Don Brooks & Associates - Quality income tax preparation service by Don Brooks Associates, Inc.

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Visit often as additional news and helpful information will be continually added in an effort to serve you better.

Announcements

Welcome to Our Client Portal

Starting October 1st, 2012, our clients can now log into to our secure client portal.

IRS To Be Closed May 24, Four Other Days Due to Budget and Sequester; Filing and Payment Deadlines Unchanged

WASHINGTON — The Internal Revenue Service announced today additional details about the closures planned for May 24, June 14, July 5, July 22 and Aug. 30, 2013.

Due to the current budget situation, including the sequester, all IRS operations will be closed on those days. This means that all IRS offices, including all toll-free hotlines, the Taxpayer Advocate Service and the agency’s nearly 400 taxpayer assistance centers nationwide, will be closed on those days. IRS employees will be furloughed without pay. No tax returns will be processed and no compliance-related activities will take place.

The IRS noted that taxpayers should continue to file their returns and pay any taxes due as usual.

News

Need Help Organizing Your Records?

Few things are as daunting a shoe box full of receipts when tax time comes along. The thought of making sense of this mess can be frustrating. However, it doesn’t have to be like this. Preparers can work with their clients to find a solution to manage expenses better. Below are a few options that can help you get your shoe box tax payers organized.

1) Filing System – Help your client identify receipt categories and label a file folder for each one. Have your client store the file folders in a portable file box, stored in a location that is easily accessed.

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.

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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

Business Mileage Rate

Instead of deducting the actual expenses for the business use of your vehicle, opt for the standard mileage rate. In 2011, you can deduct 51 cents for each business mile you drive (55.5 cents per mile starting July 1, 2011).

Wednesday, 22nd May 2013

What is an Enrolled Agent and why should I care?

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Tax Tips Personal

Converting a Traditional IRA to a Roth?

You may want to wait

At some point, taxpayers who have a traditional IRA may wish to convert it to a Roth. Roth IRAs are more flexible in that there are no required minimum distributions when the owner reaches age 70 1/2. In addition, qualified distributions from a Roth IRA are not taxable.

Personal Quick Tip

Adjusting Withholding

If your tax refund was too high or too low, adjust your withholding so it doesn't happen again next year. You can file a revised W-4 with your employer at any time to increase or decrease the number of exemptions you claim. The more exemptions you claim, the less tax your employer withholds from your wages, resulting in a smaller refund. Decreasing the number of exemptions results in more withholding and a larger refund.