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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๐ช๐ต๐ฎ๐ ๐๐ฎ๐
๐ฐ๐ฟ๐ฒ๐ฑ๐ถ๐๐ ๐ฐ๐ฎ๐ป ๐๐ผ๐ ๐ฐ๐น๐ฎ๐ถ๐บ ๐ฎ๐ ๐ฎ ๐๐ผ๐ฟ๐ธ๐ฒ๐ฟ ๐ผ๐ฟ ๐๐๐๐ฑ๐ฒ๐ป๐ ๐๐ต๐ถ๐ ๐๐ฒ๐ฎ๐ฟ?
There are five major 2025 tax credits I look for to help put money back in your pocket:
1. Earned Income Tax Credit
Worth up to $๐ด,๐ฌ๐ฐ๐ฒ. It is fully refundable, so you can receive it even if your tax bill is zero.
2. American Opportunity Credit
Up to $๐ฎ,๐ฑ๐ฌ๐ฌ per student for tuition and fees. This is generally limited to the first four years of higher education.
3. Lifetime Learning Credit
A more flexible $๐ฎ,๐ฌ๐ฌ๐ฌ credit for grad school, professional development, or even a single course.
4. Premium Tax Credit
This helps offset monthly premium costs if you purchased health insurance through the Marketplace.
5. Saverโs Credit
A credit of up to $๐ญ,๐ฌ๐ฌ๐ฌ ($2,000 for married couples) specifically for contributing to your retirement account.
The rules for these creditsโespecially around income limits and filing statusโare more complex than they look on the surface.
๐๐ณ ๐๐ผ๐ ๐ฎ๐ฟ๐ฒ๐ปโ๐ ๐ญ๐ฌ๐ฌ% ๐๐๐ฟ๐ฒ ๐๐ต๐ถ๐ฐ๐ต ๐ผ๐ณ ๐๐ต๐ฒ๐๐ฒ ๐๐ผ๐ ๐พ๐๐ฎ๐น๐ถ๐ณ๐ ๐ณ๐ผ๐ฟ, ๐น๐ฒ๐ฎ๐๐ฒ ๐ฎ "๐โโ๏ธ" ๐ผ๐ฟ "๐โโ๏ธ" ๐ถ๐ป ๐๐ต๐ฒ ๐ฐ๐ผ๐บ๐บ๐ฒ๐ป๐๐.
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Tax software is designed to help you ๐ง๐ช๐ญ๐ฆ.
A Tax Pro is designed to help you ๐ช๐๐ก.
Tax software is mainly concerned with your history and checking off boxes of compliance. We go beyond that. We look at where you're going.
Hereโs why those "DIY" savings might be costing you a fortune:
๐๐ผ๐ป๐ด-๐ง๐ฒ๐ฟ๐บ ๐ฆ๐๐ฟ๐ฎ๐๐ฒ๐ด๐ ๐๐. ๐๐๐ฟ๐ฟ๐ฒ๐ป๐ ๐๐ถ๐น๐ถ๐ป๐ด
๐ป Software focuses on the final number you owe ๐ต๐ฐ๐ฅ๐ข๐บ. It doesn't know if that number is high relative to your peers or your potential.
๐จ๐พโ๐ผ We look at your long-term goalsโlike selling a business or retiringโto implement strategies like "income shifting" that an algorithm isn't programmed to suggest.
๐ง๐ฎ๐
๐๐ฟ๐ฒ๐ฑ๐ถ๐๐ ๐๐. ๐ฆ๐๐ฎ๐ป๐ฑ๐ฎ๐ฟ๐ฑ ๐๐ฒ๐ฑ๐๐ฐ๐๐ถ๐ผ๐ป๐
๐ป Software is great at standard deductions, which only lower your taxable income.
But remember: ๐ข $1,000 ๐ฅ๐ฆ๐ฅ๐ถ๐ค๐ต๐ช๐ฐ๐ฏ ๐ฎ๐ช๐จ๐ฉ๐ต ๐ด๐ข๐ท๐ฆ ๐บ๐ฐ๐ถ $250, ๐ธ๐ฉ๐ช๐ญ๐ฆ ๐ข $1,000 ๐ค๐ณ๐ฆ๐ฅ๐ช๐ต ๐ด๐ข๐ท๐ฆ๐ด ๐บ๐ฐ๐ถ $1,000.
๐จ๐พโ๐ผ We hunt for specialized credits (like the WOTC or Energy Efficiency Credits) that require the nuance software misses.
๐๐๐ฑ๐ถ๐ ๐ฃ๐ฟ๐ผ๐๐ฒ๐ฐ๐๐ถ๐ผ๐ป ๐๐. ๐๐ด๐ด๐ฟ๐ฒ๐๐๐ถ๐๐ฒ ๐ฅ๐ถ๐๐ธ๐
๐ป Software is a "Yes Man." It will let you take an aggressive deductionโlike 100% of a luxury vehicleโwithout warning you about the "Recapture" trap three years down the road.
๐จ๐พโ๐ผ We know when a red flag costs more in audit fees than it saves in taxes. Avoiding disaster is the ultimate ROI.
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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 | |
| MondayโFriday: | 8amโ5pm |
| Saturday & Sunday: | closed |
| April 16th December 31st | |
| MondayโThursday: | 8amโ5pm |
| Friday, Saturday & Sunday: | closed |