Income Tax Preparation, Accounting and Payroll service by Don Brooks & Associates - Don Brooks Associates, Inc.
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Connecticut DRS to Issue Tax Refunds as Debit Cards
The Connecticut Department of Revenue Services announced on January 30, 2012 the distribution of refund debit cards for most income taxpayers who do not choose direct deposit.
Read more: Connecticut DRS to Issue Tax Refunds as Debit CardsConnecticut Sales Tax Increase
New Tax Rates
The following tax rates are in effect as of July 1, 2011:
Read more: Connecticut Sales Tax IncreasePayroll Tax Cut to Boost Take-Home for Most Workers
WASHINGTON - The Internal Revenue Service has released instructions to help employers implement the 2011 cut in payroll taxes.
Read more: Payroll Tax Cut to Boost Take-Home for Most WorkersImportant Withholding Tax Information for Employers
Recently enacted legislation makes significant changes to Section 12-700(a) of the General Statutes retroactive to January 1, 2011. Employers and taxpayers need to perform catch-up withholding for the current tax year. The following is a brief overview of the changes which may affect your employees:
Read more: Important Withholding Tax Information for EmployersNew Legislation Concerning Business and Payroll
Legislation signed into law earlier this year makes two new credits available to employers.
IRS New Registration, Testing and Continuing Education Requirements for Tax Return Preparers
[UPDATE] New regulations require all paid tax return preparers (including attorneys, CPAs, and enrolled agents) to apply for a Preparer Tax Identification Number (PTIN). There are continuing education requirements and IRS will monitor the activities of all tax return preparers with PTIN's. Read more: IRS New Registration, Testing and Continuing Education Requirements for Tax Return Preparers
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Tax Tips Small Business
Clothing for Your Job is Not Always Deductible
Understanding the rulesMany 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 employee business deduction. Read more...
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. |
Tax Tips Personal
Let the Sun Shine
Certain solar-powered improvements are eligible for a tax creditYou are allowed a credit for 30 percent of certain expenditures that increase the energy efficiency of your personal residence. Costs eligible for the credit include qualified solar electric property expenditures, qualified solar water heating property expenditures, and qualified fuel cell property expenditures. The credit is available for residential energy-efficient property placed in service in 2006, 2007, and 2008. There is no requirement that property be new to qualify. Read more...
Personal Quick Tip
Beginning January 1, 2011, the standard mileage rates for the use of a car (including vans, pickups, or panel trucks) are:
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