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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๐๐ผ ๐ ๐ต๐ฎ๐๐ฒ ๐๐ผ ๐บ๐ฎ๐ธ๐ฒ ๐พ๐๐ฎ๐ฟ๐๐ฒ๐ฟ๐น๐ ๐๐ฎ๐
๐ฝ๐ฎ๐๐บ๐ฒ๐ป๐๐ ๐ป๐ผ๐ ๐๐ต๐ฎ๐ ๐ ๐ผ๐๐ป ๐ฎ ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐?
Unless your business is a tax-exempt 501(c)(3) or you expect to owe under $1,000 in total tax, you are required to make quarterly estimated tax payments to the IRS.
This estimate covers income tax you'll owe as well as the 15.3% self-employment tax that you also must cover.
To stay ahead of your deadlines, open a separate tax savings account and automatically transfer 25% to 30% of your net profits into it.
That way, the money is already set aside when payment time comes.
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๐ช๐ถ๐น๐น ๐บ๐ ๐ฐ๐ต๐ถ๐น๐ฑ ๐ต๐ฎ๐๐ฒ ๐๐ผ ๐ฝ๐ฎ๐ ๐๐ฎ๐
๐ฒ๐ ๐ถ๐ณ ๐ ๐ด๐ถ๐๐ฒ ๐๐ต๐ฒ๐บ ๐บ๐ผ๐ป๐ฒ๐ ๐ณ๐ผ๐ฟ ๐ฎ ๐ต๐ผ๐๐๐ฒ ๐ฑ๐ผ๐๐ป ๐ฝ๐ฎ๐๐บ๐ฒ๐ป๐?
If you give your adult child money toward a down payment, they won't have to treat that gift as taxable income.
They don't report the money on their 1040, and they won't owe standard income tax or capital gains tax on those funds.
Gift tax rules apply to you, the person giving the money. And for 2026, you can give your child up to $19,000 without having to report the transfer to the IRS or use any of your lifetime exemption.
If you're married, you and your spouse can combine your individual annual exclusions to give one child up to $38,000.
๐๐ฉ๐ช๐ฏ๐ฌ๐ช๐ฏ๐จ ๐ข๐ฃ๐ฐ๐ถ๐ต ๐ฉ๐ฆ๐ญ๐ฑ๐ช๐ฏ๐จ ๐บ๐ฐ๐ถ๐ณ ๐ค๐ฉ๐ช๐ญ๐ฅ ๐ธ๐ช๐ต๐ฉ ๐ข ๐ฅ๐ฐ๐ธ๐ฏ ๐ฑ๐ข๐บ๐ฎ๐ฆ๐ฏ๐ต? ๐๐ฉ๐ข๐ต ๐ธ๐ฐ๐ถ๐ญ๐ฅ ๐บ๐ฐ๐ถ ๐ธ๐ข๐ฏ๐ต ๐ต๐ฐ ๐ฌ๐ฏ๐ฐ๐ธ ๐ฃ๐ฆ๐ง๐ฐ๐ณ๐ฆ ๐บ๐ฐ๐ถ ๐ฎ๐ฐ๐ท๐ฆ ๐ต๐ฉ๐ฆ ๐ฎ๐ฐ๐ฏ๐ฆ๐บ?
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๐๐ฎ๐ป ๐ ๐ฑ๐ฒ๐ฑ๐๐ฐ๐ ๐ฒ๐๐ฒ๐ฟ๐๐๐ต๐ถ๐ป๐ด ๐ ๐๐ฝ๐ฒ๐ป๐ ๐ด๐ฒ๐๐๐ถ๐ป๐ด ๐บ๐ ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐ ๐๐๐ฎ๐ฟ๐๐ฒ๐ฑ?
No, not every dollar you spend before opening your business gets treated the same way, because the timing of those expenses matters.
Money you spend before your business officially opens can count as startup costs. Think about expenses like:
โข Market research
โข Advertising your grand opening
โข Travel to secure suppliers
โข Employee training before day one
โข Legal or professional fees related to starting the business
You can write off up to $5,000 of qualifying startup costs in your first active tax year. If your startup costs exceed $50,000, your immediate write-off loses $1 in value for every extra $1 you spend and drops to zero if you pass $55,000.
And any remaining costs over the initial deduction limit have to be spread out over 15 years.
๐๐ฉ๐ช๐ค๐ฉ ๐ด๐ต๐ข๐ณ๐ต๐ถ๐ฑ ๐ฆ๐น๐ฑ๐ฆ๐ฏ๐ด๐ฆ ๐ฅ๐ฐ ๐ฃ๐ถ๐ด๐ช๐ฏ๐ฆ๐ด๐ด ๐ฐ๐ธ๐ฏ๐ฆ๐ณ๐ด ๐จ๐ฆ๐ต ๐ด๐ถ๐ณ๐ฑ๐ณ๐ช๐ด๐ฆ๐ฅ ๐ฃ๐บ ๐ต๐ฉ๐ฆ ๐ฎ๐ฐ๐ด๐ต?
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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 |