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

Employers of Tipped Employees Allowed a Tax Credit

Are you getting the credit you deserve?

If you are an employer in the food and beverage industry, you may be entitled to a tax credit for the social security and Medicare taxes you pay on your employees' tip income. You must meet both of the following requirements to qualify for the credit:

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Small Business Quick Tip

Like Kind Exchange

If you are disposing of property used in your business, you may want to consider a like-kind exchange to defer the taxable gain on the sale.
Monday, 20th April 2015
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Tax Tips Personal

Refinancing Your Home Mortgage

What's deductible and what's not?

While there are benefits to refinancing your home mortgage, most refinancing costs are not deductible on your tax return. There is one exception, however. The amount you pay for points, or prepaid interest, may be amortized over the life of your new loan. Although this might not amount to much when you spread it out over 15, 20, or 30 years, don't file away your closing papers quite yet.

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Personal Quick Tip

Mutual Fund Cost Basis

If you own mutual funds, it is important to keep track of your reinvested dividends. These dividends increase your cost basis resulting in a lower capital gain when you sell the fund.