Don Brooks & Associates, Inc.

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Tax Tips Small Business

Starting Your Own Business?

Here are a few quick tips to help you reduce taxes

Open a separate business checking account. Many small business owners don't realize the complications that can arise from using their personal checking account to pay for business expenses. If business expenses are mixed in with personal expenses, the IRS may disallow them.

Small Business Quick Tip

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.

Contacts

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Name	Position	Phone
Don Brooks & Associates, Inc.		860-648-4002

Tuesday, 09 March 2010

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Tax Tips Personal

Money for College

Are scholarships taxable?

Many college students receive scholarships or fellowships to help pay for their education. If you are in college and received a scholarship or fellowship grant, there are a few key points to keep in mind. Qualified scholarships and fellowships are treated as tax-free and not included in taxable income if all of the following conditions are met:

Personal Quick Tip

Not only will you save money at the pump if you buy a hybrid vehicle, you may be eligible for a credit on your income tax return.