Still waiting for your Personal Income Tax Refund from the state of New Mexico? The Taxation and Revenue of New Mexico has updated their website to notify individuals that refunds are expected to take 6-8 weeks to process. They are asking that individuals wait at least 6 weeks from file date before inquiring on the […]
Tag: 2015 Planning
Interest Rates for the Second Quarter of 2016
The Internal Revenue Service today announced that interest rates have increased for the calendar quarter beginning April 1, 2016. The rates will be: four (4) percent for overpayments [three (3) percent in the case of a corporation]; one and one-half (1.5) percent for the portion of a corporate overpayment exceeding $10,000; four (4) percent for […]
IRS Offers New Cash Payment Option
The Internal Revenue Service announced today a new payment option for individual taxpayers who need to pay their taxes with cash. In partnership with ACI Worldwide’s OfficialPayments.com and the PayNearMe Company, individuals can now make a payment without the need of a bank account or credit card at over 7,000 7-Eleven stores nationwide. “We continue […]
Can’t Pay Taxes On Time? Here Are Five Tips
The IRS urges you to file on time even if you can’t pay what you owe. This saves you from potentially paying a penalty for a late filed return. Here is what to do if you can’t pay all your taxes by the due date. 1. File on time and pay as much as you can. […]
Six Facts You Should Know Before Deducting a Charitable Donation
If you gave money or goods to a charity in 2015, you may be able to claim a deduction on your federal tax return. Here are six important facts you should know about charitable donations. 1. Qualified Charities. You must donate to a qualified charity. Gifts to individuals, political organizations or candidates are not deductible. An […]
Early Retirement Distributions and Your Taxes
Many people find it necessary to take out money early from their IRA or retirement plan. Doing so, however, can trigger an additional tax on top of the income tax you may have to pay. Here are a few key points to know about taking an early distribution: 1. Early Withdrawals. An early withdrawal normally means […]
Dirty Dozen Tax Scams
WASHINGTON — The Internal Revenue Service warned taxpayers to avoid the temptation of falsely inflating deductions or expenses on their returns to under pay what they owe and possibly receive larger refunds. The vast majority of taxpayers file honest and accurate tax returns on time every year. However, each year some taxpayers fail to resist […]
Six Tips on Whether to File a 2015 Tax Return
Most people file a tax return because they have to, but even if you don’t, there are times when you should. You may be eligible for a tax refund and not know it. Here are six tips to help you find out if you should file a tax return: 1. General Filing Rules. Whether you […]
Who Can Represent You Before the IRS?
Many people use a tax professional to prepare their taxes. Tax professionals with an IRS Preparer Tax Identification Number (PTIN) can prepare a return for a fee. If you choose a tax pro, you should know who can represent you before the IRS. There are new rules this year, so the IRS wants you to […]