Brooks Accounting & Tax Service Inc

Brooks Accounting & Tax Service Inc Our services include Accounting, Business Formation, Payroll and Payroll Tax Filing, QuickBooks Services, Tax Return Preparation, and Electronic Filing.

With all the tax changes, a year-end review is needed now! Here are some great ideas.
11/07/2025

With all the tax changes, a year-end review is needed now! Here are some great ideas.

Here are ideas that may reduce your tax bite for this year. But act soon as the year-end is fast approaching.

End the year strong with these last-minute tax tips, Social Security updates, 5 money terms you should know, and how you...
11/05/2025

End the year strong with these last-minute tax tips, Social Security updates, 5 money terms you should know, and how you can participate in the rise of the DIY economy. Smart moves start here.

As 2025 starts to wind down, now’s your chance to make some strategic moves that could pay off well into next year. In this month’s newsletter, we’re focusing on key actions that can sharpen your finances as we head into the final few months of the year. First up: a final tax plann...

$8,400 more of your income is subject to Social Security taxes in 2026. Here are the details.
10/31/2025

$8,400 more of your income is subject to Social Security taxes in 2026. Here are the details.

2026 Cost-of-Living Adjustment (COLA) changes are here. This is what you need to know.

You may give up to $19,000 to any individual (donee) in 2025 and avoid any gift tax filing requirements. If married, you...
10/24/2025

You may give up to $19,000 to any individual (donee) in 2025 and avoid any gift tax filing requirements. If married, you and your spouse may transfer up to $38,000 per donee.

Wish to transfer some of your assets to your children or grandchildren tax-free? Understanding the annual gift limits is a good place to start.

New tax deduction limit could present a planning opportunity.
10/17/2025

New tax deduction limit could present a planning opportunity.

With recent law changes, itemizing your deductions may now make sense once again.

Fair market value is often one of the IRS's go-to items when auditing you. Here is what you need to know.
10/10/2025

Fair market value is often one of the IRS's go-to items when auditing you. Here is what you need to know.

Determining the value of items on your tax return is always open to interpretation. You do not want that to happen to you during an audit, as it can lead to additional taxes and penalties. Here are some tips to help defend your Fair Market Value (FMV) determinations.

Get tip income or know someone who does? Read this NOW!
10/03/2025

Get tip income or know someone who does? Read this NOW!

Now is the time to review the preliminary list of approved tax-free tip occupations. If your job is not included, you must register your suggestion in the next few weeks.

Tax laws can change - fast. What saved you money last year might cost you now. This month's issue breaks down smart tax ...
10/01/2025

Tax laws can change - fast. What saved you money last year might cost you now. This month's issue breaks down smart tax moves to help you stay ahead and keep more of your income.

Tax rules aren’t set in stone...what worked last year might not work this year. If you're not keeping your tax strategy up-to-date, you could be inviting a bigger bill from the IRS. In this month’s issue, we’re breaking down practical tax tips to help you stay ahead and keep more o...

When in doubt, ask for tax help. Here is when you should do this.
09/26/2025

When in doubt, ask for tax help. Here is when you should do this.

All too often taxpayers take action that will cost them dearly when they file their tax return. With a little planning, however, the IRS can still receive its fair share but not a dollar more. Here's what you need to know.

Sometimes there is interest income even when you don't think there is.
09/19/2025

Sometimes there is interest income even when you don't think there is.

The IRS often sees the transfer of funds as a loan, whether there is a loan agreement or not. This also means there is an implied term and interest payment. When the IRS says a transaction is a loan, what interest rate do they use? Enter AFRs. Here is what you need to know.

Here's how to make sense out of the America Opportunity Credit vs the Lifetime Learning Credit and the Student loan inte...
09/12/2025

Here's how to make sense out of the America Opportunity Credit vs the Lifetime Learning Credit and the Student loan interest deduction.

The cost of a higher education is going through the roof. To make matters more complicated the tax code has numerous provisions to help offset educational expenses. But there are so many...here are some ideas to help you get the biggest tax break.

Reminder: 3Q estimated taxes are due Monday, September 15. Here are some things to consider.
09/05/2025

Reminder: 3Q estimated taxes are due Monday, September 15. Here are some things to consider.

If you have not already done so, please plan to make your third quarter estimated tax payment. The due date is Monday, September 15th.

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2165 Washington Road
Washington, IL
61571

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Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

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+13094311040

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