albuquerque CPA , TAX advice

Giving Real Estate to a Charity

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Giving real estate to charity is rewarding, but beware of tax traps Did you know that the eshttp://www.checkpointmarketing.net/docs/08_25_16_583802382_EPB_560x292.jpgtate of director John Hughes donated the family’s Illinois mansion to a nonprofit hospital? After allowing another charity to use the home for a fundraising event, the hospital sold the home and used the proceeds to expand its […]

albuquerque CPA , TAX advice

Now’s the time to start thinking about “bunching” — miscellaneous itemized deductions, that is

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  Many expenses that may qualify as miscellaneous itemized deductions are deductible only to the extent they exceed, in aggregate, 2% of your adjusted gross income (AGI). Bunching these expenses into a single year may allow you to exceed this “floor.” So now is a good time to add up your potential deductions to date […]

albuquerque CPA , TAX advice

Summer Camp — Might save you taxes

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The passing of Memorial Day marks the beginning of summer in the minds of many Americans. Although the kids might still be in school for another week or two, summer day camp is rapidly approaching for many families. Summer Camp — might save you taxes, what a great double benefit.  If yours is among them, did […]

albuquerque CPA , TAX advice

HEARTBLEED BUG

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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 […]