First State CPAs and Associates

2 hours ago

𝘾𝙖𝙣 𝙄 𝙜𝙚𝙩 𝙖 𝙩𝙖𝙭 𝙘𝙧𝙚𝙙𝙞𝙩 𝙛𝙤𝙧 𝙘𝙤𝙡𝙡𝙚𝙜𝙚 𝙚𝙭𝙥𝙚𝙣𝙨𝙚𝙨?

The American Opportunity Tax Credit can slash up to $2,500 off your tax bill for each eligible student in college. And it includes a "refundable" safety net, so even if you don't owe any taxes at the end of the year, the government will still send you a refund check for up to $1,000 of the leftover credit.

Expenses that 𝗱𝗼 𝗾𝘂𝗮𝗹𝗶𝗳𝘆 for this are tuition, mandatory enrollment fees, required books, and required supplies and equipment. Room and board, meal plans, transportation, parking, and medical insurance 𝗱𝗼𝗻’𝘁 𝗾𝘂𝗮𝗹𝗶𝗳𝘆.

Also, if scholarships, Pell grants, or employer tuition assistance covered part of the cost, that tax-free money has to be subtracted from your qualified expenses.

College costs add up fast. Before you assume you do or don’t qualify, it’s worth checking which expenses actually count.

Contact us to look at this for your specific tax situation. ... See MoreSee Less

First State CPAs and Associates

24 hours ago

𝙒𝙝𝙖𝙩 𝙙𝙤 𝙄 𝙖𝙘𝙩𝙪𝙖𝙡𝙡𝙮 𝙣𝙚𝙚𝙙 𝙩𝙤 𝙛𝙞𝙜𝙪𝙧𝙚 𝙤𝙪𝙩 𝙗𝙚𝙛𝙤𝙧𝙚 𝙄 𝙨𝙩𝙖𝙧𝙩 𝙖 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨?

A new idea doesn’t have to be perfect before you try it. But it does need to answer:
1. Who is this for?
2. What problem does it solve?
3. What would someone actually pay for?
4. What’s the smallest way to try it?

A business is an opportunity to fill a need, so making sure you're clear on what need is being filled and how to actually charge for it is your basis for everything. ... See MoreSee Less

First State CPAs and Associates

2 days ago

𝘾𝙖𝙣 𝙢𝙮 𝙥𝙖𝙞𝙙 𝙡𝙚𝙖𝙫𝙚 𝙥𝙤𝙡𝙞𝙘𝙮 𝙡𝙤𝙬𝙚𝙧 𝙢𝙮 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨’𝙨 𝙩𝙖𝙭 𝙗𝙞𝙡𝙡?

The employer credit for family and medical leave can range from 12.5% to 25% of the wages you pay while an employee is on leave.

But before the credit applies, the policy has to meet specific regulations.

To see if your business qualifies, we’d need to review your leave plan, including:
• Who on your team qualifies based on compensation and hours
• Whether your written policy covers the right employees
• How your leave is funded
• Where your employees are physically located
• Whether your business can actually use the credit this year

Want to know whether your policy may qualify? Comment “LEAVE” and let’s look at the tax side before you try to claim the credit. ... See MoreSee Less