Muehlmeyer PC

There are several benefits to having an estate plan. It can protect your wealth while giving you peace of mind that your assets will be distributed according to your intentions. In addition, it can save taxes, minimize legal complications and family disputes, and reduce expenses for your heirs. Do you have young children? An estate plan is a must so you can name guardians for them in the event of your untimely death. If you’re ready to begin your estate planning journey, or if you’d like us to review your current plan, contact us at (505) 228-4726.

When something big happens in your life or business, one of the first thoughts you should have is how to optimize your tax strategy. Significant changes like these can open and close a door before the year ends:

1. If you started or bought a business, how it’s structured and how you pay yourself affect your tax bill.
2. If you made more money than normal, you might be able to soften the hit before it’s taxed.
3. The timing and treatment of a property purchase or sale can change what you owe.
4. If you changed how you pay yourself, you might see some differences in how much you owe.

If any of these sound like your year, it’s worth a conversation before the year’s over. Contact Muehlmeyer PC for information on how we approach tax planning in Albuquerque and turn big changes like these into chances to owe less.

Running a successful business requires more than keeping up with the day-to-day. It also requires taking time to evaluate your financial position, identify opportunities and plan for what’s ahead. Whether you need assistance with accounting, bookkeeping, tax planning or strategic business advice, we can help you gain clarity. Our team provides practical guidance tailored to your specific needs, so you can focus on running and growing your business. Contact us at (505) 228-4726 to learn more.

Did you request an extension to file your 2025 individual federal income tax return? If so, you have until Oct. 15, 2026, to file it. But if you have the tax-filing information you need, you may want to file now. There’s no advantage to waiting until the deadline. If you owe tax, the IRS offers short- and long-term payment plans, as well as installment agreements, to taxpayers who qualify. It’s important to act quickly if you owe because any amount that was due April 15 accrues interest until the balance is paid. Call us at (505) 228-4726 if you need help filing your extended return or have questions regarding your current tax situation.

Monthly financial statements are essential. But they often take weeks to prepare and may arrive after you’ve already made critical business decisions. Flash reports can help bridge that gap by providing real-time snapshots of critical metrics — such as cash balances, collections and payroll. These reports provide timely insight into financial performance, allowing you to identify emerging issues before they become major problems. Because flash reports are preliminary, you should use them as management tools, not formal financial statements. Call us at (505) 228-4726 to discuss how customized flash reports can help your business make faster, more informed financial decisions.

Business owners and self-employed individuals who use their vehicle for business may be able to deduct auto-related expenses. But if a vehicle (including a car, van, pickup or panel truck) is used both for business and personal purposes, the expenses must be split based on mileage. These rules apply to both owned and leased vehicles. There are two methods for calculating auto expenses: actual expenses and the standard mileage rate. Both require careful recordkeeping, though using the mileage rate is generally easier. Contact us at (505) 228-4726 to determine which method makes sense for your situation.

A question we hear all the time: “When should I start preparing my business’s taxes?” The answer is simple: Now!

By getting a head start on your taxes, you give yourself more time to review and prepare your documents, which helps avoid the typical tax season chaos. It also helps:

✅ Minimize errors
✅ Reduce the risk of audits
✅ Give you more time to research deductions and credits
✅ Eliminate the last-minute scramble

Doing your business’s taxes on your own is no easy feat, especially if you have employees, property, or multiple income streams. For assistance preparing for your deadlines, contact Muehlmeyer PC for seamless, stress-free tax preparation in Albuquerque today!

Effective job costing can help business owners make smarter pricing and budgeting decisions. By tracking the direct labor, materials and overhead tied to specific jobs or projects, you gain a clearer picture of profitability and operational efficiency. Without accurate data, it’s easy to underprice work, overlook cost overruns or misjudge your most profitable services. We can help you set up practical costing methods that improve financial insight and support better decision-making. Call us at (505) 228-4726 for more information.

Scholarship awards can provide significant financial relief to families of college-bound students. Most, but not all, of the awards are tax-free. To qualify for tax-free status, scholarships must meet three criteria: 1) The student must be a degree candidate at an eligible educational institution, 2) the award must be used to pay for tuition and fees, books, and certain supplies (not room and board or travel), and 3) the award can’t represent wages for teaching or research. Many graduate student awards have employment compensation components, so they may be taxable. Also, taxable scholarship money could potentially be subject to the “kiddie” tax. Contact us at (505) 228-4726 for more information.

Whether you’re a first-time homebuyer or a long-time homeowner, mortgage interest may save you taxes. If you itemize deductions rather than claim the standard deduction, interest you pay on mortgage debt to buy, build or substantially improve a primary or second home generally is deductible. Points paid related to your primary residence may also be deductible. Beginning in 2026, mortgage insurance premiums potentially can be deducted as mortgage interest. The $750,000 debt limit for most mortgage debt incurred after Dec. 15, 2017, is now permanent. Contact us at (505) 228-4726 to discuss your tax situation.