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 | Jun 12, 2024 | Retirement Planning, Tax Advisory, Tax Assessment, Tax Planning
Remember that Form 5498 (IRA Contribution Information) you received? It is key to maximizing your IRA benefits and avoiding potential tax issues. Your IRA Powerhouse: What’s Inside Form 5498? Contribution Types: Traditional, Roth, SEP, SIMPLE – Track where...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Apr 30, 2024 | Tax Deductions, Accounting Services, Tax Planning, Tax Strategy
I stumbled upon this intriguing New York Times piece the other day, titled “You Don’t Have to Take Every Tax Deduction, and You Shouldn’t”, and it got me thinking. Dr. Alejandro Narváez’s tax approach is commendable but has sparked some...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Apr 17, 2024 | Tax Advisory, Tax Planning
The recent H&R Block outage exposed a vulnerability for many taxpayers: a reliance on last-minute filing solutions. While these services can be convenient, they can also lead to stress, errors, and missed opportunities. Could there be a better way to manage your...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Apr 15, 2024 | Tax Advisory, Tax Planning, Tax Strategy
REMINDER!Today, April 15th, is the deadline to file your 2023 federal taxes (April 17th for Maine and Massachusetts residents). While tax payment isn’t due today, filing late can result in penalties. Need more time? You can request an extension to file by...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Apr 5, 2024 | Bookkeeping, Cryptocurrency, Investments, Tax Planning
Listen up if you’re into crypto, Big changes are coming for tax time in 2025. Remember that whole thing about people buying and selling crypto without paying taxes? Yeah, Congress isn’t a big fan. So, they’re making companies that deal with crypto...