Blog
📢Urgent Tax Filing Alert – September 15 is the Deadline!
As an S Corporation owner, we understand you may have unique circumstances requiring additional time. If you filed for an extension, you already have until September 15, 2023, to submit your S Corporation return. This extension allows you to review your financials...
5 Steps to Find the True Worth of Your Business
Ever wondered what your business is truly worth? At Palma Financial, we are here to help you find the answer to this critical question. As trusted advisors, we understand the importance of knowing your business's value. Understanding its true worth is crucial when you...
How a $130,000 Tax Mistake Became a Priceless Lesson on Stock Transactions
A recent client approached us, burdened with a daunting $130,000 tax bill due to unreported stock sales. Every investor must remember that all stock sales must be reported, as the IRS receives 1099 forms from all brokerage firms. The case became even more complex when...
Calling All Business Owners! 199A Deduction Awaits!
In today's competitive business landscape, leveraging all available financial advantages can make all the difference. One such advantage that can significantly impact your business's fiscal health is the Qualified Business Income Deduction, also known as the Section...
Did You Know You Can Still Cut Your 2022 Corporate Taxable Income?
Do you know you can still cut your 2022 corporate taxable income? That's right, 2022 isn't completely in the rear-view mirror! Use Defined Benefit Plans to Your Advantage Defined Benefit Plans (DBP) are your tax-cutting secret weapon! Their high contribution limits...
🎅 Christmas in July! 🎉
Have you ever wondered what your business is truly worth? Palma Financial will unwrap the answer to this critical question this Christmas in July and present you with knowledge. As trusted advisors, we understand the importance of knowing the true value of your...
8 Key Factors for Determining Business Intent Vs. Hobby
Think of your hobby as a puzzle. To secure the pieces of the puzzle that allow you to deduct your losses, you need to demonstrate a profit motive. In other words, you must establish that your now-money-losing hobby is indeed a business for tax purposes. To minimize...
A New Wave in Philanthropy: Charitable LLCs & How You Can Benefit
Today, let's discover the Charitable Limited Liability Company (LLC), a unique structure that seamlessly blends business and philanthropy. Charitable LLC: A Game-Changer for Your Philanthropic Goals Flexibility and Control:Â With a Charitable LLC, you dictate the how...
You Have Been Pre-Approved!
We are excited to inform you that you have been pre-approved for a FREE tax assessment. (limited spots available until August 31 of 2023). Think about this... The US tax code is over 70,000 pages long… That's longer than the bible… Researching and applying these...
5 Reasons for Conducting a Mid-Year Review Now
Top 5 Reasons for Conducting a Mid-Year Review Now: Optimize Tax Planning: By conducting a mid-year review in July, you have ample time to strategize and make adjustments that can significantly impact your 2023 income taxes. Don't wait until the end of the year when...