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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Don't DIY your taxes this year if one of these applies to you...
1. ๐๐ง ๐บ๐ฐ๐ถ ๐ธ๐ฐ๐ณ๐ฌ๐ฆ๐ฅ ๐ฐ๐ท๐ฆ๐ณ๐ต๐ช๐ฎ๐ฆ ๐ข๐ด ๐ข ๐ฏ๐ฐ๐ฏ-๐ฆ๐น๐ฆ๐ฎ๐ฑ๐ต ๐ฉ๐ฐ๐ถ๐ณ๐ญ๐บ ๐ฆ๐ฎ๐ฑ๐ญ๐ฐ๐บ๐ฆ๐ฆ...
Your W-2 wonโt show the deductible โhalfโ portion of time-and-a-half to claim the overtime deduction yet.
2. ๐๐ง ๐บ๐ฐ๐ถ ๐ฆ๐ข๐ณ๐ฏ๐ฆ๐ฅ ๐ต๐ช๐ฑ๐ด... You need tip logs, POS reports, or detailed employer summaries to claim the deduction for up to $25,000 of qualified tip income.
3. ๐๐ง ๐บ๐ฐ๐ถ ๐ฃ๐ฐ๐ถ๐จ๐ฉ๐ต ๐ข ๐ฏ๐ฆ๐ธ, ๐ฅ๐ฐ๐ฎ๐ฆ๐ด๐ต๐ช๐ค-๐ข๐ด๐ด๐ฆ๐ฎ๐ฃ๐ญ๐ฆ๐ฅ ๐ฑ๐ฆ๐ณ๐ด๐ฐ๐ฏ๐ข๐ญ ๐ท๐ฆ๐ฉ๐ช๐ค๐ญ๐ฆ: You'll need a loan statement showing total interest paid and paperwork confirming the vehicle was new and domestic-assembled to claim the $10,000 car loan interest deduction.
4. ๐๐ง ๐บ๐ฐ๐ถ (๐ฐ๐ณ ๐บ๐ฐ๐ถ๐ณ ๐ด๐ฑ๐ฐ๐ถ๐ด๐ฆ) ๐ข๐ณ๐ฆ 65 ๐ฐ๐ณ ๐ฐ๐ญ๐ฅ๐ฆ๐ณ: Claim the new $6,000 senior deduction ($12,000 for joint filers), plus the standard retirement tax claims.
5. ๐๐ง ๐บ๐ฐ๐ถ ๐ฉ๐ข๐ท๐ฆ ๐ข ๐ด๐ช๐ฅ๐ฆ ๐จ๐ช๐จ: You'll need gross receipts records. The 1099-K threshold is back to $20,000 and 200 transactions, so you may not receive a form for smaller side income, but you still need to report it.
6. ๐๐ง ๐บ๐ฐ๐ถ ๐ฉ๐ข๐ฅ ๐ฅ๐ช๐จ๐ช๐ต๐ข๐ญ ๐ข๐ด๐ด๐ฆ๐ต ๐ต๐ณ๐ข๐ฏ๐ด๐ข๐ค๐ต๐ช๐ฐ๐ฏ๐ด: You'll need Form 1099-DA ๐ข๐ฏ๐ฅ any records showing cost basis or wallet-to-wallet transfers.
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Why choose a tax pro for your tax filing over DIY-ing with software? Here's a great example:
Tax softwares (including the ones that spend a lot on advertising to you) see a $5,000 expense and ask, "Is this a business expense?" You click "Yes" and categorize it as "office supplies" or "repairs." The software accepts it and moves on.
But as a tax professional, we look at that same $5,000 and ask, "Is this a repair or an improvement?" Under the Tangible Property Regulations, classifying that expenditure as a "repair" allows you to deduct it 100% today. Classifying it as an "improvement" (which software often defaults to for large amounts, to play it safe) forces you to depreciate it over 5 to 39 years.
And to protect themselves from liability, DIY softwares like these are programmed to be conservative. It defaults to the safest, most obvious path. ๐ฆ๐ผ๐บ๐ฒ๐๐ถ๐บ๐ฒ๐ ๐ฎ๐น๐๐ผ ๐๐ต๐ฒ ๐ผ๐ป๐ฒ ๐๐ต๐ฒ๐ฟ๐ฒ ๐๐ผ๐ ๐ฝ๐ฎ๐ ๐๐ต๐ฒ ๐บ๐ผ๐๐ ๐๐ฎ๐
, ๐๐ป๐ป๐ฒ๐ฐ๐ฒ๐๐๐ฎ๐ฟ๐ถ๐น๐.
Comment "pro help" below if you want that kind of insight on your taxes this year.
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Boost your productivity with AI? A no-brainer. But also, did you know there are things you shouldn't do with AI in your business? (And no, we're not just talking about your tax filing.)
AI Productivity Hacks for Every Business Type
www.uschamber.com
Learn AIโpowered productivity hacks that help all types of businesses streamline workflows, automate tasks, and boost overall efficiency.0 CommentsComment on Facebook
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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 | |
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