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

  • Automobile Expenses

    Which is better - deducting the standard mileage rate or actual expenses?

    With the increasing cost of gas, it might be a good idea to revisit which tax deduction is the most beneficial - claiming 56 cents per mile or your actual vehicle expenses. Claiming the standard mileage rate is easier. All you have to do is keep track of your business miles and multiply them by the current rate. In addition to the standard mileage rate, you may also deduct the costs for parking and tolls. Plus, if you are self-employed, you can deduct the interest paid on your car loan.

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Small Business Quick Tip

  • Business Mileage Rate 2

    The optional standard mileage rate for the business use of an automobile is 56.5 cents per mile in 2013.
Tuesday, 24th May 2016
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Tax Tips Personal

  • Divorced?

    Know the rules before claiming a dependent

    If you are a divorced or separated parent, the rules for determining which one of you can claim the children as dependents is confusing at best. A few years ago, the IRS created rules that provided a uniform definition of a child for purposes of claiming certain tax benefits such as the head of household filing status, the child tax credit, the dependent care credit, arid the earned income tax credit.

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Personal Quick Tip

  • Sales Tax Deduction

    The optional sales tax deduction has been extended for the 2013 tax year. This means you can elect to deduct your state sales tax in lieu of your state income tax when you itemize deductions.