Tax Tips

Do You Qualify for a Home Office Tax Deduction?

If you have a home office or a space in your home dedicated to conducting business, you may qualify for a home office deduction. However, there are some requirements that must be met: The business part of your home must be used regularly and exclusively for business purposes. This space must be your principal place […]

Tips for Taxpayers: Is That Really the IRS?

The IRS initiates most contacts through regular mail delivered by the United States Postal Service. However, there are special circumstances in which the IRS will call or come to a home or business, such as when a taxpayer has an overdue tax bill, to secure a delinquent tax return or a delinquent employment tax payment, […]

Know Your Audit Risk

Nearly every taxpayer can imagine a worst-case scenario where they run afoul of the IRS and are selected for an audit. Here are a few areas that tend to get unwanted audit attention and ideas to help you stay prepared. Your audit risk is (probably) low. The first thing to remember is that the risk of […]

Who Should File a 2016 Tax Return?

Most people file a tax return because they have to. But even if you don’t have to file, there are times when you should – because you may be eligible for a tax refund without being aware of it. The six tax tips below should help you determine whether you fit into that category. General […]

Tax-Planning Tips for 2017

Big changes may be on the way for the 2017 tax year. Thankfully, you can ensure your finances stay in line with your expectations by planning ahead. With the right approach, you can keep your taxable income low to reduce your obligations and keep more of your earnings. Here are five smart planning tips you […]

Claiming EITC or ACTC Tax Credits

For those of you filing early and claiming either the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC), the IRS will process your returns, but will not issue refunds before Feb. 15. The reason for this is the PATH Act of 2015, which requires the IRS to hold the refund for […]

Eligibility Requirements for Two Popular Tax Credits

In an effort to prevent taxpayers from improperly claiming the Child Tax Credit (CTC) and American Opportunity Tax Credit (AOTC), the IRS is implementing additional preparer due diligence requirements and requesting preparers to verify more information from clients who may be eligible to claim these credits. Because of these new requirements, I’ll be asking more […]

Scams on the Rise: Protect Your Business

Approximately 1 in 18 Americans have their identities stolen each year. Among the many identity theft scams is an emerging hoax in which cybercriminals obtain remote control of computer systems to hack into sensitive employee information to steal identities. Thieves will then use a stolen social security number to file a tax return and claim […]

Minimum Wages Effective January 1, 2017

Santa Fe – Currently remains at $10.91 per hour but may increase March 1, 2017 (TBD) • • • Albuquerque – The minimum wage increases to $8.80 per hour ($5.50 for tipped employees) Note: The minimum wage is $7.80 if the employer provides healthcare and/or childcare benefits to the employee equal to or in excess […]

Independent Contractors vs. Employees During Tax Season

It’s vital for all employers to properly distinguish between what constitutes an employee and an independent contractor in order to ensure that everyone receives the proper tax treatment. Independent contractors are generally defined as those who are in an independent trade, business or profession in which they offer services to the general public. These individuals […]