Tax Tips

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 […]

Advance Premium Tax Credit: Report Changes

If you purchased 2016 health care coverage through the Health Insurance Marketplace, you may have chosen to have advance payments of the premium tax credit paid to your insurance company to lower the monthly premiums. If this is the case, it’s important to let the Marketplace know about significant life events, also known as changes […]

IRS Changes W2, 1099 Filing Deadlines

In an effort to combat fraud, The Protecting Americans from Tax Hikes (PATH) Act of 2015, was passed by Congress and signed by President Obama in December. The act revises the filing deadline for Form W-2 and certain types of Form 1099. Until now, employers had two dates to keep in mind when remitting W2’s […]

Business Tax Due Dates for 2016 Returns

As you’re preparing for the 2016 filing season, keep the due dates below in mind. Penalties for missed deadlines can be significant. Please note: As a result of various Congressional pro­visions, some of the dates differ from last year. You’ll also want to note that the extension deadline for Form 1065 remains September 15, as […]

The Rise of Identity Theft and Tax Scams: Avoid Being a Victim

Approximately 1 in 18 Americans have their identities stolen each year, according to the Bureau of Justice statistics. With such a consistent rise in identity theft and tax scams, it’s imperative that you keep your information safe and secure from criminals, not only in a work setting but also in your personal life. The most […]