Income Tax Preparation, Accounting and Payroll service by Don Brooks & Associates - Don Brooks Associates, Inc.
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Connecticut Sales Tax Increase
New Tax Rates
The following tax rates are in effect as of July 1, 2011:
Read more: Connecticut Sales Tax IncreasePayroll Tax Cut to Boost Take-Home for Most Workers
WASHINGTON - The Internal Revenue Service has released instructions to help employers implement the 2011 cut in payroll taxes.
Read more: Payroll Tax Cut to Boost Take-Home for Most WorkersImportant Withholding Tax Information for Employers
Recently enacted legislation makes significant changes to Section 12-700(a) of the General Statutes retroactive to January 1, 2011. Employers and taxpayers need to perform catch-up withholding for the current tax year. The following is a brief overview of the changes which may affect your employees:
Read more: Important Withholding Tax Information for EmployersNew Legislation Concerning Business and Payroll
Legislation signed into law earlier this year makes two new credits available to employers.
IRS New Registration, Testing and Continuing Education Requirements for Tax Return Preparers
[UPDATE] New regulations require all paid tax return preparers (including attorneys, CPAs, and enrolled agents) to apply for a Preparer Tax Identification Number (PTIN). There are continuing education requirements and IRS will monitor the activities of all tax return preparers with PTIN's. Read more: IRS New Registration, Testing and Continuing Education Requirements for Tax Return Preparers
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Tax Tips Small Business
Determining Qualified Business Expenses
Be sure to deduct every legitimate expense
Amounts you spend in the course of conducting business are generally deductible from the gross income of that business. This includes any start-up expenses. You can claim amounts spent for items ordinary and necessary in your trade or business as a deduction against your income. Otherwise, the amounts are amortized, depreciated, or expensed depending on the nature of the purchases.
Read more...Small Business Quick Tip
| Employer-provided education assistance benefits of $5,250 provided under a written plan are excludable from wages. The education doesn't need to be job-related to qualify. |
Tax Tips Personal
Did You Move This Year?
Your moving expenses may be deductibleIf you moved this year because of a change in your job location or because you started a new job, you may be able to deduct the reasonable expenses of moving household goods and personal effects to your new home. The expenses of traveling to the new home including lodging expenses, are also deductible. Meals, however, are not. Read more...
Personal Quick Tip
| If you paid qualifying tuition and related expenses in 2011, you may be able to deduct up to $4,000 of the costs or qualify for a tax credit. |