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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๐๐ฎ๐ป ๐ ๐๐ฎ๐๐ฒ ๐บ๐ผ๐ฟ๐ฒ ๐ผ๐ป ๐๐ฎ๐
๐ฒ๐ ๐ฏ๐ ๐ฐ๐ผ๐ป๐๐ฟ๐ถ๐ฏ๐๐๐ถ๐ป๐ด ๐๐ผ ๐บ๐ ๐๐ฆ๐?
If you're eligible to contribute to an HSA, adding money before the end of the year can reduce your taxable income. You have two options:
1. ๐๐ผ๐ป๐๐ฟ๐ถ๐ฏ๐๐๐ฒ ๐๐ต๐ฟ๐ผ๐๐ด๐ต ๐๐ผ๐๐ฟ ๐ฒ๐บ๐ฝ๐น๐ผ๐๐ฒ๐ฟ'๐ ๐ฝ๐ฎ๐๐ฟ๐ผ๐น๐น.
When contributions qualify for the payroll tax exclusion, you save on federal income taxes and the 7.65% Social Security and Medicare taxes. Make sure to adjust your contributions before your employer's final December payroll cutoff.
2. ๐๐ฒ๐ฝ๐ผ๐๐ถ๐ ๐บ๐ผ๐ป๐ฒ๐ ๐ฑ๐ถ๐ฟ๐ฒ๐ฐ๐๐น๐ ๐ถ๐ป๐๐ผ ๐๐ผ๐๐ฟ ๐๐ฆ๐.
You have until the April 15 tax filing deadline to make a contribution for 2026. You can still claim an income tax deduction, even if you don't itemize, but you won't get the payroll tax savings.
(๐๐ฐ๐ณ 2026, ๐ต๐ฉ๐ฆ ๐ฎ๐ข๐น๐ช๐ฎ๐ถ๐ฎ ๐๐๐ ๐ค๐ฐ๐ฏ๐ต๐ณ๐ช๐ฃ๐ถ๐ต๐ช๐ฐ๐ฏ ๐ง๐ฐ๐ณ ๐ด๐ฆ๐ญ๐ง-๐ฐ๐ฏ๐ญ๐บ ๐ค๐ฐ๐ท๐ฆ๐ณ๐ข๐จ๐ฆ ๐ช๐ด $4,400.)
Make sure to account for anything your employer has already contributed before adding more money. Going over your limit can trigger a 6% excess contribution penalty.
Comment ๐๐ฆ๐ below if you want help determining your 2026 contributions.
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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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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 |