Is Your Business Structure Holding You Back? Climb Higher in 2024!
Palma Financial Services, Inc. | Dublin CPA & Financial Management
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor
1M ago
Imagine your business breaking barriers and reaching new heights. Is your current legal structure a hidden obstacle? For established entrepreneurs and new business owners, the right entity choice is key to unlocking growth, operational efficiency, and financial peace of mind. Why reassess your business structure in 2024? Here’s a quick guide: For New Businesses: Avoid a misfit structure that leads to: Heavy tax burdens Difficulty in fundraising Hurdles in scaling effectively For Established Businesses: An outdated structure might: Not align with your evolving business goals Increase liabili ..read more
Visit website
Navigating the 2024 Tax Maze: Paper vs. Digital?
Palma Financial Services, Inc. | Dublin CPA & Financial Management
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor
1M ago
Tax season is just around the corner! Feeling overwhelmed with choosing between e-filing and paper returns? Don’t worry; we’ve got you covered. Let’s break down the pros and cons of each method: E-filing offers: Immediate IRS confirmation: No waiting for processing like with paper returns. Efficiency: Saves time and hassle compared to manual forms and mailing. Potential security risks: Ransomware and data breaches are concerns, especially with A.I. Paper filing offers: Potentially higher security: No sensitive data transmitted electronically. No immediate confirmation: This can lead to proc ..read more
Visit website
$1.2 Billion in Debt Forgiveness! What You Need to Know About Taxes
Palma Financial Services, Inc. | Dublin CPA & Financial Management
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor
1M ago
Significant updates for student loan borrowers have been announced! President Biden disclosed the cancellation of $1.2 billion in student loan debt, benefiting around 150,000 borrowers and contributing to a total debt forgiveness of $138 billion for nearly 3.9 million borrowers during the Biden administration. Who is eligible for this recent relief? This forgiveness round applies to borrowers enrolled in the Saving on a Valuable Education (SAVE) repayment plan. The SAVE plan forgives remaining debt after 10 years of income-driven payments for borrowers initially borrowing $12,000 or less. Forg ..read more
Visit website
Love & Taxes: An Unlikely Match Made in Heaven (or the IRS Office)?
Palma Financial Services, Inc. | Dublin CPA & Financial Management
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor
1M ago
Love and taxes? Aren’t those like oil and water? Well, not quite! While Valentine’s Day may not scream “tax deductions,” there are a few interesting tidbits to consider for both businesses and individuals: For Businesses: Spread the Love (and Deductions): Decorate with hearts and share romantic offers – it might be partially tax-deductible as advertising! Remember good records and link spending to your promotions. Small Gifts, Big Impact: Show employee appreciation with chocolates or flowers! These “de minimis fringe benefits” can be deducted under a certain limit (check with your accountant ..read more
Visit website
⚠️ Urgent: AI-Powered Social Security Scams on the Rise – Protect Yourself Now!
Palma Financial Services, Inc. | Dublin CPA & Financial Management
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor
1M ago
We’re reaching out with a critical message concerning a disturbing trend: a surge in sophisticated Social Security scams powered by AI. Understanding these scams and taking immediate action is crucial for taxpayers and business owners. Why you need to be aware: AI scammers have upped their game: They’re using advanced technology to mimic trusted voices and create realistic scenarios, making it harder than ever to detect a scam. Your Social Security number is a treasure trove: In the wrong hands, it can lead to identity theft, financial ruin, and immense stress. Protecting yourself is easier t ..read more
Visit website
Dirty Dozen Quiz: Know the Red Flags, Protect Yourself
Palma Financial Services, Inc. | Dublin CPA & Financial Management
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor
1M ago
As we kick off the 2024 tax season, staying alert to the increasing trend of fraudulent 2023 tax return filings is crucial. To assist in this, our firm has developed a targeted quiz to aid in recognizing and combating these scams. This quiz is vital in ensuring you’re equipped to tackle the challenges of this tax season with confidence. Question 1: What is the first tax scam on the Dirty Dozen list, targeting businesses with promises of large refunds based on the Employee Retention Credit (ERC)? a) Spearphishing b) Fake Charities c) Employee Retention Credit (ERC) Claims d) Shady Tax Preparers ..read more
Visit website
“My Biggest Business Regret?” Not Using an ILIT (Before It’s Too Late)
Palma Financial Services, Inc. | Dublin CPA & Financial Management
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor
1M ago
Imagine safeguarding your wealth from legal risks while maximizing your loved one’s inheritance. An Irrevocable Life Insurance Trust (ILIT) could be your answer, offering asset protection and a unique tax-saving opportunity for business owners like you. Let’s explore how this powerful tool empowers and protects your legacy. What is an ILIT? An ILIT holds and protects life insurance policies, shielding them from creditors and lawsuits. It offers crucial security for business owners facing potential litigation. When is an ILIT Right for You? Timing is essential. Establishing an ILIT when your bu ..read more
Visit website
Rental Property Sale? Think Beyond Today’s Tax Savings!
Palma Financial Services, Inc. | Dublin CPA & Financial Management
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor
1M ago
Thinking of selling your office building, store, or warehouse? Did you make interior improvements? This newsletter explains how those improvements might impact your future taxes. Key points: Today’s deduction can become tomorrow’s higher tax bill: Certain improvements trigger “ordinary income recapture” when you sell, meaning it’s taxed at higher rates than regular capital gains. Three ways to depreciate improvements (QIP): Straight-line: Slower deduction, lower future tax hit. Section 179: Big deduction upfront, high future tax. Bonus depreciation: Same as Section 179, but may be temporari ..read more
Visit website
Time’s Running Out! File Your 1099-NECs Before January 31st
Palma Financial Services, Inc. | Dublin CPA & Financial Management
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor
1M ago
As the deadline for filing 1099s for the 2023 tax year rapidly approaches, we want to ensure your business is well-prepared for a seamless tax season. With just a limited time left until the January 31, 2023, deadline to file Form 1099-NEC (Nonemployee Compensation) with the IRS, we are here to offer you two convenient options: Option 1: File Yourself If you prefer a hands-on approach, you can independently manage your 1099s. Simply ensure you have IRS Form 1099-NEC for each contractor who earned more than $600 during the tax year. The required details include the contractor’s name, address, a ..read more
Visit website
Can You Deduct Gambling Expenses in 2024?
Palma Financial Services, Inc. | Dublin CPA & Financial Management
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor
2M ago
Thinking about deducting travel, meals, and other gambling expenses in 2024? If you consider yourself a professional gambler, you might be eligible. But beware, the IRS has its cards close to its chest, and qualifying isn’t a walk in the park. The Perks of Being a Pro Unlike recreational gamblers, professional gamblers can deduct ALL gambling-related expenses (including travel, lodging, and meals) from their winnings without itemizing, which can be a significant tax advantage, potentially lowering your tax burden in 2024. Qualifying as a Pro: More Than Just Luck But before you start booking th ..read more
Visit website

Follow Palma Financial Services, Inc. | Dublin CPA & Financial Management on FeedSpot

Continue with Google
Continue with Apple
OR