Insights from a Former Nail Tech! Nail technicians in New Mexico frequently face audits for unpaid gross receipts taxes (GRT), largely due to the unique nature of their work and a lack of clarity about their tax obligations. The Common Scenario Picture this: you receive a letter titled “Notice of Limited Scope Audit Commencement” from the New Mexico Department of …
Essential End-of-Year Considerations for Business Owners
As the end of the year quickly approaches, it’s imperative that business owners are taking the necessary steps to close out the year on a high note and prepare for the upcoming year. Successful business owners know that taking the time to reflect, evaluate and strategize at the end of each year is crucial to maintain the growth and sustainability …
Tax Payment Installment Agreements for Business Owners
Taxes can be one of the most substantial expenses for a small business owner. With the complex regulations and deadlines, it is not uncommon for small business owners to fall behind on their tax payments. Failure to pay taxes can lead to serious consequences such as penalties, interest charges, and even legal actions. However, there is a solution to ease …
The Benefits of Consulting a Tax Attorney for Your Business
As a business owner, taxes can be a source of confusion and stress. Filing taxes is complex and ever-changing, so it’s important to make sure you have the right guidance. One of the best ways to ensure that your taxes are filed correctly is to consult with a tax attorney. Let’s discuss why it is important for business owners to …
A Cautionary Tale of Estate Planning: Robin Williams’ Story
When the beloved comedian, Robin Williams, passed away in 2014, many were shocked and saddened. It was even more heartbreaking to learn that his family, though provided for in his will, spent years after his passing in court battling over items, budgets and Knick knacks due to the fact the language in Mr. William’s will was non-specific and overly vague.. …
