by mpalma | May 10, 2021 | Federal Disaster Relief, Tax Planning
Since 1986, lawmakers have limited business meal deductions: first to 80 percent and 50 percent (unless an exception applies). But on December 27, 2020, to help the restaurant industry due to the COVID-19 pandemic, lawmakers enacted a new, temporary 100 percent...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Aug 22, 2013 | Featured
Time is quickly running out to take advantage of this year’s increased Section 179 deduction and bonus depreciation. To take advantage of the increased limit, and bonus depreciation (both of which are currently set to expire on December 31, 2013) machine tool...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | May 10, 2012 | Featured
Has your hobby grown into a full-time or sideline business? You might need to convince the IRS. Strategy: Run the activity just like any other business: Keep accurate and detailed records, maintain any requisite licensing and meet other technical responsibilities. In...
