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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

Clothing for Your Job is Not Always Deductible

Understanding the rules

Many taxpayers are required to maintain a certain personal appearance or wear special clothing for work. However, not all your purchases for work-related attire or personal grooming reap a tax deduction. If you are required to wear a uniform or other special clothing that has the name of your employer or some other logo on it, that cost is deductible as a miscellaneous itemized deduction.

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Small Business Quick Tip

SS Wage Base

The Social Security wage base increases to $113,700 in 2013. 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.
Monday, 20th October 2014
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Tax Tips Personal

Is an Inheritance Taxable?

In most cases, an inheritance is not taxable to you, but there are exceptions

At some point, you may inherit money or property that, in most cases, is not taxable to you. Life insurance proceeds are included in the deceased person's estate, but are not taxable to the beneficiaries. Bank accounts and other income-producing assets such as stocks are not taxable to you when received, but the income these assets generate is taxable to you.

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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.