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

  • Thinking of Selling Your Corporation?

    Carefully review your options before making a decision

    When it come time to sell your corporation, you have two options. You can either sell the corporation stock or have the corporation sell the assets and distribute the proceeds. The tax implications of the two sales are very different. If you choose to sell the stock, you are the seller. The corporation is not affected by the transaction. The new owner steps into your shoes as the shareholder and takes over the existing corporation. If your share of the proceeds exceeds your basis in the stock, you'll have a capital gain to report on Schedule D.

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Small Business Quick Tip

  • Like Kind Exchange

    If you are disposing of property used in your business, you may want to consider a like-kind exchange to defer the taxable gain on the sale.
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Tax Tips Personal

  • Refinancing Your Home Mortgage

    What's deductible and what's not?

    While there are benefits to refinancing your home mortgage, most refinancing costs are not deductible on your tax return. There is one exception, however. The amount you pay for points, or prepaid interest, may be amortized over the life of your new loan. Although this might not amount to much when you spread it out over 15, 20, or 30 years, don't file away your closing papers quite yet.

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Personal Quick Tip

  • Sales Tax Deduction

    The optional sales tax deduction has been extended for the 2016 tax year. This means you can elect to deduct your state sales tax in lieu of your state income tax when you itemize deductions.