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!
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Here’s what you might be up against (depending on your circumstances) if you missed the tax extension deadline this year:
1️⃣ Failure-to-File Penalty. The penalty rate is 5 percent of the unpaid tax per month, up to 25 percent (max).
2️⃣ Failure-to-Pay Penalty. This is charged at 0.5 percent of the unpaid tax per month, up to a maximum of 25 percent.
3️⃣ Interest on Penalties. This starts accumulating the day after your taxes become due, at 3 percent on top of the short-term rate.
In extreme cases, the IRS may also impose additional penalties for egregious violations related to late tax filing, such as fraud or willful neglect. If that’s what you’re up against, we should absolutely have a conversation so you can prepare for the IRS’s response to that.
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No matter who wins the presidential election next week, let's lay out the impact of each client's tax plans on your wallet.
With a Trump administration...
🍁 Extended TCJA provisions = lowered income tax brackets, maintaining the higher standard deduction, reduced taxes for business owners (think QBI) and corporations
🍁 Taxes on Social Security benefits would end entirely.
🍁 Overtime hours worked would not be taxed.
🍁 A 10-20% tariff would be imposed on most imported goods -- a 60% tariff on goods specifically from China.
With a Harris-led administration...
🍁 Increased child tax credit (from $2,000 to $3,600 for younger children; up to $6000 for a baby’s first year)
🍁 First-time homebuyer down payment assistance (aka $25,000 tax credit)
🍁 The deduction for small business startup costs would jump from $5,000 to $50,000
🍁 Medicare taxes bumped up to 5% for those who make more than $400,000 annually
🍁 Raised corporate income tax rate (from 21 to 28%)
🍁 Raised capital gains tax (from 20 to 28%) for those who make 1 million or more annually.
We're here in your corner to help guide you through, no matter the outcome.
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Here are some ways to stay ahead of your tax bill come filing time:
1. Most income is taxable including unemployment income, refund interest, income from the gig economy, and virtual currencies. Keep a running tab of all income this year, and keep a separate category for income you haven't yet paid taxes on.
2. Use the IRS withholding calculator to figure the right amount of tax to have withheld from any wages that are not paid by an employer (contract work, etc.)
3. Make quarterly payments of your estimated tax if you get a lot of your income from non-wage sources like self-employment, investments, taxable Social Security benefits, and some pension and annuity income.
4. Don’t bank on getting your federal refund by a certain date. The IRS has had a lot of delays recently processing returns and getting taxpayers their money.
BONUS TIP: Use a smart professional who can help get you set up and put systems in place for checking these off. We're a DM away.
AND... if you haven't been doing these things and have unpaid taxes you need to tackle, let's talk about that too.
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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 April 15th | |
Monday–Friday: | 8am–5pm |
Saturday & Sunday: | closed |
April 16th December 31st | |
Monday–Thursday: | 8am–5pm |
Friday, Saturday & Sunday: | closed |