businesses and individuals: For Businesses: Spread the Love (and...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Feb 9, 2024 | Tax Strategy, Palma Financial Services, Tax Deductions, Tax Planning
Imagine safeguarding your wealth from legal risks while maximizing your loved one’s inheritance. An Irrevocable Life Insurance Trust (ILIT) could be your answer, offering asset protection and a unique tax-saving opportunity for business owners like you....
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Feb 8, 2024 | Tax Planning, Accounting Services, Tax Advisory, Tax Strategy
As the 2024 tax season officially kicks off, it’s crucial to remember that not all tax-saving strategies are created equal. Ever wondered about the perks of investing in a Maltese individual retirement arrangement or exploring Puerto Rican captive insurance?...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jan 30, 2024 | Tax Assessment, Tax Deadline, Tax Planning, Tax Strategy
As the deadline for filing 1099s for the 2023 tax year rapidly approaches, we want to ensure your business is well-prepared for a seamless tax season. With just a limited time left until the January 31, 2023, deadline to file Form 1099-NEC (Nonemployee Compensation)...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jan 23, 2024 | Tax Advisory, Tax Assessment, Tax Planning, Tax Strategy
Big changes are on the horizon that could impact your bottom line, and we want to ensure you’re prepared to navigate these shifts without losing a dime. Congress is deciding to make a game-changing move by pushing the ERC filing deadline to January 31 – just...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jan 20, 2024 | Tax Assessment, Tax Deadline, Tax Planning, Tax Strategy
We have news that demands your immediate attention, as it could impact your business’s financial landscape – a proposed change in the Employee Retention Credit (ERC) filing deadline. In light of the persistent confusion surrounding ERC eligibility, associated...