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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๐๐บ ๐ ๐ฎ๐ฐ๐ฐ๐ถ๐ฑ๐ฒ๐ป๐๐ฎ๐น๐น๐ ๐๐ต๐ฎ๐ฟ๐ถ๐ป๐ด ๐๐ฒ๐ป๐๐ถ๐๐ถ๐๐ฒ ๐ฑ๐ฎ๐๐ฎ ๐ฒ๐๐ฒ๐ฟ๐ ๐๐ถ๐บ๐ฒ ๐ ๐๐๐ฝ๐ฒ ๐ฎ ๐ฝ๐ฟ๐ผ๐บ๐ฝ๐ ๐ถ๐ป๐๐ผ ๐๐?
You could be. Time to fix that.
(We already make sure all privacy settings are enabled for any AI tools we use here.)
How to keep your conversations with ChatGPT, Gemini, Copilot or Claude as private as possible
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๐๐ผ๐ ๐ฐ๐ฎ๐ป ๐ ๐ด๐ฒ๐ ๐ฐ๐ฎ๐๐ต ๐๐ผ ๐ฒ๐
๐ฝ๐ฎ๐ป๐ฑ ๐บ๐ ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐ ๐๐ถ๐๐ต๐ผ๐๐ ๐๐ฎ๐ธ๐ถ๐ป๐ด ๐ผ๐๐ ๐ฎ ๐น๐ผ๐ฎ๐ป ๐ผ๐ฟ ๐๐ฒ๐น๐น๐ถ๐ป๐ด ๐ฒ๐พ๐๐ถ๐๐?
Consider looking into the R&D tax credit.
Eligible small businesses can apply up to $500,000 per year of their R&D credit directly against quarterly payroll taxes. That cuts your quarterly payroll bills almost immediately, keeping extra cash in your bank account to hire talent or fund new projects.
To prepare for claiming it, build your paper trail early:
โข Flag projects as they start
โข Keep basic project logs
โข Make sure contractor agreements state your business owns all the work
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๐ช๐ต๐ฎ๐ ๐๐ต๐ผ๐๐น๐ฑ ๐ ๐ฑ๐ผ ๐๐ถ๐๐ต ๐บ๐ ๐๐ฎ๐
๐ฒ๐ ๐ฏ๐ฒ๐๐๐ฒ๐ฒ๐ป ๐น๐ฒ๐ฎ๐๐ถ๐ป๐ด ๐บ๐ ๐ท๐ผ๐ฏ ๐ฎ๐ป๐ฑ ๐๐ฎ๐ธ๐ถ๐ป๐ด ๐ฆ๐ผ๐ฐ๐ถ๐ฎ๐น ๐ฆ๐ฒ๐ฐ๐๐ฟ๐ถ๐๐?
A core strategy we suggest during this retirement gap is a Roth conversion staircase:
โข Move funds from your traditional IRA into a Roth IRA when your income sits in lower tax brackets.
โข Pay taxes today at low rates so that money and its future growth stay 100% tax-free.
โข Convert in stages each December to fill your target bracket line, instead of moving a single lump sum that spikes your tax bracket.
๐๐ฏ๐ฆ ๐ค๐ณ๐ช๐ต๐ช๐ค๐ข๐ญ ๐ณ๐ถ๐ญ๐ฆ: Pay the taxes using cash outside your IRA, such as a high-yield savings or taxable brokerage account. Withholding tax money directly from the IRA reduces your tax-free shelter and triggers a 10% IRS penalty if you're under age 59ยฝ.
If you recently left your job or plan to step away soon, DM us to find out how to map out your retirement gap.
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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 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 |