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
Services
Accounting
Services
Software
Services
Retirement
Planning
๐๐ผ๐ ๐ฑ๐ผ ๐ ๐ฐ๐ต๐ฒ๐ฐ๐ธ ๐ถ๐ณ ๐บ๐ ๐ฝ๐ฎ๐๐ฟ๐ผ๐น๐น ๐ฟ๐ฒ๐ฝ๐ผ๐ฟ๐๐ ๐ฎ๐ฐ๐๐๐ฎ๐น๐น๐ ๐บ๐ฎ๐๐ฐ๐ต ๐บ๐ ๐ฏ๐ผ๐ผ๐ธ๐?
Pull a year-to-date payroll summary and your general ledger report.
Then compare:
โข Gross wages: Make sure total gross pay on your payroll summary equals the wage expense accounts in your GL.
โข Payroll liabilities: Check that unpaid employee tax withholdings and deductions on your balance sheet match the outstanding balances on your payroll report.
โข Employer payroll expenses: Verify that employer-paid taxes (FICA, FUTA, SUTA) and company contributions on your GL match your payroll summary totals.
Also watch for manual checks, voided paychecks, third-party sick pay, or unrecorded fringe benefits. (These are common culprits behind unexpected mismatches.)
If the numbers donโt line up, investigate now. Waiting until year-end leaves you digging through 12 months of historical data right when W-2 deadlines hit.
0 CommentsComment on Facebook
๐๐ผ๐ ๐ฏ๐ถ๐ด ๐ฑ๐ผ๐ฒ๐ ๐ฎ ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐ ๐ฎ๐ฐ๐๐๐ฎ๐น๐น๐ ๐ป๐ฒ๐ฒ๐ฑ ๐๐ผ ๐ฏ๐ฒ ๐๐ผ ๐ฏ๐ฒ ๐๐๐ฐ๐ฐ๐ฒ๐๐๐ณ๐๐น?
Turns out, some entrepreneurs are building pretty big businesses with very small teams.
๐๐ฐ๐ถ๐ญ๐ฅ ๐บ๐ฐ๐ถ ๐ณ๐ข๐ต๐ฉ๐ฆ๐ณ ๐จ๐ณ๐ฐ๐ธ ๐ข ๐ฃ๐ช๐จ๐จ๐ฆ๐ณ ๐ต๐ฆ๐ข๐ฎ ๐ฐ๐ณ ๐ฌ๐ฆ๐ฆ๐ฑ ๐บ๐ฐ๐ถ๐ณ ๐ฃ๐ถ๐ด๐ช๐ฏ๐ฆ๐ด๐ด ๐ช๐ฏ๐ต๐ฆ๐ฏ๐ต๐ช๐ฐ๐ฏ๐ข๐ญ๐ญ๐บ ๐ด๐ฎ๐ข๐ญ๐ญ?
Don’t Buy the AI Layoff Panic: These Companies Are on a Hiring Spree
www.inc.com
Inc. 5000 CEOs and workforce experts explain why the fastest-growing companies view AI as a tool to support employees, not cut payroll.0 CommentsComment on Facebook
๐๐ฎ๐ป ๐๐ผ๐ ๐น๐ผ๐๐ฒ๐ฟ ๐๐ผ๐๐ฟ ๐๐ฎ๐
๐ฒ๐ ๐๐ถ๐๐ต ๐ฎ ๐๐ฒ๐น๐ณ-๐ฒ๐บ๐ฝ๐น๐ผ๐๐ฒ๐ฑ ๐ฟ๐ฒ๐๐ถ๐ฟ๐ฒ๐บ๐ฒ๐ป๐ ๐ฝ๐น๐ฎ๐ป?
Yes. Contributing pre-tax earnings to a Solo 401(k) or SEP IRA directly reduces your taxable income for the year.
Here's how those options compare:
โข A Solo 401(k) lets you contribute as both employee ๐ข๐ฏ๐ฅ employer. You can save a lot more, even if your profit is under $100,000.
โข A SEP IRA is employer-funded only. It offers less contribution flexibility at lower income levels, but is easy to set up without much ongoing paperwork.
๐๐ฎ๐ฑ๐ฐ๐ณ๐ต๐ข๐ฏ๐ต ๐ฅ๐ช๐ด๐ต๐ช๐ฏ๐ค๐ต๐ช๐ฐ๐ฏ: pre-tax retirement contributions can lower your federal and state income tax liability, but they don't reduce your 15.3% self-employment tax.
Unsure which plan gives you the biggest tax savings? Send us a message and we can help you calculate the best fit.
0 CommentsComment on Facebook
|
First State CPAs & Associates |
|
|
18 S. State St, Dover, DE 19901 |
|
| (302) 736-6657 | |
| Business Hours | |
| January 1st January 31st | |
| MondayโFriday: | 8amโ5pm |
| Saturday & Sunday: | closed |
| February 1st April 15th | |
| MondayโThursday: | 8amโ6pm |
| Friday: | 8amโ5pm |
| Saturday: | By appointment |
| Sunday: | closed |
| April 16th December 31st | |
| MondayโThursday: | 8amโ5pm |
| Friday, Saturday & Sunday: | closed |