Income Tax Preparation, Accounting and Payroll service by Don Brooks & Associates - Don Brooks Associates, Inc.

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Connecticut DRS to Issue Tax Refunds as Debit Cards

The Connecticut Department of Revenue Services announced on January 30, 2012 the distribution of refund debit cards for most income taxpayers who do not choose direct deposit.

Connecticut Sales Tax Increase

New Tax Rates

The following tax rates are in effect as of July 1, 2011:

Payroll 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.

Important 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:

New 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

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 50 cents per business mile (55.5 cents starting July 1, 2011) 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.

Small Business Quick Tip

The optional standard mileage rate for the business use of an automobile is 55.5 cents per mile in 2012.

Saturday, 19th May 2012

What is an Enrolled Agent and why should I care?

Click Here to find out

Tax Tips Personal

Converting a Traditional IRA to a Roth?

You may want to wait

At some point, taxpayers who have a traditional IRA may wish to convert it to a Roth. Roth IRAs are more flexible in that there are no required minimum distributions when the owner reaches age 70 1/2. In addition, qualified distributions from a Roth IRA are not taxable.

Personal Quick Tip

Along with the lazy, hazy days of summer come some extra expenses, including summer day camp. But, the IRS has some good news for parents: those added expenses may help you qualify for a tax credit.

Many parents who work or are looking for work must arrange for care of their children under 13 years of age during the school vacation. The Child and Dependent Care Credit is available for expenses incurred during the summer and throughout the rest of the year.