Contact Us

Don Brooks & Associates, Inc.

481 Buckland Rd

Post Office Box 605

South Windsor, CT 06074

Phone: 860-648-4002

Don-Brooks-Fax-Number

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Tax Tips Small Business

Bartering and trading? Each transaction is taxable to both parties

Sometimes, when the right opportunity presents itself, you may be able to pay for goods and services that you need or want by trading goods that you own, or providing a service that you can perform in return. An example of this is if you own a lawn maintenance company and receive legal services from an attorney and pay for those services by providing an agreed upon amount of mowing and maintenance services at the attorney's home or place of business.

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Small Business Quick Tip

Business Mileage Rate

Instead of deducting the actual expenses for the business use of your vehicle, opt for the standard mileage rate. In 2013, you can deduct 56 1/2 cents for each business mile you drive.
Wednesday, 27th August 2014
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Tax Tips Personal

Do You Have Debt Forgiveness?

You may not have to include it in income

When you are liable for a loan but can't repay it, some lenders will forgive the debt. What many borrowers don't realize is that this cancellation of debt results in taxable income in the year of forgiveness. The lender usually will issue a 1099-C to report the cancelled debt. If you receive one, don't ignore it. Be sure to give it to your tax preparer and discuss the circumstances surrounding the loan.

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Personal Quick Tip

Combat Pay

Military personnel may elect to treat combat pay that is excluded from gross income as earned income in determining both eligibility for the earned income tax credit and the amount of that credit.