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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๐๐๐๐ฉ ๐๐ง๐ ๐ค๐๐๐ช๐ฅ๐๐ฃ๐๐ฎ ๐ฉ๐๐ญ๐๐จ?
If you rent out your home, apartment, or spare room to guests, income taxes may not be the only tax issue on the table.
Occupancy taxes are taxes charged on the rental price paid by your guest. Theyโre sometimes called tourist tax, hotel tax, room tax, or lodging tax.
Theyโre different from income tax, which is based on your profit.
The confusing part is that occupancy tax rules can change depending on your city or county. And if the tax isnโt collected and sent in correctly, the penalties can be a real problem.
Have a short-term rental or thinking about starting one? Comment โRENTALโ to get help with the tax obligations.
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๐พ๐ค๐ช๐ก๐ ๐ข๐ฎ ๐ฉ๐๐ง๐๐๐ ๐ง๐๐๐ช๐ฃ๐ ๐๐ง๐๐๐ฉ๐ ๐ฉ๐๐ญ๐๐๐ก๐ ๐๐ฃ๐๐ค๐ข๐?
If your business deducted tariff payments as an expense in prior years, you may not be able to treat the refund as tax-free money when it comes back.
Most of the refund will likely need to be reported as taxable income in the year you receive it.
Thereโs another piece to watch too: CBP may include interest with the refund.
For tax reporting, youโll need to separate:
โข The refund principal
โข The interest paid on the refund
Donโt just plan for the cash coming in. Plan for how it may show up on your tax return too. DM us if you want help getting that plan in place.
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Google's updates to its search bar are really interesting: www.techbrew.com/stories/google-it-while-you-still-can
And you might be tempted to ask all kinds of tax questions with the new features. And the thing is, the answer might sound definitive in the results but actually still be wrong for your situation.
Tax questions need details that AI agents don't think to ask for.
Maybe your income changed. Maybe you got an IRS notice. Maybe youโre asking about a deduction, but the real issue is how your business is set up.
Don't rely on quick answers from Gemini when it comes to your IRS obligations.
Ask a professional you can trust (we're right here).
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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 |