by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Dec 15, 2022 | Tax Planning, Consulting Services
Are you feeling the holiday spirit yet? We sure are here at Palma Financial, and we’ve got some exciting news to share with you. It’s that time of year again – time to start thinking about your tax planning for the upcoming year. And what better way to get...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Nov 7, 2022 | Tax Strategy, Tax Planning
Tax Break of 2022: Direct Investment in Oil & Gas & 100% Tax Write-Off of Intangible Drilling Costs (IDC). Expensing exploration, development, and intangible drilling expenses is one of the federal income tax provisions that support domestic fossil extraction....
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 Jackie Strack | Jun 24, 2022 | Financial Services, Business Planning, Pro Tips, Tax Planning
Here’s an update on the 2022 business meal deduction: Business owners can deduct 100% of business-related meal expenses when purchased from a restaurant. The term “restaurant” is a business that sells food for immediate consumption, even if the food is not...