by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Dec 12, 2022 | Travel Deductions, Tax Planning
Sec. 199A allows businesses to deduct 20% of qualified business income from a qualified trade or business on their taxes. This deduction should be considered during year-end tax planning to lower income taxes. However, the amount of the deduction may be limited or...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Oct 3, 2022 | Tax Strategy, Tax Bill, Tax Planning, Travel Deductions
IRS using Passport Revocation as a Collection Tool The IRS has announced its intention to increase enforcement. It should be no surprise, given the annual tax gap and anticipated federal budget increases. The annual tax gap — the estimated difference between taxes...
by Jackie Strack | Jun 29, 2022 | Palma Financial Services, Pro Tips, Tax Planning, Travel Deductions
You might be surprised that taking a cruise ship as part of your business meeting in Mexico is considered deductible. The great thing about Mexico is that it’s in the tax law–defined North American area, which means you don’t need any more critical...
