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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๐๐ณ ๐ ๐ฝ๐ฟ๐ผ๐บ๐ถ๐๐ฒ ๐บ๐ ๐ฒ๐บ๐ฝ๐น๐ผ๐๐ฒ๐ฒ๐ ๐ฎ $๐ฑ๐ฌ๐ฌ ๐ต๐ผ๐น๐ถ๐ฑ๐ฎ๐ ๐ฏ๐ผ๐ป๐๐, ๐ต๐ผ๐ ๐ฐ๐ฎ๐ป ๐ ๐บ๐ฎ๐ธ๐ฒ ๐๐๐ฟ๐ฒ ๐๐ต๐ฒ ๐ณ๐๐น๐น $๐ฑ๐ฌ๐ฌ ๐ฎ๐ฐ๐๐๐ฎ๐น๐น๐ ๐ฟ๐ฒ๐ฎ๐ฐ๐ต๐ฒ๐ ๐๐ต๐ฒ๐ถ๐ฟ ๐ฏ๐ฎ๐ป๐ธ ๐ฎ๐ฐ๐ฐ๐ผ๐๐ป๐๐?
You can make sure your employees take home the full $500 by running a grossed-up bonus through payroll.
If you run a standard $500 bonus, your employees will receive less than that after payroll withholdings.
With a grossed-up bonus, you increase the total payment to cover those withholdings so your employee still takes home $500.
But that also means your business will spend more than $500 per employee.
Before promising a specific take-home amount, calculate the full cost of the bonus, including the required withholdings. Then you can budget for what you'll actually spend.
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๐ช๐ต๐ฎ๐ ๐ณ๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น ๐ฐ๐ผ๐ป๐ฐ๐ฒ๐ฟ๐ป๐ ๐ฎ๐ฟ๐ฒ ๐๐ผ๐ ๐ต๐ฒ๐ฎ๐ฟ๐ถ๐ป๐ด ๐ฝ๐ฒ๐ผ๐ฝ๐น๐ฒ ๐๐ฎ๐น๐ธ ๐ฎ๐ฏ๐ผ๐๐ ๐บ๐ผ๐๐ ๐ฎ๐ ๐๐ฒ ๐ต๐ฒ๐ฎ๐ฑ ๐ถ๐ป๐๐ผ ๐ฎ๐ฌ๐ฎ๐ณ? ๐๐ป๐๐๐ต๐ถ๐ป๐ด ๐๐ผ๐'๐ฑ ๐ฎ๐ฑ๐ฑ ๐๐ผ ๐๐ต๐ถ๐ ๐น๐ถ๐๐?
A) Keeping up with rising everyday expenses
B) Job security and steady income
C) Building up emergency savings
D) Paying down debt and catching up on bills
E) Saving enough for retirement
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๐๐ฎ๐ป ๐ ๐๐ฎ๐๐ฒ ๐บ๐ผ๐ฟ๐ฒ ๐ผ๐ป ๐๐ฎ๐
๐ฒ๐ ๐ฏ๐ ๐ฐ๐ผ๐ป๐๐ฟ๐ถ๐ฏ๐๐๐ถ๐ป๐ด ๐๐ผ ๐บ๐ ๐๐ฆ๐?
If you're eligible to contribute to an HSA, adding money before the end of the year can reduce your taxable income. You have two options:
1. ๐๐ผ๐ป๐๐ฟ๐ถ๐ฏ๐๐๐ฒ ๐๐ต๐ฟ๐ผ๐๐ด๐ต ๐๐ผ๐๐ฟ ๐ฒ๐บ๐ฝ๐น๐ผ๐๐ฒ๐ฟ'๐ ๐ฝ๐ฎ๐๐ฟ๐ผ๐น๐น.
When contributions qualify for the payroll tax exclusion, you save on federal income taxes and the 7.65% Social Security and Medicare taxes. Make sure to adjust your contributions before your employer's final December payroll cutoff.
2. ๐๐ฒ๐ฝ๐ผ๐๐ถ๐ ๐บ๐ผ๐ป๐ฒ๐ ๐ฑ๐ถ๐ฟ๐ฒ๐ฐ๐๐น๐ ๐ถ๐ป๐๐ผ ๐๐ผ๐๐ฟ ๐๐ฆ๐.
You have until the April 15 tax filing deadline to make a contribution for 2026. You can still claim an income tax deduction, even if you don't itemize, but you won't get the payroll tax savings.
(๐๐ฐ๐ณ 2026, ๐ต๐ฉ๐ฆ ๐ฎ๐ข๐น๐ช๐ฎ๐ถ๐ฎ ๐๐๐ ๐ค๐ฐ๐ฏ๐ต๐ณ๐ช๐ฃ๐ถ๐ต๐ช๐ฐ๐ฏ ๐ง๐ฐ๐ณ ๐ด๐ฆ๐ญ๐ง-๐ฐ๐ฏ๐ญ๐บ ๐ค๐ฐ๐ท๐ฆ๐ณ๐ข๐จ๐ฆ ๐ช๐ด $4,400.)
Make sure to account for anything your employer has already contributed before adding more money. Going over your limit can trigger a 6% excess contribution penalty.
Comment ๐๐ฆ๐ below if you want help determining your 2026 contributions.
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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 |