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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๐๐ผ ๐ ๐ต๐ฎ๐๐ฒ ๐๐ผ ๐๐ฝ๐ฒ๐ป๐ฑ ๐ฎ๐น๐น ๐๐ต๐ฒ ๐บ๐ผ๐ป๐ฒ๐ ๐ถ๐ป ๐บ๐ ๐๐ฆ๐ ๐ฏ๐ฒ๐ณ๐ผ๐ฟ๐ฒ ๐๐ฒ๐ฐ๐ฒ๐บ๐ฏ๐ฒ๐ฟ ๐ฏ๐ญ?
No, your Health Savings Account (HSA) funds don't expire at the end of the year. Whatever you don't spend automatically rolls over into the next year. And that money stays yours, even if you change jobs or retire.
The confusion often comes from Flexible Spending Accounts (FSAs), which have different rules. With an FSA, you can lose unspent funds at the end of the plan year unless your employer offers a grace period or limited rollover.
But with an HSA, you can:
โข Keep your unused balance year after year.
โข Leave the money invested so it can grow tax-free.
โข Save those funds for qualified medical expenses years down the road.
๐๐ข๐ท๐ฆ ๐ฎ๐ฐ๐ณ๐ฆ ๐ฒ๐ถ๐ฆ๐ด๐ต๐ช๐ฐ๐ฏ๐ด ๐ข๐ฃ๐ฐ๐ถ๐ต ๐๐๐ ๐ฐ๐ณ ๐๐๐? ๐๐ณ๐ฐ๐ฑ ๐ข ๐ค๐ฐ๐ฎ๐ฎ๐ฆ๐ฏ๐ต ๐ฃ๐ฆ๐ญ๐ฐ๐ธ.
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What's scarier than Halloween? Finding out your business has been paying for subscriptions nobody usesโฆ
Before October ends, pull up your last three months of bank statements and look for recurring charges. Check which services you're actually using and cancel the ones you no longer need to eliminate those extra charges!
๐๐ฉ๐ข๐ต'๐ด ๐ฐ๐ฏ๐ฆ ๐ด๐ถ๐ฃ๐ด๐ค๐ณ๐ช๐ฑ๐ต๐ช๐ฐ๐ฏ ๐บ๐ฐ๐ถ'๐ท๐ฆ ๐ค๐ข๐ถ๐จ๐ฉ๐ต ๐บ๐ฐ๐ถ๐ณ๐ด๐ฆ๐ญ๐ง ๐ฑ๐ข๐บ๐ช๐ฏ๐จ ๐ง๐ฐ๐ณ ๐ญ๐ฐ๐ฏ๐จ ๐ข๐ง๐ต๐ฆ๐ณ ๐บ๐ฐ๐ถ ๐ด๐ต๐ฐ๐ฑ๐ฑ๐ฆ๐ฅ ๐ถ๐ด๐ช๐ฏ๐จ ๐ช๐ต?
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๐ฆ๐ต๐ผ๐๐น๐ฑ ๐ ๐ฟ๐ฒ๐ฐ๐ผ๐ฟ๐ฑ ๐ฎ ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐ ๐ฒ๐
๐ฝ๐ฒ๐ป๐๐ฒ ๐๐ต๐ฒ๐ป ๐ ๐ฝ๐ฎ๐ ๐๐ต๐ฒ ๐ฏ๐ถ๐น๐น ๐ผ๐ฟ ๐๐ต๐ฒ๐ป ๐๐ต๐ฒ ๐๐ผ๐ฟ๐ธ ๐ถ๐ ๐ฑ๐ผ๐ป๐ฒ?
Whether you record an expense when you pay the bill or when the work is completed depends on whether your business uses cash-basis or accrual accounting. And that timing can change how your financial reports look.
With ๐ฐ๐ฎ๐๐ต-๐ฏ๐ฎ๐๐ถ๐ ๐ฎ๐ฐ๐ฐ๐ผ๐๐ป๐๐ถ๐ป๐ด, you record income when money comes in and expenses when money goes out.
With ๐ฎ๐ฐ๐ฐ๐ฟ๐๐ฎ๐น ๐ฎ๐ฐ๐ฐ๐ผ๐๐ป๐๐ถ๐ป๐ด, you record expenses when they're incurred, even if you pay the bill at a different time.
For example, if you pay a contractor in advance for work they'll complete next year, that payment may appear differently in your books depending on which method you use.
When those costs are being recorded matters. Otherwise, you might have trouble figuring out why one month looks more expensive than another.
๐๐ฉ๐ช๐ค๐ฉ ๐ข๐ค๐ค๐ฐ๐ถ๐ฏ๐ต๐ช๐ฏ๐จ ๐ฎ๐ฆ๐ต๐ฉ๐ฐ๐ฅ ๐ฅ๐ฐ ๐บ๐ฐ๐ถ ๐ฑ๐ณ๐ฆ๐ง๐ฆ๐ณ ๐ช๐ฏ ๐บ๐ฐ๐ถ๐ณ ๐ฃ๐ถ๐ด๐ช๐ฏ๐ฆ๐ด๐ด?
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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 |