Income Tax Preparation, Accounting and Payroll service by Don Brooks & Associates - Don Brooks Associates, Inc.
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Life Insurance & Annuities
We offer several types of Life Insurance products and Annuities.
We have a Connecticut Life Insurance licensed staff member who can assist you with any Life Insurance needs you might have. In addition, we can also offer you annuity products to assist you in attaining your future goals.
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Tax Tips Small Business
Employee Meals: When Does the 50-Percent Limit Apply?
Don't reduce your deduction if you aren't required to
In most cases, an employer is only allowed to deduct one-half of the expense that is paid to employees for meals. However, in some instances, the full amount is allowed.
Small Business Quick Tip
| The optional standard mileage rate for the business use of an automobile is 55.5 cents per mile in 2012. |
Saturday, 19th May 2012
Tax Tips Personal
Refinancing Your Home Mortgage
What's deductible and what's not?
While there are benefits to refinancing your home mortgage, most refinancing costs are not deductible on your tax return. There is one exception, however. The amount you pay for points, or prepaid interest, may be amortized over the life of your new loan. Although this might not amount to much when you spread it out over 15, 20, or 30 years, don't file away your closing papers quite yet.
Read more...Personal Quick Tip
| You can actively participate in your employer's qualified plan and may still be able to contribute to a Roth IRA. A deduction for contributions to a traditional IRA may be limited or nondeductible if you are a participant in a qualified retirement plan. |