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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

Reimbursing Your Employees for Business Expenses

What method should you choose?

Attracting and keeping good employees is a goal in any business. One way to make life easier for your employees is to have an easy to use reimbursement plan. Travel, transportation, moving, and educational expenses are common reimbursable expenses. As the employer, you have the option to set up an accountable or nonaccountable reimbursement plan. Under either plan, you can deduct many of the business expenses paid to or for employees. However, the plan you choose can make a big difference to your employees.

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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 2014. In lieu of using actual expenses for meals and incidental expenses, you can deduct the federal rate of $59 per day.
Friday, 29th May 2015
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Tax Tips Personal

Tax Break for Reservists Called to Active Duty

Penalty-free withdrawals from retirement plans

If you are a reservist or national guardsman who was ordered or called to active duty for a period in excess of 179 days, you may withdraw money from your qualified retirement plan or IRA without incurring the 10% premature distribution penalty.

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Personal Quick Tip

Tuition Deduction

If you paid qualifying tuition and related expenses in 2013, you may be able to deduct up to $4,000 of the costs or qualify for a tax credit.