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...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Oct 24, 2023 | Vehicles, Tax Strategy
Picture this friend: the potential to save up to $40,000 per eligible vehicle in 2023! This isn’t just an opportunity; it’s your golden ticket to substantial tax savings for your business or tax-exempt organization this year. Introducing the Commercial...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Apr 26, 2023 | Vehicles, Tax Deductions
Are you considering purchasing an SUV crossover vehicle for your business? Did you know that you might be eligible for significant tax deductions? At Palma Financial Services, we’re committed to helping clients save money on their taxes. That’s why...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Apr 18, 2023 | Tax Strategy, Vehicles
Are you thinking about purchasing an electric car? With the electric vehicle (EV) market growing rapidly, it’s an exciting time to consider a greener, more sustainable way of driving! 💚 However, before you take the leap and make a purchase, there are a few...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Mar 22, 2023 | Vehicles, Tax Credits
We understand you may have questions about your Lucid car purchase and the federal EV tax credit. Unfortunately, as of 2022, the federal tax credit for electric vehicles is unavailable for vehicles with a sales price above $55,000. Therefore, if you purchased a Lucid...