Don Brooks & Associates - Quality income tax preparation service by Don Brooks Associates, Inc.

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Visit often as additional news and helpful information will be continually added in an effort to serve you better.

Announcements

Welcome to Our Client Portal

Starting October 1st, 2012, our clients can now log into to our secure client portal.

IRS To Be Closed May 24, Four Other Days Due to Budget and Sequester; Filing and Payment Deadlines Unchanged

WASHINGTON — The Internal Revenue Service announced today additional details about the closures planned for May 24, June 14, July 5, July 22 and Aug. 30, 2013.

Due to the current budget situation, including the sequester, all IRS operations will be closed on those days. This means that all IRS offices, including all toll-free hotlines, the Taxpayer Advocate Service and the agency’s nearly 400 taxpayer assistance centers nationwide, will be closed on those days. IRS employees will be furloughed without pay. No tax returns will be processed and no compliance-related activities will take place.

The IRS noted that taxpayers should continue to file their returns and pay any taxes due as usual.

News

Need Help Organizing Your Records?

Few things are as daunting a shoe box full of receipts when tax time comes along. The thought of making sense of this mess can be frustrating. However, it doesn’t have to be like this. Preparers can work with their clients to find a solution to manage expenses better. Below are a few options that can help you get your shoe box tax payers organized.

1) Filing System – Help your client identify receipt categories and label a file folder for each one. Have your client store the file folders in a portable file box, stored in a location that is easily accessed.

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.

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Tax Tips Small Business

Deducting the Business Use of Your Home

Don't overlook your home office

If you use a portion of your home for business, you may be able to take a home office deduction whether you are self-employed or an employee. Expenses that you may be able to deduct for business use of the home may include the business portion of real estate taxes, mortgage interest, rent, utilities, insurance, depreciation, painting, and repairs. Read more...

Small Business Quick Tip

SS Wage Base

The Social Security wage base increases to $106,800 in 2009 and 2010. This means that you are no longer required to withhold social security tax for employees after meeting this threshold. However, you are required to withhold Medicare taxes regardless of the amount of wages paid.

Wednesday, 22nd May 2013

What is an Enrolled Agent and why should I care?

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Tax Tips Personal

HSA Funding Options

For a limited time only, there are more options

Health Savings Accounts (HSAs) are a great tax vehicle for making the most of your medical expenses. However, it's not always easy to come up with the money to fund an HSA. Well, now there are more options available to HSA owners. At any time before 2012, you can make a one-time only tax-free rollover from an IRA to an HSA. This rollover amount may not be more than your HSA maximum contribution for your type of coverage, whether individual or family.

Personal Quick Tip

Sales Tax Deduction

The optional sales tax deduction has been extended for the 2010 tax year. This means you can elect to deduct your state sales tax in lieu of your state income tax when you itemize deductions.