Posted on Leave a commentPosted in albuquerque CPA , TAX advice

The “Heartbleed” bug has sent businesses and individuals into attack mode in order to prevent passwords from being disclosed, personal information from being compromised — and ultimately, assets from being stolen. The IRS issued the following statement about Heartbleed: “The IRS continues to accept tax returns as normal. Our systems continue operating and are not affected by this […]


Posted on Leave a commentPosted in Personal consulting

On the heels of the financial crisis, banks tightened their lending policies and many companies couldn’t qualify for inexpensive fixed-rate loans. Instead, they took on variable-rate loans. Interest payments that fluctuate based on the U.S. prime rate or London InterBank Offering Rate (LIBOR) index are a viable option, as long as rates continue to hover […]

Your 2013 return may be your last chance for 2 depreciation-related breaks

Posted on Leave a commentPosted in albuquerque CPA , TAX advice

  If you purchased qualifying assets by Dec. 31, 2013, you may be able to take advantage of these depreciation-related breaks on your 2013 tax return: 1. Bonus depreciation. This additional first-year depreciation allowance is, generally, 50%. Among the assets that qualify are new tangible property with a recovery period of 20 years or less […]

Health Care Update

Posted on Leave a commentPosted in Uncategorized

Recently released IRS final regulations for the Affordable Care Act’s (ACA’s) employer shared-responsibility provision provide some short-term relief for midsize and large employers. Under the ACA, the shared-responsibility provision (commonly referred to as “play-or-pay”) applies to “large” employers — those with the equivalent of 50 or more full-time employees. Play-or-pay had been scheduled to go […]

Reinvested Dividends, don’t forget them when calculating basis.

Posted on Leave a commentPosted in Uncategorized

One of the most common mistakes investors make is forgetting to increase their basis in mutual funds to reflect reinvested dividends. Many mutual fund investors automatically reinvest dividends in additional shares of the fund. These reinvestments increase tax basis in the fund, which reduces capital gain (or increases capital loss) when the shares are sold. […]

Substantiating Contributions for 2013

Posted on Leave a commentPosted in albuquerque CPA , TAX advice

To support a charitable deduction, you need to comply with IRS substantiation requirements. This generally includes obtaining a contemporaneous written acknowledgment from the charity stating the amount of the donation, whether you received any goods or services in consideration for the donation, and the value of any such goods or services. “Contemporaneous” means the earlier […]