by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Nov 6, 2022 | Tax Credits, Tax Planning
As you are probably aware, there is still time to apply for the Employee Retention Credit. And right now is a perfect moment to do this. You can qualify for 2020 credits of up to $5,000 per employee and 2021 credits of up to $7,000 per employee for each of the first...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Nov 5, 2022 | Tax Planning, Tax Credits, Tax Strategy
As a professional service firm owner, it is essential to be proactive about tax planning, and reducing your tax bill is crucial to your success. If you are ready to reduce your most significant business expense and end your partnership with the IRS, then join us for...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Sep 8, 2022 | Business Planning, Pro Tips, S Corporation, Tax Planning, Tax Strategy
Failure-to-File Penalties for S Corps and Partnerships Are Costly Generally, tax penalties are assessed based on the amount of tax owed. However, S corporations and partnerships can be assessed “failure-to-file” penalties even if the entity has no taxable...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Apr 12, 2022 | Palma Financial Services, Pro Tips, Real Estate, Tax Planning
When I tell my high-income clients that living in California is excellent, they roll their eyes. But why? The state income taxes here make many people want to move elsewhere. Lately, we have been working on tax plans and implementing tax strategies for several...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Mar 26, 2022 | Palma Financial Services, Pro Tips, Tax Planning
Did you know there is a tax called the NIIT tax, which is an additional tax on your investment earnings? To project what the NIIT will be for you this year, I need to collect some information, like your investment income, investment expenses, and something called MAGI...
