CPA and Business Advisors - Frequently Asked Questions

Certified Public Accountants - Tax Advice

This notice is required by IRS Circular 230, which regulates written communications about federal tax matters between tax advisors and their clients. To the extent the preceding correspondence and/or any attachment is a written tax advice communication, it is not a full" covered opinion". Accordingly, this advice is not intended and cannot be used for the purpose of avoiding penalties that may be imposed by the IRS.

Frequently Asked Questions

What are the current rates of federal and state payroll taxes? What other rates and limits apply this year?

Payroll

Rates and instructions as of January 1, 2011, are listed in our Payroll Guide. Call us to check for any changes.

Mileage

Beginning January 1, 2011 the allowable mileage rate for business travel is 51 cents per mile.

Bonus Depreciation

50% bonus first year depreciation is allowed for new, tangible personal property purchased first used in trade or business during 2008.

SEC 179

Fixed assets purchased which may be expensed in the year acquired is $108,000 for years beginning after December 31, 2004. This credit reverts to $25,000 for years beginning after December 31, 2009.

Social Security

Social Security recipients can earn $ in 2010 if under your full retirement age.

Highest NM
Individual IncomeTax Rates

2008	2009	2010

4.9%	4.9%	4.9%

NM Capital Gains Excluded from Tax

2008	2009	2010

50.0%	50.0%	50.0%

Where can I download tax forms?

Forms

Federal forms
New Mexico forms

Where is the New Mexico Society of Certified Public Accountants website?

NMCPA

http://www.nmcpa.org/default.htm

Where are your offices?

See map

We are on the East side of San Pedro, 2 blocks North of Paseo Del Norte in the Paseo Nuevo Office Complex in Albuquerque. From I-25, take the Paseo Del Norte exit and turn East on Paseo Del Norte to San Pedro, then turn North, go two blocks and turn East on Carmel; the entrance to the parking lot is on the right.

Phillippi, Wright & Co. LLC
Certified Public Accountants and Business Advisors
8220 San Pedro NE Suite 400
Albuquerque, New Mexico 87113
505-255-1040 Fax 255-1065 pwc@pwc-cpa.com