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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๐ช๐ต๐ฎ๐ ๐๐ต๐ผ๐๐น๐ฑ ๐ ๐ฑ๐ผ ๐๐ถ๐๐ต ๐บ๐ ๐๐ฎ๐
๐ฒ๐ ๐ฏ๐ฒ๐๐๐ฒ๐ฒ๐ป ๐น๐ฒ๐ฎ๐๐ถ๐ป๐ด ๐บ๐ ๐ท๐ผ๐ฏ ๐ฎ๐ป๐ฑ ๐๐ฎ๐ธ๐ถ๐ป๐ด ๐ฆ๐ผ๐ฐ๐ถ๐ฎ๐น ๐ฆ๐ฒ๐ฐ๐๐ฟ๐ถ๐๐?
A core strategy we suggest during this retirement gap is a Roth conversion staircase:
โข Move funds from your traditional IRA into a Roth IRA when your income sits in lower tax brackets.
โข Pay taxes today at low rates so that money and its future growth stay 100% tax-free.
โข Convert in stages each December to fill your target bracket line, instead of moving a single lump sum that spikes your tax bracket.
๐๐ฏ๐ฆ ๐ค๐ณ๐ช๐ต๐ช๐ค๐ข๐ญ ๐ณ๐ถ๐ญ๐ฆ: Pay the taxes using cash outside your IRA, such as a high-yield savings or taxable brokerage account. Withholding tax money directly from the IRA reduces your tax-free shelter and triggers a 10% IRS penalty if you're under age 59ยฝ.
If you recently left your job or plan to step away soon, DM us to find out how to map out your retirement gap.
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๐๐ผ๐ฒ๐ ๐บ๐ ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐ ๐พ๐๐ฎ๐น๐ถ๐ณ๐ ๐ณ๐ผ๐ฟ ๐๐ต๐ฒ ๐ฅ&๐ ๐๐ฎ๐
๐ฐ๐ฟ๐ฒ๐ฑ๐ถ๐ ๐๐ต๐ถ๐ ๐๐ฒ๐ฎ๐ฟ?
You donโt need scientists on staff, but the IRS requires your project to hit four specific benchmarks:
1. You set out to build or improve a product, process, or software.
2. The work relied on hard science, engineering, or software development.
3. You faced technical uncertainty about how to achieve the end result when you started.
4. You used a process of trial and error to figure it out.
If you spent time and payroll working through those kinds of technical hurdles this year, you likely qualify. That includes projects that were ultimately scrapped.
๐๐ผ๐บ๐บ๐ฒ๐ป๐ ๐ฅ&๐ if you want to find out if any projects in your business would apply for 2027 filing.
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๐ช๐ต๐ฎ๐ ๐ถ๐ ๐ผ๐ป๐ฒ ๐บ๐ผ๐ป๐ฒ๐ ๐ผ๐ฟ ๐๐ฎ๐
๐ฟ๐๐น๐ฒ ๐๐ผ๐ ๐ต๐ฎ๐ฑ ๐๐ผ ๐น๐ฒ๐ฎ๐ฟ๐ป ๐๐ต๐ฒ ๐ต๐ฎ๐ฟ๐ฑ ๐๐ฎ๐ ๐ฎ๐ ๐ฎ๐ป ๐ฎ๐ฑ๐๐น๐ ๐๐ต๐ฎ๐ ๐๐ผ๐ ๐๐ถ๐๐ต ๐๐ฎ๐ ๐๐ฎ๐๐ด๐ต๐ ๐ถ๐ป ๐ต๐ถ๐ด๐ต ๐๐ฐ๐ต๐ผ๐ผ๐น?
Whether it's how W-4 withholdings work, how interest adds up, or how credit scores are calculated, we've all had that moment. Drop yours below!
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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 |