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...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Oct 20, 2022 | Vehicles, Palma Financial Services, Pro Tips, Tax Planning
There are pros and cons to getting an electric or plug-in hybrid car PROS: A wholly revamped tax credit for electric vehicles that starts in 2023 and continues through 2032, enacted by The Inflation Reduction Act. CONS: The credit comes with many new restrictions, now...
by Jackie Strack | Jun 27, 2022 | Financial Services, Pro Tips, Vehicles
Mileage or Actual can get complicated very quickly with lots of variables. There are some ‘common themes,’ or some general rules or guidelines that can be a starting point for a strategic decision. These ‘Rules of Thumb’ often point a client in...