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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Yes, you can still itemize deductions, but if your total itemized deductions are under the standard deduction threshold, you don't need to itemize. That threshold currently sits at $14,600 for singles and $29,200 for couples.
If your total itemized deductions exceed that amount, you should be itemizing. Here are the kinds of things that can be itemized:
- property tax & state income tax (up to $10k)
- mortgage interest (with some limitations)
- medical expenses over 7.5% of your gross income
- charitable donations
- state and local sales taxes
If the current standard deduction amount lowers (which it will in 2026 if legislation isn't passed to continue the current higher amount), then itemizing will be a game changer.
Not sure where you stand on all this? Let's talk.
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With the sunset of the TCJA approaching, it's important to consider how capital gains and losses could affect your tax strategy. If you expect your tax rate to increase after 2025, you might consider harvesting gains in 2024 and 2025, selling assets that have appreciated in value to take advantage of potentially lower rates now.
Conversely, deferring capital losses until after 2025 could help you offset gains that may be taxed at higher rates, reducing your overall tax liability. Just be mindful of the wash sale rules, which can limit the tax benefits of selling an asset at a loss if you repurchase it within 30 days.
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The extended individual tax deadline is creeping up...
a little over a month away, in fact – October 15.
Let’s get your 2023 return filed and checked off your list as soon as possible.
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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 |