We prepare 1040 (individual) returns. (1040A and 1040EZ forms are no longer offered by the IRS.)
• Business, Trust, and Estate Tax Preparation
We prepare 1120 (C Corporation), 1120s (S Corporation), 1065 (Partnership), and 1041 (Trusts and Estates) forms.
• Lowest Taxes/Largest Refund
We scour the returns and your records for all possible deductions and credits, to ensure that you pay the lowest tax and get the largest refund allowed by law.
• Electronic Filing (Federal and State)
When your tax return is completed, it is sent to the IRS and to the state electronically, eliminating mail delays and getting your refund to you faster!
• Direct Deposit
You can specify a checking or savings account for direct deposit of your refund into your account, eliminating mail delays, stolen checks, going to the bank, and check holds.
U.S. federal tax advice contained on this web site (including attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Taxpayers should seek professional advice based on their particular circumstances.
1. Gather all your records of income.
These are W-2 forms (from employers) and 1099 forms (from other payers). If you run a small business, there may be records for cash receipts also. If you belong to a partnership, S Corporation, etc. you will receive a K-1 form from them. Note while 1099 forms have to be put in the mail to you by January 31, K-1 forms do not have to be mailed to you until March 15.
2. Gather all your records of expenses.
This may be on forms (such as 1098 for mortgage interest paid), or may be on individual receipts if you have a small business or rental.
3. Gather personal information.
This includes name, address, social security number, and birth date for you, your spouse, and your dependents. Dependents may be your children, your grandchildren, your parents, and your grandparents, if you provide more than half their support and/or if they live with you. The rules for dependents are somewhat complex, we can go over your situation.
4. Gather your previous tax return(s).
Usually, only the prior year tax return is needed. However, if you have capital loss carryforwards, charitable contribution carryforwards, foreign tax credit carryforwards, ongoing depreciation, or other carryforward items, bring all old tax returns from when these started. (These items usually only apply if you worked outside the country, have your own business, or trade stocks.)
5. Gather business records.
If you have a small business, rental real estate, or farm, gather all records of income and expenses.
6. Contact us to make an appointment.
• Basic Personal Tax Preparation fee is $99.99, and includes:
- Free electronic filing for faster refunds!
- Optional direct deposit for even faster refunds!
- Recording your income: up to 8 of W-2, 1099-Int, 1099-Div, 1099-R forms
The amount of any additional fees depends on the amount of work that needs to be done, and is determined on a case-by-case basis. Click here for a list of these additional items
• Corporate, Partnership, Trust, and Estate returns
These are charged based on the amount of time required. Charges are determined on a case-by-case basis.
• All fees are subject to New Mexico gross receipts tax of 6.875%
Early Bird Special! $20 off for tax returns prepared and filed by March 15 $10 off for returns prepared and filed between March 16 and March 31
Special Rates (no schedules except B, no credits, no deductions) One W-2, 1099-R or -SSA: $25 off Two or three W-2, 1099-R, -SSA, -Int, or -Div: $10 off
If you're comfortable using a browser, file your Federal return for free via members of the Free File Alliance.
IRS and State: Go to the IRS Free File web site, click on the [Start Free File Now] button, and fully read the information there, especially the information about fees for filing state tax returns. Choosing a vendor who states "Free for any state if you qualify for federal" will help ensure the filing is completely free. Then click on the chosen vendor and start the tax preparation process on their site.
General: Free filing is done completely online. Make sure to print and keep detailed copies of the tax returns and supporting data for your records, and keep your W-2, 1099, and other forms used to prepare the return. Most free filing vendors delete the online copies of the returns after a few months or a year. To be safe, keep your copy of the return and forms for 10 years.
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?
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
Getting the biggest refund and paying the lowest amount of tax allowed by law. Starting with the 2018 tax year, many old deductions have been removed or limited by the Tax Cuts and Jobs Act (TCJA). If you are filing a 2016 or 2017 return, these are still available, but not for 2018 or later.
American Opportunity Tax Credit (AOTC) and Lifetime Learning Credit
Child Care Credit
Earned Income Credit (EIC)
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.
Normally, tax records should be kept for three years.
Some documents – such as records relating to a home purchase or sale, stock transactions, IRA and business or rental property – should be kept longer.
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.
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.
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.