First State CPAs and Associates

2 hours ago

𝗖𝗮𝗻 𝗜 𝘀𝘁𝗶𝗹𝗹 𝗴𝗲𝘁 𝗮 𝘁𝗮𝘅 𝗯𝗿𝗲𝗮𝗸 𝗳𝗼𝗿 𝗰𝗵𝗮𝗿𝗶𝘁𝗮𝗯𝗹𝗲 𝗱𝗼𝗻𝗮𝘁𝗶𝗼𝗻𝘀 𝗶𝗳 𝗜 𝘁𝗮𝗸𝗲 𝘁𝗵𝗲 𝘀𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗱𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻?

Thanks to OBBBA changes, starting in 2026, you can now claim a dedicated deduction for cash donations to qualified public charities, even if you don’t itemize, up to...
• $1,000 for single filers
• $2,000 for married couples filing jointly (𝘵𝘩𝘦 𝘭𝘪𝘮𝘪𝘵 𝘢𝘱𝘱𝘭𝘪𝘦𝘴 𝘵𝘰 𝘵𝘩𝘦 𝘦𝘯𝘵𝘪𝘳𝘦 𝘫𝘰𝘪𝘯𝘵 𝘳𝘦𝘵𝘶𝘳𝘯, 𝘯𝘰𝘵 𝘦𝘢𝘤𝘩 𝘴𝘱𝘰𝘶𝘴𝘦 𝘴𝘦𝘱𝘢𝘳𝘢𝘵𝘦𝘭𝘺)

This includes cash, check, or credit card donations.
(Physical good donations don't count toward this specific deduction.)

If you aren’t sure whether your regular donations qualify for the deduction or you want to be more strategic with your giving this year, comment 𝗚𝗜𝗩𝗘 below to schedule a time to go over it. ... See MoreSee Less

First State CPAs and Associates

21 hours ago

𝗜𝘀 𝗺𝘆 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝘀𝘁𝗶𝗹𝗹 𝗽𝗮𝘆𝗶𝗻𝗴 𝘁𝗮𝘅𝗲𝘀 𝗼𝗻 𝗲𝗾𝘂𝗶𝗽𝗺𝗲𝗻𝘁 𝗜 𝘁𝗵𝗿𝗲𝘄 𝗮𝘄𝗮𝘆 𝘆𝗲𝗮𝗿𝘀 𝗮𝗴𝗼?

When you buy equipment, it gets added to your depreciation schedule. But if you later throw it away, sell it, or replace it without updating your records, it can stay on your books for years.

In our industry, we call these ghost assets (items that no longer exist in your business but are still haunting your accounting records).

That can create two costly problems:
• You could be paying local property taxes on equipment you no longer own.
• You could be missing a tax deduction from properly disposing of the asset.

That's why it's worth reviewing your fixed asset list every so often. You might be surprised by what's still hanging around on your records.

Comment GHOST below if you'd like us to review your active asset listing for ghost assets and other missing items. ... See MoreSee Less