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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๐ช๐ต๐ ๐ฑ๐ผ๐ฒ๐ ๐บ๐ ๐ถ๐ป๐๐ฒ๐ป๐๐ผ๐ฟ๐ ๐ฟ๐ฒ๐ฝ๐ผ๐ฟ๐ ๐๐ต๐ผ๐ ๐บ๐ผ๐ฟ๐ฒ ๐ฝ๐ฟ๐ผ๐ฑ๐๐ฐ๐๐ ๐๐ต๐ฎ๐ป ๐ ๐ฎ๐ฐ๐๐๐ฎ๐น๐น๐ ๐ต๐ฎ๐๐ฒ?
If your inventory records haven't been updated to account for damaged, missing, or unsellable products, your books could be showing inventory that isn't actually available to sell.
And that can affect more than just your inventory reportโฆ
Your ending inventory is used to calculate your Cost of Goods Sold (COGS). If your inventory balance is too high, your COGS could be understated, which makes your business appear more profitable than it really is.
The bigger problem? You could end up paying income taxes on profits your business didn't actually earn.
That means potentially cutting a larger check to the IRS than necessary, all because your inventory records weren't accurate.
Before closing out your books for the year, compare your inventory records with what's physically on your shelves. Identify any missing, damaged, or unsellable products and make sure they're properly accounted for.
๐๐ง ๐บ๐ฐ๐ถ ๐ธ๐ฆ๐ณ๐ฆ ๐ฑ๐ญ๐ข๐ค๐ช๐ฏ๐จ ๐ข ๐ฏ๐ฆ๐ธ ๐ช๐ฏ๐ท๐ฆ๐ฏ๐ต๐ฐ๐ณ๐บ ๐ฐ๐ณ๐ฅ๐ฆ๐ณ ๐ต๐ฐ๐ฎ๐ฐ๐ณ๐ณ๐ฐ๐ธ, ๐ฉ๐ฐ๐ธ ๐ค๐ฐ๐ฏ๐ง๐ช๐ฅ๐ฆ๐ฏ๐ต ๐ธ๐ฐ๐ถ๐ญ๐ฅ ๐บ๐ฐ๐ถ ๐ฃ๐ฆ ๐ช๐ฏ ๐ต๐ฉ๐ฆ ๐ฏ๐ถ๐ฎ๐ฃ๐ฆ๐ณ๐ด ๐บ๐ฐ๐ถ๐ณ ๐ด๐ฐ๐ง๐ต๐ธ๐ข๐ณ๐ฆ ๐ช๐ด ๐ด๐ฉ๐ฐ๐ธ๐ช๐ฏ๐จ ๐บ๐ฐ๐ถ?
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To the veterans among our families and neighbors, we want you to know that your service is deeply appreciated.
We don't take your willingness to fight for our country lightly. We're grateful for the sacrifices you and your families have made.
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๐๐ฎ๐ป ๐ ๐๐๐ฒ ๐บ๐ ๐ฅ๐ฒ๐พ๐๐ถ๐ฟ๐ฒ๐ฑ ๐ ๐ถ๐ป๐ถ๐บ๐๐บ ๐๐ถ๐๐๐ฟ๐ถ๐ฏ๐๐๐ถ๐ผ๐ป ๐๐ผ ๐ฝ๐ฎ๐ ๐ณ๐ผ๐ฟ ๐บ๐ ๐ด๐ฟ๐ฎ๐ป๐ฑ๐ฐ๐ต๐ถ๐น๐ฑ'๐ ๐ฐ๐ผ๐น๐น๐ฒ๐ด๐ฒ?
Yes, you can use your RMD to fund a 529 college savings plan. But you can't transfer the money directly from your IRA.
Here's how the process works:
1. Withdraw your required distribution into your personal bank account.
2. Account for the income taxes on the taxable portion of that withdrawal.
3. Contribute the money to your grandchild's 529 plan.
Once the money is in the 529, it can grow without annual taxes on investment earnings, and withdrawals for qualified education expenses are tax-free.
If you're thinking about using your 2026 RMD to contribute to your grandchild's college savings, send us a message.
We can help you structure your transfer so you avoid triggering gift tax filings and maximize state tax deductions you might qualify for.
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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 |