Don Brooks & Associates, Inc.

152 Deming Street

Post Office Box 605

South Windsor, CT 06074

Phone: 860-648-4002

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To better serve our customers We've Moved!!!

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Tax Tips Small Business

  • Automobile Expenses

    Which is better - deducting the standard mileage rate or actual expenses?

    With the fluctuating cost of gas, it might be a good idea to revisit which tax deduction is the most beneficial - claiming 54.5 cents per mile (2018) or your actual vehicle expenses. Claiming the standard mileage rate is easier. All you have to do is keep track of your business miles and multiply them by the current rate. In addition to the standard mileage rate, you may also deduct the costs for parking and tolls. Plus, if you are self-employed, you can deduct the interest paid on your car loan.

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Small Business Quick Tip

  • Self Employed Health Insurance

    If you are a self-employed taxpayer, you may deduct 100 percent of your health insurance premiums from your income. The deduction for health insurance premiums does not reduce your self-employment tax, however.
Saturday, 25th May 2019
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Tax Tips Personal

  • Giving to Charity

    New rules require diligent recordkeeping
    Keeping the receipts from your charitable contributions just became more of a priority. Starting January 2007, you will not be allowed to deduct charitable contributions of any amount unless you have the proof. What does this mean for you? Starting in 2007,

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Personal Quick Tip

  • IRA Contribution Deadline

    If by year-end you haven't contributed funds to your 2016 IRA, or if you've put in less than the maximum allowed, don't worry. You can contribute to either a traditional or Roth IRA until the April due date for filing your tax return for 2016 not including extensions. You can contribute up to $5,500 to your IRA each year. If you are age 50 or older, you are allowed to contribute an additional $1,000.