RPC CPAs + Consultants, LLP will no longer be accepting online credit card payments after March 15, 2019. Please call our Albuquerque office at 505-883-2727 or your local office and they will process your payment for you.
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RPC CPAs + Consultants, LLP (RPC) has merged with the nationally recognized accounting firm of Carr, Riggs & Ingram, LLC (CRI) and our offices will now operate under the name of Carr, Riggs & Ingram.
We will continue our tradition of community support and delivering quality audit, accounting, tax, and consulting services - now with enhanced service capabilities available from a regional firm that is one of the Top 20 firms in the U.S. For more informaiton regarding CRI's 50+ office locations, more than 1,800 professionals, or industry and service specializations, visit our new firm's website at www.CRIcpa.com.
Choosing Your Best Alternatives
The tax law allows a variety of methods of handling income and deductions on your return. Choices you make as you prepare your return often affect not only the current year, but future returns as well. Topics these choices relate to include:
Sales of property
If you’re receiving payments on a sales contract over a period of years, you can sometimes choose between reporting the whole gain in the year you sell or over a period of time as you receive payments from the buyer.
You’re able to deduct the cost of your investment in certain business properties. You can either depreciate the costs over a number of years; or, in certain cases, deduct them all in one.
Where to Begin?
Preparation for your tax appointment should begin in January. Right after the New Year, set up a safe storage location, such as a file drawer, cupboard, or safe. As you receive pertinent records, file them right away, before you forget or lose them. Make this a habit, and you’ll find your job a lot easier on your appointment date.
Other general suggestions to prepare for your appointment include:
Accuracy Even for Details
To ensure the greatest accuracy possible in all detail on your return, make sure you review personal data. Check name(s), address(es), social security number(s) and occupation(s) on last year’s return. Note any changes for this year. Although your telephone numbers and e-mail address aren’t required on your return, they are always helpful should questions occur during return preparation.
Marital Status Change
If your marital status changed during the year, if you lived apart from your spouse or if your spouse died during the year, list dates and details. Bring copies of prenuptial, legal separation, divorce or property settlement agreements, if any, to your appointment. If your spouse passed away during the year, you should have a copy of his or her trust agreement or will available for review.
If you have qualifying dependents, you will need to provide the following for each (if you previously provided us with items 1 through 3 you will not need to supply them again):
For anyone other than your child to qualify as your dependent, they must pass five strict dependency tests. If you think another or others qualify as your dependents (but you aren’t sure), tally the amounts you provided toward their support vs. the amounts they provided. This will simplify a final decision.
Some Transactions Deserve Special Treatment
Certain transactions require special treatment on your tax return. It’s a good idea to invest a little extra preparation effort when you have had the following transactions:
Purchase date, sale date, cost and selling price must all be noted on your return. Make sure this information is contained on the documents you bring to your appointment.
Unreceipted cash donations put into a “Christmas kettle,” church collection plate, etc., are not deductible. For clothing and household contributions, items donated must generally be in good or better condition, and items such as undergarments and socks are not deductible. You must keep a record of each item contributed that indicates the name and address of the charity, date and location of the contribution, and a reasonable description of the property. Contributions valued under $250 and dropped at an unattended location do not require a receipt. For contributions above $500, the record must also include when and how the property was acquired and your cost basis in the property. For contributions above $5,000 and other types of contributions, please call this office for additional requirements.
If you have questions about assembling your tax data prior to your appointment, please give this office a call.