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
Services
Accounting
Services
Software
Services
Retirement
Planning
๐๐๐ค ๐๐๐ฉ๐จ ๐ฉ๐ค ๐๐ก๐๐๐ข ๐ฉ๐๐ ๐๐ค๐ก๐ก๐๐๐ ๐ฉ๐๐ญ ๐๐ง๐๐๐๐ฉ, ๐ข๐ ๐ค๐ง ๐ข๐ฎ ๐๐๐๐ก๐?
For the American Opportunity Tax Credit, the answer comes down to whether you claim your child as a dependent. If you do, the credit goes on your return.
That can still be true even if your child paid some of the tuition with a summer job or student loans.
If your child is not your dependent and files their own return, they may be the one who claims the credit instead.
The student also has to meet IRS rules, including being enrolled at least half-time for at least one academic period and pursuing a degree, certificate, or other recognized credential.
Have you checked whether the credit belongs on your return or your studentโs?
0 CommentsComment on Facebook
๐พ๐๐ฃ ๐ ๐๐๐ฉ ๐ ๐ฉ๐๐ญ ๐๐ง๐๐๐๐ฉ ๐๐ค๐ง ๐๐ค๐ก๐ก๐๐๐ ๐๐ญ๐ฅ๐๐ฃ๐จ๐๐จ?
The American Opportunity Tax Credit can slash up to $2,500 off your tax bill for each eligible student in college. And it includes a "refundable" safety net, so even if you don't owe any taxes at the end of the year, the government will still send you a refund check for up to $1,000 of the leftover credit.
Expenses that ๐ฑ๐ผ ๐พ๐๐ฎ๐น๐ถ๐ณ๐ for this are tuition, mandatory enrollment fees, required books, and required supplies and equipment. Room and board, meal plans, transportation, parking, and medical insurance ๐ฑ๐ผ๐ปโ๐ ๐พ๐๐ฎ๐น๐ถ๐ณ๐.
Also, if scholarships, Pell grants, or employer tuition assistance covered part of the cost, that tax-free money has to be subtracted from your qualified expenses.
College costs add up fast. Before you assume you do or donโt qualify, itโs worth checking which expenses actually count.
Contact us to look at this for your specific tax situation.
0 CommentsComment on Facebook
๐๐๐๐ฉ ๐๐ค ๐ ๐๐๐ฉ๐ช๐๐ก๐ก๐ฎ ๐ฃ๐๐๐ ๐ฉ๐ค ๐๐๐๐ช๐ง๐ ๐ค๐ช๐ฉ ๐๐๐๐ค๐ง๐ ๐ ๐จ๐ฉ๐๐ง๐ฉ ๐ ๐๐ช๐จ๐๐ฃ๐๐จ๐จ?
A new idea doesnโt have to be perfect before you try it. But it does need to answer:
1. Who is this for?
2. What problem does it solve?
3. What would someone actually pay for?
4. Whatโs the smallest way to try it?
A business is an opportunity to fill a need, so making sure you're clear on what need is being filled and how to actually charge for it is your basis for everything.
0 CommentsComment on Facebook
|
First State CPAs & Associates |
|
|
18 S. State St, Dover, DE 19901 |
|
| (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 |