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

Q: I have always done my own tax return, but this year I want to have my return done professionally. What should I bring with me?

A: You will need to bring all the relevant tax documents that will be needed to complete your tax return. These could include, but may not be limited to:

* W-2's	* Childcare records
* 1099-B's	* Medical Expense records
* 1099-DIV's	* Mortgage/Closing documents
* 1099-G's	* Home Improvement documents
*1099-INT's	* Proof of Charitable Contributions
*1099-MISC's	* Receipts for Non-Reimbursed Business Expenses
*1099-R's	* Self-Employment Income/Expense records

You should also bring your previous two years tax returns so that the preparer can see how you have filed your returns in the past.

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Tax Tips Small Business

Thinking of Selling Your Corporation?

Carefully review your options before making a decision

When it come time to sell your corporation, you have two options. You can either sell the corporation stock or have the corporation sell the assets and distribute the proceeds. The tax implications of the two sales are very different. If you choose to sell the stock, you are the seller. The corporation is not affected by the transaction. The new owner steps into your shoes as the shareholder and takes over the existing corporation. If your share of the proceeds exceeds your basis in the stock, you'll have a capital gain to report on Schedule D.

Small Business Quick Tip

The Social Security wage base increases to $106,800 in 2009 and 2010. This means that you are no longer required to withhold social security tax for employees after meeting this threshold. However, you are required to withhold Medicare taxes regardless of the amount of wages paid.

Saturday, 19th May 2012

What is an Enrolled Agent and why should I care?

Click Here to find out

Tax Tips Personal

Take Advantage of Tax Savings in a Down Market

Know when you have a deductible loss

Just because the stock market lost money, doesn't mean you have a deductible loss. As long as you hold on to an investment, you only have a loss on paper. It's only when you actually sell the investment that you have a transaction to report on your tax return.

Fortunately, the tax law allows you to offset your capital gains by your capital losses. You can avoid or minimize taxable gain by selling two investments, one at a gain and the other at a loss.

Personal Quick Tip

In 2010, premiums that are paid or accrued for "qualified mortgage insurance" in connection with home acquisition debt on your residence are deductible as home mortgage interest.