Do you offer Refund Anticipation Loans?

No. Refund Anticipation Loans are bank loans. The banks and preparers who offer these charge fees. If you file your return early, use electronic filing, and use direct deposit, you can get your refund in as little as 14 days without a loan. Also, in some cases the IRS may disallow a deduction or credit, and send back a refund that is lower than anticipated. If this happens, you're stuck with payments on a bank loan.

Why do you offer an Early Bird Special?

Many people wait until the last minute (April 15 in 2019) to file. By providing an incentive to finish taxes earlier, it helps to even out our workload.

What is "basis"? What is "adjusted basis"?

Basis is the amount of money that you pay for an asset (home, car, computer, furniture, etc.). Click here for more details.

What records do I need?

See this IRS Tax Tip. The records that needed to prepare your return are the same ones you should keep. There are many situations where records are needed far into the future, so we suggest keeping records for 10 years, or longer if the records are for an asset you still own (e.g. your house).

What is the difference between the standard deduction and itemized deductions?

See our white paper on deductions for more information.

For more information, or to make an appointment, contact Sid Gudes:

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+1-505-595-4800

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• Receipts, transactions, and items in excess of the numbers covered by the basic fee
• Partnership or S-corporation income/loss (Schedule K-1)
• Business (Schedule C), depreciation (Form 4562), sales of business property (Form 4797)
• Foreign Earnings and Foreign Tax Credit (Form 1116)
• Rental Real Estate (Schedule E) and Passive Activities (Form 8582)
• Capital Gains and Losses (Schedule D and Form 8949)
• Farm Income (Schedule F)
• Resident or non-resident return for a state other than New Mexico
• New Mexico part-year return
• Determining stock or real estate sale basis if there are missing records
• Other forms not listed above or covered by the basic fee

• Adoption Credit
• American Opportunity Tax Credit (AOTC) and Lifetime Learning Credit
• Child Care Credit
• Earned Income Credit (EIC)
• Energy Credits
• Foreign Earned Income Credit (FEIC) and Foreign Tax Credit
• Itemized Deductions (Schedule A) for expenses such as: medical, charitable, property taxes and other state taxes paid (limited by TCJA), mortgage interest and points (limited by TCJA). Also looking for work, investing, work tools, supplies and uniforms, and theft losses (eliminated by TCJA).
• Retirement Savings Credit
• Other deductions: moving expenses (limited by TCJA), educator expenses, HSA contributions, SEP/SIMPLE/IRA contributions, self-employed health insurance, alimony paid (eliminated by TCJA), student loan interest paid, tuition and fees paid

IRS TAX TIP 2012-71: Managing Your Tax Records After You Have Filed

 
Keeping good records after you file your taxes is a good idea, as they will help you with documentation and substantiation if the IRS selects your return for an audit. Here are five tips from the IRS about keeping good records.

 

1. Normally, tax records should be kept for three years.

 


2. Some documents – such as records relating to a home purchase or sale, stock transactions, IRA and business or rental property – should be kept longer.

 


3. In most cases, the IRS does not require you to keep records in any special manner. Generally speaking, however, you should keep any and all documents that may have an impact on your federal tax return.

 


4. Records you should keep include bills, credit card and other receipts, invoices, mileage logs, canceled, imaged or substitute checks, proofs of payment, and any other records to support deductions or credits you claim on your return.

 


5. For more information on what kinds of records to keep, see IRS Publication 552, Recordkeeping for Individuals.

Basis. The basis of an asset is its cost, including shipping, installation, taxes, and fees. For example, if you buy a home, the basis of the home is the amount you paid for it (including down payment and loan). If you buy a computer, its basis is the amount you paid for the computer, tax, and shipping. If you buy an extended warranty on the computer, it is not part of the basis, but that's a discussion for another day.

 
Adjusted Basis. The adjusted basis of an asset is its cost, plus improvements, minus reductions in value. Improvements include such items as adding a new room to a house, putting on a new roof, converting a basement, or putting in new wall-to-wall carpet. Reductions in value include removals from the asset (for example, a standalone garage may degrade to the point it needs to be torn down). Normal repairs and maintenance do not increase basis.

 
For assets used in a business, adjusted basis includes depreciation, a calculated loss of value over the years due to wear-and-tear on the asset. The IRS prescribes the depreciation amounts that are used to calculate this loss in value.

 
Adjusted basis is used to determine capital gains and losses, which directly affects the amount of tax that you pay when an asset is sold. See our white paper on basis for more information.