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
Did you know there are two different tax credits for higher education?
The catch? You can't claim both for the same student and expenses.
The IRS recently shared a helpful comparison of the American Opportunity Tax Credit and the Lifetime Learning Credit. It's worth a look.
Education credits - AOTC and LLC | Internal Revenue Service
www.irs.gov
Education credits like the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC) can help with the cost of higher education. See if you qualify.0 CommentsComment on Facebook
๐๐ฎ๐ป ๐ณ๐๐ป๐ฑ๐ถ๐ป๐ด ๐ง๐ฟ๐๐บ๐ฝ ๐๐ฐ๐ฐ๐ผ๐๐ป๐๐ ๐ต๐ฒ๐น๐ฝ ๐บ๐ ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐ ๐๐ฎ๐๐ฒ ๐ผ๐ป ๐๐ฎ๐
๐ฒ๐?
Yes. Direct employer contributions to a child's Trump Account are exempt from federal income tax withholding, Social Security tax (6.2%), and Medicare tax (1.45%).
That 7.65% total FICA exclusion applies to both you and your employee.
Here's how that math breaks down annually:
โข 1 participating employee (up to $2,500 contribution): $191.25 saved in payroll tax
โข 10 participating employees: $1,912.50 saved
โข 25 participating employees: $4,781.25 saved
โข 50 participating employees: $9,562.50 saved
Instead of paying those funds to the Treasury, you're redirecting them into a corporate tax deduction and building goodwill with your team.
Want to see if adding this benefit fits into your tax strategy? DM us and we can review your options.
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 |