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 ๐ต๐ฎ๐ฝ๐ฝ๐ฒ๐ป๐ ๐๐ผ ๐บ๐ ๐ฑ๐ฎ๐ต ๐ฝ๐น๐ฎ๐ป ๐ถ๐ณ ๐บ๐ ๐ฐ๐ต๐ถ๐น๐ฑ ๐ฑ๐ผ๐ฒ๐ ๐ป๐ผ๐ ๐ด๐ผ ๐๐ผ ๐ฐ๐ผ๐น๐น๐ฒ๐ด๐ฒ?
You can roll over up to $35,000 of unused 529 funds directly into a Roth IRA for your child without paying federal taxes or penalties.
To qualify, the rollover has to meet several IRS rules:
โข The 529 account must be open for at least 15 years
โข The total lifetime rollover cap is $35,000 per beneficiary
โข The annual rollover is limited by the yearly IRA contribution cap, which is $7,500 in 2026 for someone under age 50
โข The beneficiary must have taxable compensation at least equal to the amount rolled over
โข Contributions made during the previous five years, along with the earnings on them, canโt be rolled over
We get it, tax rules are a lot to digest when you're trying to plan for your childโs future. Every familyโs picture is a little different, and Iโd love to help you figure out if a 529 plan actually makes sense for your specific goals.
๐๐ฉ๐ข๐ต ๐ฆ๐ญ๐ด๐ฆ ๐ธ๐ฐ๐ถ๐ญ๐ฅ ๐บ๐ฐ๐ถ ๐ธ๐ข๐ฏ๐ต ๐ต๐ฐ ๐ฌ๐ฏ๐ฐ๐ธ ๐ข๐ฃ๐ฐ๐ถ๐ต ๐ด๐ฆ๐ต๐ต๐ช๐ฏ๐จ ๐ถ๐ฑ ๐ข 529 ๐ฑ๐ญ๐ข๐ฏ? Ask your questions in the comments below.
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๐๐ผ๐ ๐ฐ๐ฎ๐ป ๐ ๐ฐ๐ต๐ฒ๐ฐ๐ธ ๐บ๐ ๐๐ฎ๐
๐๐๐ฎ๐ป๐ฑ๐ถ๐ป๐ด ๐ฏ๐ฒ๐ณ๐ผ๐ฟ๐ฒ ๐ณ๐ถ๐น๐ถ๐ป๐ด ๐๐ฒ๐ฎ๐๐ผ๐ป?
Setting up an IRS Individual Online Account gives you direct access to your payment history, tax balances, and digital notices in one place.
Checking your account early lets you verify your estimated tax payments, catch surprise balances before interest builds up, and spot IRS notices weeks before they arrive in the mail.
We know this can be overwhelming, but you don't have to figure it out alone. Send us a DM and we can walk you through the process to help you manage your tax standing.
๐๐ข๐ท๐ฆ ๐บ๐ฐ๐ถ ๐ด๐ฆ๐ต ๐ถ๐ฑ ๐บ๐ฐ๐ถ๐ณ ๐๐๐ ๐๐ฏ๐ฅ๐ช๐ท๐ช๐ฅ๐ถ๐ข๐ญ ๐๐ฏ๐ญ๐ช๐ฏ๐ฆ ๐๐ค๐ค๐ฐ๐ถ๐ฏ๐ต ๐บ๐ฆ๐ต?
๐) ๐ ๐ฆ๐ด
๐) ๐๐ฐ๐ต ๐บ๐ฆ๐ต
๐) ๐ ๐ฅ๐ช๐ฅ๐ฏโ๐ต ๐ฌ๐ฏ๐ฐ๐ธ ๐ต๐ฉ๐ช๐ด ๐ธ๐ข๐ด ๐ข๐ท๐ข๐ช๐ญ๐ข๐ฃ๐ญ๐ฆ
๐ Hereโs the official IRS guide for setting up your account:
[ www.irs.gov/newsroom/irs-individual-online-accounts-an-easy-tool-for-taxpayers ]
IRS Individual Online Accounts: An easy tool for taxpayers | Internal Revenue Service
www.irs.gov
Tax Tip 2026-16, Feb. 26, 2026 โ The IRS continues to take steps towards transforming the taxpayer experience in several ways.0 CommentsComment on Facebook
๐๐ผ๐ ๐ฑ๐ผ ๐ ๐ฒ๐น๐ฒ๐ฐ๐ ๐ฆ ๐ฐ๐ผ๐ฟ๐ฝ ๐๐๐ฎ๐๐๐ ๐ณ๐ผ๐ฟ ๐บ๐ ๐๐๐?
If your annual net profit is over $60,000 and your cash flow is steady, an S corporation election can make sense for your business. Here are the main steps to get started:
1. File IRS Form 2553. Submit this within 75 days of the start of the tax year (March 15 for calendar-year businesses) or within 75 days of forming a new LLC. All owners must sign.
2. Set up W-2 payroll. Document a reasonable salary based on the work you perform, your responsibilities, and relevant pay data. Set up payroll to withhold the required income and payroll taxes from your W-2 salary.
3. Separate your accounting ledgers. Keep strict records separating W-2 wages from shareholder distributions.
4. Track your new filing requirements. A calendar-year S corporation generally files Form 1120-S by March 15 and provides each shareholder with a Schedule K-1.
Missed the deadline? You can qualify for late-election relief if you had reasonable cause and meet the IRS requirements, including filing within three years and 75 days of the intended effective date.
Comment S CORP below if you want help figuring out whether the election makes sense and what youโd need to set up.
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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 | |
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| Friday: | 8amโ5pm |
| Saturday: | By appointment |
| Sunday: | closed |
| April 16th December 31st | |
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