by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jul 28, 2023 | Health, Tax Strategy
Looking for a tax gem to save money on medical expenses? Discover the 105-HRA (Section 105 Health Reimbursement Arrangement). If you meet the qualification criteria, this plan can provide the best medical reimbursement. To be eligible for the 105-HRA, you must have...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jul 27, 2023 | Tax Strategy, Tax Planning
Are you dreaming of a tax-free retirement where you can enjoy your hard-earned savings without worrying about excessive taxes on your IRA withdrawals? Here are the key strategies we explore: Roth IRA Conversion: Convert your traditional IRA to a Roth IRA for tax-free...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jul 26, 2023 | Tax Advisory, Tax Planning
As an S Corporation owner, we understand you may have unique circumstances requiring additional time. If you filed for an extension, you already have until September 15, 2023, to submit your S Corporation return. This extension allows you to review your financials...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jul 24, 2023 | Business Planning, Tax Planning
Ever wondered what your business is truly worth? At Palma Financial, we are here to help you find the answer to this critical question. As trusted advisors, we understand the importance of knowing your business’s value. Understanding its true worth is crucial...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jul 23, 2023 | Stocks, Tax Assessment
A recent client approached us, burdened with a daunting $130,000 tax bill due to unreported stock sales. Every investor must remember that all stock sales must be reported, as the IRS receives 1099 forms from all brokerage firms. The case became even more complex when...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jul 22, 2023 | Business Planning, Tax Deductions
In today’s competitive business landscape, leveraging all available financial advantages can make all the difference. One such advantage that can significantly impact your business’s fiscal health is the Qualified Business Income Deduction, also known as...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jul 21, 2023 | Tax Deductions, Tax Credits
Do you know you can still cut your 2022 corporate taxable income? That’s right, 2022 isn’t completely in the rear-view mirror! Use Defined Benefit Plans to Your Advantage Defined Benefit Plans (DBP) are your tax-cutting secret weapon! Their high...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jul 20, 2023 | Business Planning, Tax Assessment
Have you ever wondered what your business is truly worth? Palma Financial will unwrap the answer to this critical question this Christmas in July and present you with knowledge. As trusted advisors, we understand the importance of knowing the true value of your...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jul 19, 2023 | Hobbies, Tax Strategy
Think of your hobby as a puzzle. To secure the pieces of the puzzle that allow you to deduct your losses, you need to demonstrate a profit motive. In other words, you must establish that your now-money-losing hobby is indeed a business for tax purposes. To minimize...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jul 18, 2023 | Charity, Tax Assessment
Today, let’s discover the Charitable Limited Liability Company (LLC), a unique structure that seamlessly blends business and philanthropy. Charitable LLC: A Game-Changer for Your Philanthropic Goals Flexibility and Control: With a Charitable LLC, you dictate the...
