by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jun 17, 2023 | Cryptocurrency, Tax Assessment
Have you experienced significant losses in crypto investments like Luna and FTX? !Discover a silver lining as we unveil how you can transform these setbacks into valuable tax deductions. Gain exclusive insights into the world of crypto tax planning. The IRS Chief...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jun 16, 2023 | Tax Strategy, Tax Deductions
Harness Tax Savings for Your Business with the R&D Tax Credit, Regardless of Your Industry! Regarding the research and development (R&D) tax credit, it’s common to associate it primarily with the tech industry. However, did you know businesses across...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jun 14, 2023 | Tax Deductions, Tax Credits
Are you ready to take your college sports support to the next level and score big tax savings? Cheering on your favorite college team is exhilarating, but did you know that your donations to their booster groups can also lead to significant tax benefits? It’s...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jun 13, 2023 | Tax Strategy, Tax Planning
Imagine escaping the repetitive cycle of mundane tax preparations, just like Bill Murray in Groundhog Day. !Are you tired of feeling trapped in a never-ending loop when doing taxes for your business? What would it mean for your business if you could escape that cycle...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jun 12, 2023 | Tax Planning, Tax Strategy
Year-end ain’t here yet, but we’re holding it down in the middle !! It becomes evident that consulting an accountant in the middle of the year offers numerous benefits for individuals and businesses, such as: Tax planning and optimization Identifying...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jun 10, 2023 | Credit Cards, Tax Advisory
Guess what? Great News! Use your credit card to pay off your Federal and California tax balances. How cool is that !? And the best part is that you might even earn some awesome credit card rewards, points, or cashback on your tax payment. Cha-ching! But before jumping...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jun 8, 2023 | Tax Assessment, Tax Strategy
It’s time to level up and make something truly powerful! Hi there, sometimes, the entity election that worked for your business initially may not be the best choice as your business grows. Whether you have a C corporation, S corporation, partnership, LLC,...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jun 5, 2023 | Tax Assessment, Tax Planning
A few weeks ago, I was in the most unexpected situation in San Jose, California: hosting a conference for tax professionals. Yep, you heard that right! I could feel their skepticism hanging in the air, but… I started my presentation and shared a unique tax...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jun 4, 2023 | Tax Assessment, Tax Strategy
If you’re not doing monthly tax planning, you’re basically leaving money on the table. So, what steps will you take to seize every opportunity for profit and minimize your tax liability? Are you doing nothing at all? Or maybe you’re just hoping and...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jun 3, 2023 | Small Businesses, Schedule C
Alright, listen up: So, here’s the deal, my friend: About 75% of small businesses choose a Schedule C, but honestly, it doesn’t really make sense when it comes to taxes. But here’s the cool part: If you switch it up and go for an S corporation,...
