Get Ready for Round Two of Tax Savings Strategies – We'll Be Back Soon! - Palma Financial
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Get Ready for Round Two of Tax Savings Strategies – We’ll Be Back Soon!

by | Oct 19, 2023 | Tax Strategy, Tax Planning

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We’ve reached the final installment of our Tax-Saving Series, and we’re excited to recap the strategies we’ve explored to help you maximize your 2023 tax savings. In this concluding email, we overview the key strategies and offer personalized guidance to implement them effectively.

Recap of Our Tax-Saving Series:

  1. S-Corp Election: We explored how S-Corp Election can enhance your business structure, potentially reducing self-employment tax liability and leading to significant tax savings.
  2. Reasonable Compensation: Understanding the importance of Reasonable Compensation within your business structure ensures tax efficiency and compliance with IRS guidelines.
  3. Retirement Planning: We discussed various Retirement Planning options, such as Solo 401(k)s and Traditional IRAs, emphasizing the dual benefits of securing your retirement while reducing your current tax liability.
  4. Augusta Rule: This strategy allows you to rent your home up to 14 days a year without reporting rental income, providing valuable tax savings.
  5. Family-Owned Management Company (FOMC): By utilizing an FOMC structure, you can optimize tax efficiency, manage medical expenses, and reduce your overall tax liability.
  6. Medical Expenses through FOMC: Learn how to manage medical expenses effectively through an FOMC structure to reduce your tax liability while ensuring the best medical care.
  7. Purpose of PTETs: Discover how PTETs can help you overcome the $10,000 SALT cap and reclaim your tax savings by reducing state and federal tax liabilities.

Now, it’s time for personalized guidance. We invite you to schedule a one-on-one consultation with our tax experts to tailor these strategies to your unique financial situation.

During your Tax Assessment, we’ll delve into your specific needs and goals, ensuring that the strategies discussed in this series align seamlessly with your financial plan.

To schedule your personalized Tax Assessment, click here, reply to this email, or call us at (408) 708-9330.

Thank you for joining us on this tax-saving journey. We look forward to helping you secure your financial future while minimizing your 2023 tax burden.