Don Brooks & Associates, Inc.

152 Deming Street

Post Office Box 605

South Windsor, CT 06074

Phone: 860-648-4002

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Tax Tips Small Business

  • Clothing for Your Job is Not Always Deductible

    Understanding the rules

    Many taxpayers are required to maintain a certain personal appearance or wear special clothing for work. However, not all your purchases for work-related attire or personal grooming reap a tax deduction. If you are required to wear a uniform or other special clothing that has the name of your employer or some other logo on it, that cost is deductible as a miscellaneous itemized deduction.

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Small Business Quick Tip

  • Personal Assets to a Business

    If you have contributed personal assets, such as a computer or vehicle to your business, the lower of the fair market value or your cost basis of these assets qualifies as a business deduction, subject to depreciation limitations, beginning with the date of conversion.
Thursday, 18th January 2018
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Tax Tips Personal

  • Saving for Your Retirement

    Certain taxpayers are eligible for a tax credit

    If your adjusted gross income is less than $50,000, you may be eligible for a nonrefundable credit against your income tax for elective contributions you make to §401 (k) plans,

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Personal Quick Tip

  • IRA for Children

    If your child has earned income from a summer job, you may want to consider opening an IRA for him or her. There is no minimum age for contributing to an IRA. The only requirement is that the person making the contribution has earned income and has not reached age 70 1/2.