Income Tax Preparation, Accounting and Payroll service by Don Brooks & Associates - Don Brooks Associates, Inc.

Direct Deposit of Your Tax Refund

More options are available to you

The IRS is now allowing taxpayers who are due a tax refund the option of having that refund split up and deposited in up to three different bank accounts. This can include a retirement savings account such as an IRA. This option is available to you whether you file a paper return or electronically file your return. However, if you file your tax return electronically and opt for direct deposit, you can receive your refund in two weeks or less.

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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.

Small Business Quick Tip

Employer-provided education assistance benefits of $5,250 provided under a written plan are excludable from wages. The education doesn't need to be job-related to qualify.

Saturday, 19th May 2012

What is an Enrolled Agent and why should I care?

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Tax Tips Personal

Charitable Remainder Trusts

Reduce your estate by gifting property

There are many ways to contribute to a charitable organization. You can write a check, donate property, or give of your time. If you're planning for retirement, you might want to consider making a gift of a future interest in your property by establishing a charitable remainder unitrust or annuity trust. These trusts allow you to contribute the property and retain an income stream.

Personal Quick Tip

Contributions to your IRA must be made by the due date of your tax return. Generally this is April 15. Extending the due date of your tax return does not extend the due date of your IRA contribution.