Contact Us

Don Brooks & Associates, Inc.

481 Buckland Rd

Post Office Box 605

South Windsor, CT 06074

Phone: 860-648-4002

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Tax Tips Small Business

Electing to Expense the Cost of Your Business Assets

Section 179 deduction limits increase

The IRS allows taxpayers the option of either depreciating some assets over a specified number of years or deducting all or a portion of the cost in one year. The expense election, commonly referred to as the Section 179 deduction, is made in the year the asset is placed in service. The benefit is a large deduction in the current year that is not reduced even if the asset is placed in service late in the tax year.

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Small Business Quick Tip

DOT Hours of Service

Truck drivers and other employees who are subject to the Department of Transportation's "hours of service" rules are allowed to deduct 80 percent of their meals in 2013. In lieu of using actual expenses for meals and incidental expenses, you can deduct the federal rate of $59 per day.
Wednesday, 26th November 2014
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Tax Tips Personal

Charitable Remainder Trusts

Reduce your estate by gifting property

There are many ways to contribute to a charitable organization. You can write a check, donate property, or give of your time. If you're planning for retirement, you might want to consider making a gift of a future interest in your property by establishing a charitable remainder unitrust or annuity trust. These trusts allow you to contribute the property and retain an income stream.

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Personal Quick Tip

Adjusting Withholding

If your tax refund was too high or too low, adjust your withholding so it doesn't happen again next year. You can file a revised W-4 with your employer at any time to increase or decrease the number of exemptions you claim. The more exemptions you claim, the less tax your employer withholds from your wages, resulting in a smaller refund. Decreasing the number of exemptions results in more withholding and a larger refund.