Services
If you're looking for excellent service and a people-friendly approach, then you've come to the right place. At Don Brooks & Associates Inc, our ultimate goal is to serve you and make your experience a pleasant one, and our team will stop at nothing to ensure that you come away more than satisfied.
Financial Statements
Monthly, quarterly and year-end Balance Sheets and Profit & Loss Statements are prepared accurately and timely for a broad range of small business clients.
Payroll Services
Life Insurance & Annuities
We offer several types of Life Insurance products and Annuities.
Individual Tax Returns
Tax returns and filing instructions have been prepared for 1000's of individual clients each year.
Business Tax Returns
A variety of small business tax returns are prepared each year.
Tax Planning
Main Menu
Tax Tips Small Business
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Automobile Expenses
Which is better - deducting the standard mileage rate or actual expenses?
With the increasing cost of gas, it might be a good idea to revisit which tax deduction is the most beneficial - claiming 54 cents per mile 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
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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
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Take Advantage of Tax Savings in a Down Market
Know when you have a deductible loss
Just because the stock market lost money, doesn't mean you have a deductible loss. As long as you hold on to an investment, you only have a loss on paper. It's only when you actually sell the investment that you have a transaction to report on your tax return.
Fortunately, the tax law allows you to offset your capital gains by your capital losses. You can avoid or minimize taxable gain by selling two investments, one at a gain and the other at a loss.
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Personal Quick Tip
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IRA Contribution Deadline 2
Contributions to your IRA must be made by the due date of your tax return. Generally this is April 15. Extending the due date of your tax return does not extend the due date of your IRA contribution.