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
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Tax Tips Small Business
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Turning Interest Payments Into Tax Deductions
Make interest payments work for you, not against you
You can deduct business-related interest on your business return if you used the borrowed funds to purchase business supplies, equipment, services, etc. Co-mingling business and personal expenses makes it difficult to determine what amount of the interest is business versus personal. If this happens, the IRS may consider the entire amount as nondeductible personal interest and disallow the deduction. Therefore, keep all business purchases made with loans and credit cards clearly separate from your personal expenses. Use a separate credit card for your business to make it easier.
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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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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.