We specialize in bookkeeping, payroll, income tax return preparation, and retirement planning, and serve a nationwide clientele consisting of individuals and businesses of all types and sizes (LLC, partnerships, C & S Corporations), as well as trusts and estates. As financial problem solvers, we provide practical advice and proactive solutions with personalized service. We are affordable, experienced, and friendly, and we tirelessly study and research the ever-changing world of tax law and regulation so that we can help every client realize the greatest possible savings and return on investments. Our office is conveniently located in Dover, Delaware. Please contact us today to find out more about how we can make YOUR life less taxing!Tax
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Have you heard people say Social Security isn’t taxed anymore?
That’s not quite true. The IRS still taxes up to 85% of Social Security income, depending on your total income.
What 𝘥𝘪𝘥 change for 2025 is a new $6,000 deduction for taxpayers 65 and older — or $12,000 if both spouses qualify.
It doesn’t make Social Security tax-free, but it can reduce your overall taxable income (and sometimes eliminate your federal tax bill entirely).
This deduction lasts 2025 through 2028, so it’s worth reviewing your income plan early to make the most of it.
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You set goals for 2025 — but when’s the last time you checked if you’re actually on track?
What gets measured gets managed. For most small businesses, that means watching things like:
• 𝗖𝗮𝘀𝗵 𝗳𝗹𝗼𝘄 (are you bringing in more than you’re spending?)
• 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝘀 𝗿𝗲𝗰𝗲𝗶𝘃𝗮𝗯𝗹𝗲 (are you collecting what’s owed quickly enough?)
• 𝗡𝗲𝘁 𝗽𝗿𝗼𝗳𝗶𝘁 𝗺𝗮𝗿𝗴𝗶𝗻 (is your business really profitable…or just busy?).
These numbers are levers. When you know them, you can pull on them to make smarter calls, fix problems early, and actually 𝘳𝘦𝘢𝘤𝘩 the goals you set in January.
👉 Know a business owner who needs this reminder? Share this with them.
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🥓 Everyone wants someone to come in and “save their bacon” when money feels tight.
But the truth? The quickest way to find margin isn’t outside forces — it’s small, intentional steps you can take this week.
✔️ Cut an expense you won’t miss.
✔️ Sell something collecting dust.
✔️ Add one small stream of extra income.
It’s not easy — these are tough times. But you always have a choice: stew in the stress, or take action.
And remember, you’ve got us in your corner.
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First State CPAs & Associates |
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18 S. State St, Dover, DE 19901 |
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| (302) 736-6657 | |
| Business Hours | |
| January 1st April 15th | |
| Monday–Friday: | 8am–5pm |
| Saturday & Sunday: | closed |
| April 16th December 31st | |
| Monday–Thursday: | 8am–5pm |
| Friday, Saturday & Sunday: | closed |