What's new with the Las Cruces Hispanic Chamber of Commerce? Membership is growing. The number of Los Amigos Ambassadors has increased. As a whole, we continue to enhance our programs and services and establish new collaborations within the community.

New community leaders are helping move the chamber's mission forward. Wendy Zuñiga and Rick Supple have been added to our board of directors.
Wendy Zuñiga is a member of the Beasley, Mitchell & Co. team providing day-to-day staff support services including administrative support, IT, marketing, and Spanish-speaking services. Zuñiga has been an Amigo since 2013 where she serves on the executive committee and is a member of the board of directors for Las Cruces Young Professionals organization with the Greater Las Cruces Chamber of Commerce. Ms. Zuñiga has a passion for helping others and shares her time and talents with several charitable organizations within the community.

Rick Supple is branch manager and assistant vice president of Washington Federal at the Telshor and Missouri branch. He graduated from the University of Arizona with degrees in finance and marketing. Supple has 10 years of mortgage lending experience and has been a Las Cruces resident for five years. He is past president of the Southern New Mexico Mortgage Lender's Association.

The chamber is excited to have both of these individuals as part of the Las Cruces Hispanic Chamber family. Their wealth of knowledge and experience are a tremendous asset as we look to grow our chamber.

Due to various restrictions and conditions regarding these tax benefits, it is important to consult with your tax advisor.

--Las Cruces Sun-News
By Eldelisa Nava

Las Cruces Hispanic Chamber of Commerce

There are many financial reasons that make home ownership a good investment but are you aware there are also many tax benefits associated with home ownership? That's right, there are tax write-offs associated with purchasing, improving and selling your principal residence. These tax breaks apply whether your home is a single-family residence, condominium, townhome, mobile home, or similar property. Let's look at a few of the opportunities to slash your income tax bill.

When purchasing your principal residence you get an immediate income tax write-off for the "points" or loan origination fee related to your home's mortgage loan. Additionally you can write-off the mortgage interest portion of your monthly loan payments as long as the loan is related to the purchase or improvement of your home (limited to $1,000,000 of debt for couples filing a joint return, or $500,000 for single filers). Homeowners can deduct the interest from a home equity loan (loans up to $100,000 for married couples) and the loan proceeds are not required to be spent on your home which means you have the opportunity to use that money for other reasons including paying off credit cards or student loans.

Are you considering installing energy efficient property in your home? There's are credits for that! Certain residential energy property is eligible for a 30% federal tax credit plus a 10% NM state tax credit for the cost of certain energy efficient property installed in your home, eligible equipment includes solar electric power, solar hot water heaters, geothermal heat pumps and wind turbines. There is no dollar limit on the federal credit, while the New Mexico credit is capped at $9,000, and if your credit is more than the income tax you owe, you can carry forward the unused portion of the credit to next year's income tax return.

Certain energy property is eligible for a 10% federal tax credit when installing energy efficient windows & skylights, exterior doors, heat pumps & central air conditioners, water heaters, and other property (dollar limitations apply depending on the type of property installed).

Are you ready to sell your home but concerned about the capital gains tax? Good news, if you've owned and occupied your primary residence for at least 2 of the last 5 years before the sale, married folks can avoid income tax on capital gains of up to $500,000 ($250,000 for single folks).

To illustrate the tax benefit associated with deducting the mortgage interest on your personal residence a mortgage payment of $1,200 per month would result in $9,970 of deductible interest payments the first year assuming a 4% rate. For a New Mexico taxpayer in the 25% federal tax bracket the tax the savings is over $2,980. However, if you are paying $1,200 in rent, you are missing out on that mortgage deduction. Pay off your mortgage, not your landlord's!

Due to various restrictions and conditions regarding these tax benefits, it is important to consult with your tax advisor.

--By Christine Esquibel Wright CPA, Partner and Rebecca Dieser, Staff Accountant
Beasley, Mitchell & Co., LLP

Last month fifteen of the state's young, bright CPAs traveled to the Bishop's Lodge Resort in Santa Fe for an intense leadership training program. These individuals journeyed through the "Insights to Action" strategic thinking system that focuses on the process and quality of thought. Panel members including Mandy Funchess, 2013-14 Society Chair, Carl Alongi, currently a consultant with REDW and retired partner of Pulakos CPAs, Brad Beasley, immediate past Society Chair, and John Carey, Society President, gave personal insight on their own leadership journeys and regarding what it takes to be an effective leader.

NMSCPA Leadership Academy

Pictured from left to right are Daniel Farley (REDW), Chris Simons (Harvey & Simons CPAs LLC), Ashley Jones (Broderick, Phillippi, Wright & Card), Kevin Todd (Schlenker & Cantwell, P.A.), Shelby Moss (Gannaway & Associates, LLC), Megan Heiser (TaosCPA, LLC), Tyler Zundel (Moss Adams LLP), Christopher Salcido (Beasley, Mitchell & Co.), Andrea Brewer (Atkinson & Co., Ltd), Michelle Martinez (Ricci & Co., LLC), Tabatha Coffey (Johnson, Miller & Co, CPAs, PC), Jere VanderGiesen (Pueblo of Laguna Development Corp.), Rochelle Alcon (REDW), Matthew Pacheco (Burt & Company CPAs, LLC) and Jessica Bundy (REDW).

In addition to classroom-style learning and group activities, the attendees took a tour of the state capitol building and met with the Society's lobbyists and heard from a representative of the Legislative Finance Council, and Charles Sallee, Deputy Director of the Legislative Finance Committee (LFC). Mr. Sallee explained the duties and operations of the LFC, which includes preparing and analyzing bills impacting the budget and taxation legislation.
The graduates of the inaugural NMSCPA Leadership Academy are now positioned better than before to continue leading within their organizations, the Society and the profession.

Please help us congratulate Jeanette Wisner – who is now a Certified Fraud Examiner (CFE). Jeanette just completed an intensive CFE exam review course and successfully passed all parts of the exam which covered the four primary areas of fraud examination:

  • Financial Transactions and Fraud Schemes,
  • Law,
  • Investigation,
  • Fraud Prevention and Deterrence.

The CFE credential indicates expertise in all areas of fraud prevention and detection. Being a CFE enhances Jeanette’s years of experience as an auditor and her consulting experience in the area of Internal Controls.

Jeanette is a member of the Association of Certified Fraud Examiners (ACFE) which is the leading anti-fraud association in the world, with over 65,000 members.

Congratulations Jeanette!

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