Friday, 15 April 2016

Include Tax Paperwork In Your Spring Cleaning For Tax Preparation Albuquerque-Style

If tax paperwork is overwhelming, prioritizing records may help you minimize clutter. Here are recordkeeping guidelines that will help you do just that while retaining what's important.
  Income tax returns. Keep these at least seven years. Hang on to the back-up documents, such as Forms W-2, mortgage interest statements, year-end brokerage statements, and interest and dividend statements, for the same amount of time.
  Supporting paperwork. Keep cancelled checks, receipts, and expense and travel diaries for a minimum of three years.
  Stock, bond, or mutual fund purchase confirmations. Retain these while you own the investment. You can destroy them three years after you sell.
  Real property escrow and title statements. Retain these documents as long as you own the property so you can prove your purchase price when you sell. They can be destroyed three years after the date of the sale.
As you purge your financial clutter, be sure to shred or otherwise destroy the discarded paperwork. These documents often reveal your social security number, bank and brokerage account activity, and other personal information that could lead to the theft of your identity.
Contact Urbielewicz Murphree CPAs Albuquerque for more recordkeeping tips. Call 505-897-7382 to schedule an appointment.
In our world, tax preparation Albuquerque-style includes the paperwork cleanup. We make it easy to understand. Call 505-897-7282, Urbielewicz Murphree CPAs, for the level of service you need: our experts include experienced CPAs, tax experts, bookkeeping specialists and more. Put a trusted advisor on your team today.

Proactive Customer Service Is Important

Providing excellent, proactive customer service is crucial for any business, but dealing with customer complaints over the internet can be challenging. When responding to customer complaints via email, chat rooms, or other online venues, keep these tips in mind.
  Be honest. Online anonymity makes it easier for customers to dispense with social graces that would temper otherwise polite behavior. So be straightforward and transparent. If your company made a mistake, say so. If you don't know the answer to a customer's question, say you'll research the issue and get back to them.
  Ask questions. Gain a comprehensive understanding of a customer's issue before responding. Identify the basic problem and provide an opportunity to vent. Showing that you're actively listening can defuse emotions and help you get to the root of the problem.
  Be polite. It's easy for email responses to be misinterpreted, so take care with your words. Use the customer's name and end messages on a positive note.
  Follow through. Deliver what you promise. If the item was defective, make it right. If the customer wants a discount and it fits within your policy to provide it, don't hesitate.
Online or off, proactive customer service keeps your customers happy – and your company in business.
For more ways to showcase your business with its customers, call Urbielewicz Murphree CPAs Albuquerque at 505-897-7382. Our team understands your world.
As a small business entity, we know firsthand the many contributions small business owners and their teams make to the community. We respect the number and variety of challenges involved, including the growing task of providing proactive customer service. We look forward to collaborating with you to polish systems and procedures to streamline your company growth. You’ll find us conveniently located in the greater Albuquerque area and ready to discuss your specific situation.

Tuesday, 12 April 2016

Albuquerque CPA Emphasizes W-4 Update To Adjust Withholding

Did you receive a big tax refund or owe the IRS a lot of money for 2015? Then it's time to update the form that tells your employer how to calculate your federal income tax withholding. That's Form W-4, Employee's Withholding Allowance Certificate, and here's what you need to know.
Filing a new Form W-4 with your employer allows you to adjust your income tax withholding to avoid overpaying or underpaying tax for 2016. The form comes with a worksheet to figure out how many allowances you should claim. These allowances are similar to dependency exemptions on your income tax return. However, the total allowances on your W-4 don't have to agree with the exemptions you claim on your return. For example, say you're single and you want to have the maximum amount withheld from your paycheck. You can claim zero allowances on Form W-4. You'll still claim your personal exemption on the federal income tax return you file next April.
One caution: You should not claim more exemptions than you're entitled to on Form W-4.
Updating Form W-4 can help adjust your withholding to match the tax you expect to owe. If you need assistance completing a W-4 update, give us a call at 505-897-7382 and schedule an appointment.
In addition, Urbielewicz Murphree CPAs PC looks at your long term financial goals when our team reviews your status. For example, how close are you to retirement age? What type of savings have you accrued? It’s never too late to look more closely at your financials. Call us for expert advice for your specific situation.
Urbielewicz Murphree CPAs Albuquerque is located near Cottonwood Mall and is easily accessible. Our address is 2469 Corrales Road, Suite A-5 in Corrales Plaza, one-half mile north of the intersection of NM 528 and Corrales Road.

Should You Make Estimated Tax Payments?

If you're required to make quarterly estimated tax payments this year, the first one is due on the same day as your federal income tax return. Failing to pay estimates, or not paying enough, may lead to penalties. Here's what to consider.
Do you need to make estimates? If you operate your own business, or receive alimony, investment, or other income that's not subject to withholding, you may have to pay the tax due in installments. Each estimated tax installment is a partial prepayment of the total amount you expect to owe for 2016. You make the payment yourself, typically four times a year.
How much do you need to pay? To avoid penalties, your estimated payments must equal 90% of your 2016 tax or 100% of the tax on your 2015 return (110% if your adjusted gross income was over $150,000).
There are exceptions to the general rule. For instance, say you anticipate the balance due on your 2016 federal individual income tax return will be less than $1,000 after subtracting withholding and credits. In this case, you can skip the estimated payments and remit the final balance with your return next April.
Contact Urbielewicz Murphree CPAs PC Albuquerque at 505-897-7382 for more information about estimated tax payments. Our firm provides bookkeeping services designed to let you concentrate on what you do best: run your business. Let us handle the numbers and deadlines for you.
Many individuals who need to make estimated tax payments (due to alimony, investments, or other income that’s not subject to withholding) take advantage of the convenience of our bookkeeping services. It’s easy, in part because our experts are trained to focus on the deadlines for estimated tax payments. It’s also faster because our team regularly logs into the necessary websites and completes the specified forms.
So, if you’d like to consider bookkeeping services from Urbielewicz Murphree CPAs, call 505-897-7382 and schedule your initial no-charge consultation.

Sunday, 27 March 2016

Teach Your Children The Vital Skill Of Financial Literacy

Financial literacy is a vital skill in today's world. Will your children be able to handle their finances when they became adults? Here are tips to help ensure the answer is yes.

Shave spending. Take the weekly allowance to the next level by helping your child develop a budget. Review the results to reinforce good habits.

Stress savings. Even young children can grasp the power of compound interest. A simple example is asking your child to put a dollar in a piggy bank. Offer to pay five percent interest if the money is still there in a week or a month. Make the same offer at the end of the first time period, and pay "interest on the interest" as well.

Introduce investments. Create a portfolio, either real or paper, consisting of shares of one or more stocks or mutual funds. Make a game of charting the investment's progress on a regular basis.

Cover credit. Take on the role of lender and let your child request an advance on a weekly allowance. Charge interest.

Talk taxes. Use word search or crossword puzzles to teach tax terminology. Consider creating a "Family Economy" game using examples from your own budget.

Lessons in financial responsibility can benefit your children now and in the future. Get them started on the right path with the help of Albuquerque CPA firms that support our community. At Urbielewicz Murphree CPAs, PC, our team believes in financial literacy.

Call us at 505-897-7382 to discuss financial literacy and your specific situation. Together we will grow our community.

Smart Review Tactics Frame Small Business Consulting Services

Small business consulting services in Albuquerque emphasize smart tactics. We understand as a business owner, monitoring operations and dealing with everyday problems no doubt takes up the bulk of your day. But carving out time for a comprehensive review can benefit your business. Here are key areas to consider.

Insurance coverage. Automatic renewal may appear to be a time-saver. But you might be missing out on necessary updates and the opportunity to revise your coverage. Sit down with your insurance agent and discuss your business operations, focusing on risks from new ventures or changes in laws. Make sure you have suitable liability coverage.

Tax strategy. A month after you file your tax return, make an appointment with your tax advisor. Go over your return together and identify opportunities for tax savings. Question everything, starting with whether you're using the right form of business entity. Ask about recent changes in the tax code and how they might benefit your business. Make your advisor a partner in your business strategy.

Succession planning. Have a specific plan for each key managerial position, including yours. Will you promote from within or recruit externally in the case of an unexpected vacancy? Which managers can be cross-trained to keep your business operating during the short-term absence of another employee?

Banking relationships. Schedule a meeting with your controller or chief financial officer to go over your cash balances and banking relationships. Then both of you meet with your banker. Address service concerns or problems that arose during the year. Look for ways to reduce idle cash, boost interest earned, and improve cash flows.

Personal estate planning. Your company is likely a significant part of your estate. A good estate plan is essential if you hope to pass it on to your heirs. But your company, your personal circumstances, and the tax laws are continually changing. Make sure your plans are current.

Contact Urbielewicz Murphree CPAs, PC at 505-897-7382 for small business consulting services in Albuquerque. We can assist you in securing your business's long-term success. When you work with Urbielewicz Murphree CPAs Albuquerque you work with specialists who understand small business consulting and can discuss your specific situation with expertise.

Wednesday, 23 March 2016

Above The Line Deductions: Use Taxes To Reduce Your Tax

Are you planning to itemize on your 2015 federal income tax return? If so, you can claim a deduction for taxes paid. According to IRS statistics, taxes are the most frequently claimed itemized deduction, as well as the largest. But what kind of taxes can you deduct on your personal return?
State and local income taxes or general sales tax. You can choose whichever gives you the most benefit.
Real estate taxes. Deductions include taxes you pay on your home or other real property you own (including property owned in a foreign country). Remember to check closing statements when you buy or sell property. You can claim the portion of current real estate taxes you're responsible for. However, if you agree to pay delinquent taxes the seller owed at the time of closing, that expense is considered part of your basis in the property.
Personal property taxes. These taxes are imposed annually on the value of property other than real estate. Certain motor vehicle registration fees fit this description.
Foreign income taxes. Caution: Instead of deducting these taxes, you have the option of taking a credit, which will reduce your tax bill dollar-for-dollar and may offer more benefit.
Federal estate tax. If you inherit certain assets and are required to report the income from those assets on your personal return, you may be able to deduct a portion of the federal estate tax paid.
Some taxes, such as self-employment taxes, are deductible elsewhere on your return. Other taxes are not deductible at all. Examples include marriage licenses, gift taxes, and Medicare taxes (including the 3.8% net investment income tax).
Feel free to contact us at 505-897-7382 if you have questions about the deductibility of a tax you paid during the year, or if you received a refund of a tax you deducted in a prior year. We're here to help with tax preparation services. Our tax team understands above the line deductions and includes experts at a variety of levels. To schedule an appointment with one of our experts, call 505-897-7382.