First State CPAs and Associates

2 hours ago

𝗪𝗵𝗲𝗻 𝗶𝘀 𝘁𝗵𝗲 𝟮𝟬𝟮𝟲 𝗣𝗮𝗿𝘁𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝗮𝗻𝗱 𝗦 𝗖𝗼𝗿𝗽 𝘁𝗮𝘅 𝗳𝗶𝗹𝗶𝗻𝗴 𝗱𝗲𝗮𝗱𝗹𝗶𝗻𝗲?

In 2026, the federal filing deadline for calendar-year S Corporations and Partnerships is Monday, March 16th.

→ Your business files its return (March 16th)
→ The IRS receives a copy
→ Owners receive K-1s
→ Owners file personal returns (April 15th)

The K-1 is the bridge between your business and your personal Form 1040. Without it, your personal return can’t be done correctly. Which is why April 15 is step two for you.

And don’t forget to check your specific state’s filing obligations, as they may be different than federal guidelines. ... See MoreSee Less

First State CPAs and Associates

1 day ago

What's one thing you can do TODAY to get a step closer to your financial goals?

Sometimes naming it is the step you need to take to move in the right direction. ... See MoreSee Less

First State CPAs and Associates

2 days ago

You probably heard the news about "No Tax on Tips" and expected to see a special box on your W-2 this year. But for most people, that box isn't there.

Because the law was effective halfway through last year, the IRS gave employers a "pass" on reporting these amounts separately for 2025. Your W-2 likely just shows one big lump sum in Box 1 and your social security tips in Box 7.

If you just enter those totals into a tax program and hit "submit," the software won't know you’re eligible for the deduction. It will simply tax you on the whole amount.

𝗧𝗼 𝗴𝗲𝘁 𝘁𝗵𝗲 𝗯𝗲𝗻𝗲𝗳𝗶𝘁...
You have to manually report your qualified tips on a new form called Schedule 1-A. Since your W-2 doesn't do the work for you this year, you’ll need to rely on your own records or pay stubs to make sure you aren't paying income tax on money that is now deductible. ... See MoreSee Less