The Santa Fe New Mexican from Santa Fe, New Mexico • Page D005

Associates, owner of Santa Fe Place since last November, acknowledged that the mall needed a major renovation. In an interview last week, he called the shopping center a that needed extreme with new flooring, paint and lighting throughout. Of the five owners since Santa Fe Place opened in 1985, previous owners never had the money to put into the he said. meant the mall has not been renovated. Greenfield expects to keep Santa Fe four anchors JC Penney, and Sears and add other, smaller tenants throughout the facility.

Santa Fe Place marketing manager Katy Fitzgerald said the mall systematically improving security, cleanliness, tenant mix, food court, theaters and overall Santa Fe Place will remain open during the remodeling, which is set to start in April and finish before the end of the year. While Santa Fe Place is about to undergo its first renovation under its fifth owner, DeVargas Center has a different history. The north- side shopping center changed hands just once, in 1987, when Weingarten Realty, a Houston company, bought the mall from founder Nash Hancock. At that time, the mall appeared to be on its last legs occupancy was only 67 percent, and there was only one anchor left, Montgomery Ward. Weingarten poured $1 million into DeVargas Center, renovating and landscaping the interior of the mall, replacing signs, adding lighting in the parking lot and making other improvements.

It was also at that time that DeVargas Center expanded its movie theater from two screens to six screens. Within a year, the fortune turned around, and the center was 90 percent occupied Even with that improvement, leasing agent Dennis Liddy said at the time that he think DeVargas, at about 300,000 square feet, could expect to compete with Villa Linda Mall, which was twice as large. Liddy called DeVargas Center a a slice of middle America where about half of the store that opened with the mall in 1973 were still in business 15 years later. DeVargas Center was remodeled again in 2002 after the new Albertsons, which is adjacent to DeVargas Center but not actually part of it, opened on the north side of the mall. The old Galeria was renovated, and a breezeway was added between the north end of the mall and Albertsons become more of a destination Gomez said.

come here, and they shop and they buy. doing really DeVargas Center does have vacancies, the largest of which was occupied by the old Albertsons. The old lease has yet to expire on the building, and Albertsons is still paying the rent on it, said DeVargas Center general manager Jesse Gomez. Jeff Branch, a Santa Fe developer and real-estate agent, said he has been talk- ing to a tenant about the old Albertsons space and may be able to announce the name in a week or two. would really help DeVargas Center and bring a lot of traffic to the north side of Branch said.

Overall, DeVargas Center is more than 90 percent occupied with three new tenants on the way. They are Santa Fe Giclee Fine Art, an art gallery; Tan 02 Review, which offers UV tanning and aroma- therapy oxygen, among other services; and Blooming, a florist. The flower shop is owned by Denise Trujillo, the daughter of Christine Trujillo, owner of Bridal and Formal Wear. Denise Trujillo said she looked around town for a location before finally choosing a site at DeVargas Center that formerly housed a candy store called Chocolate Enchantment. The floral shop happens to be right across the corridor from business, but not the reason Denise Trujillo chose DeVargas.

are more serious shoppers she said. come here for a reason. just a lot different Santa Fe Place. Denise Trujillo is also impressed by the stability of the stores that locate at DeVargas Center. that open here stay she said.

Blooming, which will be open seven days a week, is expected to open April 1. Denice Sherwin, owner of Tan 02, said the north-side location of DeVargas Center preferable for what we want to In addition, shop in that mall, and I live on that side of She expects to open her new business around the middle of April. Continued From Page D-1 DEVARGAS Sunday, March 27, 2005 THE NEW MEXICAN D-5 Raul The New Mexican Jean Neblett, a part-time Santa Fe resident from San Francisco, browses through beeswax candles at Santa Fe Beeswax Candle Co. in the DeVargas Center. The owner of the store, Chris Hassell (not pictured), says he considers the mall a place featuring mainly locally owned businesses, which he sees as a plus.

By JUNE WALKER For the New Mexican Your sister has a spring wedding planned, and the maid-of-honor. April 15 is just around the corner, but no time to think taxes right now. Or When you and your girlfriend broke up last week, you left your tax records at her house. prefer to let the storm pass before you stop by to pick up your things. Or The project been working on has taken so long that you found time even to look at your mail much less get your tax records together.

Will any of these reasons for filing late pass muster with the Internal Revenue Service? An unnecessary question, because you need a reason to file your return as late as Aug. 15. And a simple reason will give you until Oct. 15 to file. And something most self- employeds know: It may be in your best interest to file your tax return after the April 15 deadline.

Benefits of filing late Ignore the old tale that filing an extension triggers IRS computer screens to flash this That is not so. An extension gives you more time to collect and review your material. And, even if you have your return completed by the end of March, better for you to hold that return for a little marination. why: Most taxpayers think there is only one way to prepare a tax return. Tax pros know that income and deductions can be treated in a variety of ways.

If your tax pre- parer understands the self- employed life, she is equipped to make choices to your tax advantage. And many of her choices for 2004 may depend upon your income and expenses in 2005. The later into 2005, the more know about 2005. For instance, a substantially higher income in 2005 than in 2004 may warrant a fuller deduction in 2005 for equipment purchased in 2004. Or, with a high 2004 income, you may want to make a hefty contribution to your self- employed pension.

If you have the money right now to put into that pension, an extension gives you until October 2005 to come up with your 2004 pension contribution. File an extension. Then take your time and talk with your tax professional about creating a favorable tax scenario by looking at both last year and this year. How does an extension work? Tax returns are due April 15. An extension gives you more time to file your return but does not give more time to pay your taxes.

Your taxes for 2004 are due by April 15, 2005. There are two extensions offered from the IRS. An automatic extension gives you until Aug. 15 to file. And what I call the extension gives you until Oct.

15. Automatic Extension Form 4868 must be filed by April 15. You can file online, by phone, or by mail. You will receive no confirmation of receipt from the IRS. You must file your return by Aug.

15. To complete the extension, estimate your total tax liability for 2004 using tax returns of previous years as a guide. For instance, if you made 25 percent more in 2004 than in 2003, pay at least 25 percent more in taxes. If you made less, pay less. best to overestimate the tax owe.

Pay the balance due or as much of it as you can. If you pay the balance due when filing your extension or if you underestimate your tax liability you will be charged penalty and interest on the amount owed. Always file an extension, even if you cannot pay the full balance due. And, come return filing time, if you still have the money, file your return late. File on time and you can pay your tax later.

If you file your return late, in addition to any late payment penalties and interest, you could also be hit with a late-filing penalty. Some anxious people rush to pay their income tax by taking cash advances on credit cards. a foolish move. Master- Card and Visa finance charges are higher than Uncle Super Extension Form 2688 must be filed by Aug. 15 and gives you until Oct.

15 to file your return. For this super extension, you need to give a reason for requesting more time. accountant is too is not an acceptable reason. commitments prevented timely is a good reason. is a distressing but acceptable reason.

The IRS will send you a notice that your application for more filing time has been approved. Either extension form can be downloaded from www.irs.gov. New Mexico accepts an approved federal extension and so you need not file New Mexico Form RPD-41096: Extension of Time to File. June Walker, a Santa Fe resident, is the author of Self-employed Tax Solutions (Globe Pequot Press). To learn more and to receive a list of examples of typical and unusual self-employed business expenses visit www.

junewalkeronline.com. Tax extension can be a boon to the self-employed.