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Our Blog

End of Year Tax Planning for 2017

J Nick Leitch

November 20, 2017

There is still time to make moves to reduce your 2017 tax bill, but the final curtain is quickly closing. There is much debate over potential health care legislation and tax reform in Washington, DC, but major changes have yet to occur. This means any tax reform is likely to take center stage in 2018. Until then consider the following strategies:

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Equifax Hacked? Your Credit and Identity Could be at Risk.

J Nick Leitch

September 13, 2017

As many as 143 million Americans were exposed in this most recent hack.  They reported it to the public in September but discover the hack on July 29th. Why the delay?

The theft obtained consumers' names, Social Security numbers, birth dates, addresses and, in some cases, driver's license numbers. Such sensitive information can be enough for crooks to hijack the identities...

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Tax Planning and Estimating

J Nick Leitch

September 5, 2017

Where has the Summer gone?  Where has 2017 gone?  Here we are in September already.  Estimated tax payments for the 3rd quarter are due, Hatch Green Chile is being roasted, and the Albuquerque International Balloon Fiesta is fast approaching.

We better get after checking on income levels and tax liabilities for 2017.  For our clients who receive...

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Free Financial Apps for College Students

August 23, 2017

College students have smart phones loaded with apps. However, it is unlikely that any of these apps are dedicated to helping them build their financial fortitude. Check out the list below—chock-full of apps designed to make it easier for college students of any age to save money.

Mint—This personal finance app from Intuit is a great tool to easily track...

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Thoughts Regarding Taxes as You Near Retirement

January 10, 2017

One of the biggest mistakes retirees make when calculating their living expenses is forgetting how big a bite state and federal taxes can take out of savings. And how you tap your accounts can make a big difference in what you ultimately pay to Uncle Sam.

 Conventional wisdom has long held that you should tap taxable accounts first, followed by tax-deferred retirement accounts...

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Obama's New Overtime Pay Rule is ON Pause-What Does it Mean for Your Business?

December 5, 2016

Just days before it was scheduled to be implemented on December 1, a federal judge in Texas has blocked the implementation of the new Department of Labor (DOL) federal overtime rule, which would have doubled the Fair Labor Standards Act’s (FLSA’s) salary threshold for exemption from overtime pay. According to an NPR report, this extension of overtime eligibility would have...

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SCAM Alert

August 23, 2016

Impostor scams-including tax related cons in which criminals pose as IRS agents to get money or personal information out of victims are the fastest growing threat to consumers today.  This is according to a new survey from the Consumer Federation of America (CFA) and the North American Consumer Protection Investigators. ...

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Gross Receipts Tax Audits Skyrocket in New Mexico

June 21, 2016

Self-employed workers, contractors and business owners are coming under increasing scrutiny from the NM Taxation & Revenue Dept. which has been ramping up efforts to collect delinquent GRTs.

 You may think you are an employee because you receive a W-2, but if you receive any form 1099-MISC, the state considers you self-employed.

 For example, physicians receiving...

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Beat Identity Fraud

May 3, 2016

It is a sobering statistic that last year over 13 million Americans were victims of identity fraud.  There are a few things you can do to shift odds in your favor that you will not inevitably become a victim.

1.  Simply contact the 3 major credit bureasu (via the authorized website, www.annualcreditreport.com) and tell them...

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2015 Online Client Organizer

January 8, 2016

We take the security of your personal information seriously. In today's world, mail and email are becoming less and less secure. With that in mind, we are making your 2015 tax organizer available via our Online Client Access Portal.

 Follow the steps to 2015 client organizer (login, select and print 2015 Tax Organizer):

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Where did 2015 Go? Before it is Over.....

November 24, 2015

Another Year Behind Us….Where Did it Go?

Waiting until the clock strikes midnight to make health goals or 2016 resolutions may be ok – but when it comes to finances, the earlier you review your situation, and make necessary commitments, the better.

Before year end, consider contributing the maximum allowable contributions to your 401(k) or similar retirement...

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BACK to SCHOOL APPS - BOOST EFFICIENCY!!

October 5, 2015

Back to School – Simple Apps to Boost Effectiveness and Efficiency

1.       SimpleMind Free (Android,IOS) – When writing a paper, and you need to organize thoughts, this app will allow you to create a mind map, arrange ideas and rearrange connections to fit...

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New Mexico Gross Receipts Tax Rate Change Effective July 1, 2015

June 16, 2015

Please Remember to make adjustments for the new gross receipts tax rate effective July 1, 2015.  For Albuquerque it will be 7.1875%.  For outlying municipalities or counties, please refer to the tax tables sent via email to all clients.  Thank

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Which Records Should I Keep?

The IRS generally has up to 3 years after the tax-filing deadline to initiate an audit.  Keep copies of all documentation needed to prepare your return.  This includes W2s, 1099s reporting miscellaneous, interest, dividends, capital gains distributions, K1s, charitable donation documentation, and any other eligible expense for deductions and / or...

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Small Business Owners $4.5 Billion Payroll Tax Problem

Every month, employers across the U.S. send money to the IRS to cover payroll taxes-levies drawn from employee pay to cover Social Security, Medicare, and unemployment insurance.  Many botch the process.  The IRS issued 6.8 million penalties totaling $4.5 billion related to the employment taxes for the year ending September 2013, according published data from the IRS (Internal...

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Productive and Grateful

November 25, 2014

November was a busy month as Nick celebrated a milestone membership of 25 years with the New Mexico Society of Certified Public Accountants, marking J.Nick Leitch & Company's 25th year serving our fabulous clients. Also, Nick has recently obtained his CGMA (chartered global management accountant)...

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Fall Financial Review and Finances

October 14, 2014

Fall is the perfect time to evaluate where you are and where you are going as the year 2014 comes to a close.  Preview your complimentary copy of The Advantage Magazine which keeps you connected with current issues surrounding business and personal finance(located under the tab titled Tools &...

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REMINDER. It’s That Time of Year Again -- Already!!

September 3, 2014

Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes and awards. You also may have to pay estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough.

If you do not pay enough...

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New Team Member

We would like to introduce you to our newest employee, Valerie Echave (Staff Accountant)!  Valerie has gained experience in increasingly responsible roles within the accounting field in both public and private industry.  In her most recent position she was a Staff Accountant at Ultramain Systems, Inc.   She maintained payroll for domestic and international employees as...

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It’s a New Brand Day

It’s a New Brand Day at J. Nick Leitch and Company! We are excited to announce the recent launch of our firm’s new brand. We’ve been working very hard to enhance our website and give our firm a facelift. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your...

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