At some point in your life, you’ll probably inherit property. Knowing the tax effect of these inheritances can help you navigate the process. First of all, inheritances and gifts are not included in income. Certain income-generating items you inherit may result in taxable income as income is distributed. In addition, property received from a decedent… Read More

The choices for employers who offer Health Reimbursement Accounts (HRAs) expanded in 2020. In addition to the traditional HRAs, employers can offer qualified small employer HRAs (QSEHRAs), individual coverage HRAs (ICHRAs) and excepted benefit HRAs (EBHRAs). An HRA is an employer benefit plan that reimburses employees for out-of-pocket medical expenses. The distributions for qualified medical… Read More

This may be the time to consider buying a new home or refinancing a home you already own. Mortgage rates are low — interest rates on 15-year mortgages are under 3 percent and longer mortgages currently carry interest rates between 3 and 4 percent — and they are expected to remain low during recovery from… Read More

Pass-Through Threshold Increased Since 2018, self-employed people and owners of LLCs can deduct 20 percent of their net qualified business income. These small businesses — so called pass-through entities that pass the business’s income on to the owner to be taxed at that person’s individual rate — provide much of the owner’s overall income and… Read More

Tax law changes made under the SECURES Act and CARES Act have resulted in a number of taxpayer benefits, some of which are addressed below. This information is provided as an overview and should not be construed as tax advice. Contact us to discuss the details of these provisions and how the 2020 tax changes… Read More

Deadlines for filing and paying many 2019-2020 taxes have been deferred to July 15, 2020. But deferment is only a delay. On July 15, taxpayers will be liable for ALL accumulated deferments, which could result in a larger than expected tax liability due at one time. Here’s some of what’s due on July 15: Amount… Read More

The CARES (Coronavirus Aid, Relief, and Economic Security) Act provides a lifeline to small businesses. 2019 Income Tax Deadlines The 2019 federal income tax filing due date has been automatically extended from April 15, 2020, to July 15, 2020. New Mexico Tax & Revenue has followed suit and extended its filing deadline as well. Businesses… Read More

The CARES (Coronavirus Aid, Relief, and Economic Security) Act, signed by the president on March 27, 2020, provides relief to individuals in a number of ways. 2020 Recovery Rebates Single taxpayers are entitled to $1,200 (married taxpayers who file a joint return are entitled to $2,400) in the form of a tax rebate. If you… Read More

For organizations of every size and type, data security is an essential aspect of IT. Hackers are constantly finding ways into our data, which requires constant vigilance by business owners. Being proactive is the key to protecting yourself and your business from data theft. Start by creating a data security plan. This may entail working… Read More