by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Sep 29, 2022 | Pro Tips, Roth IRA, Tax Planning
How much can my child, Chloe, earn tax-free in 2022? Chloe’s salary for 2022 should be $12,950.00, the same amount as the standard deduction for a single person for the year. Should I set my child, Chloe, with a Roth IRA or a 401K? For most children, a Roth IRA...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Aug 5, 2022 | Financial Services, Pro Tips, Real Estate, Tax Planning
The stock market is crashing while real estate continues to rise, but you do not have enough liquidity for a down payment. QUESTION: Is this the time to Invest? Nowadays, you may wonder if this is the time to invest in real estate through your IRA, Roth IRA, or...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Apr 6, 2022 | Palma Financial Services, Pro Tips, Retirement Planning, Tax Planning
Let’s talk about IRA. Did you know that a self-directed IRA is the same as a traditional IRA and is subject to the same rules? The income the investments in your IRA earn is not taxed until you take distributions, but distributions before age 59 1/2 are subject...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Apr 5, 2022 | Palma Financial Services, Retirement Planning, Tax Planning
If you want to save money on retirement accounts, IRAs are a great way to save, but self-directed IRAs are even better. Let’s talk about IRA! Suppose you establish a traditional IRA with a bank, a brokerage, or a trusted company. In that case, you are...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Mar 22, 2022 | Pro Tips, Tax Planning
Get your kid started on the right financial foot with a Roth IRA! No matter how old your kids are, they can still contribute to their IRAs. Here is what you need to know about Roth IRA Contribution Basics: The only requirement for a child to make an annual Roth IRA...