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 ๐๐ผ๐ ๐น๐ผ๐๐ฒ๐ฟ ๐๐ผ๐๐ฟ ๐๐ฎ๐
๐ฒ๐ ๐๐ถ๐๐ต ๐ฎ ๐๐ฒ๐น๐ณ-๐ฒ๐บ๐ฝ๐น๐ผ๐๐ฒ๐ฑ ๐ฟ๐ฒ๐๐ถ๐ฟ๐ฒ๐บ๐ฒ๐ป๐ ๐ฝ๐น๐ฎ๐ป?
Yes. Contributing pre-tax earnings to a Solo 401(k) or SEP IRA directly reduces your taxable income for the year.
Here's how those options compare:
โข A Solo 401(k) lets you contribute as both employee ๐ข๐ฏ๐ฅ employer. You can save a lot more, even if your profit is under $100,000.
โข A SEP IRA is employer-funded only. It offers less contribution flexibility at lower income levels, but is easy to set up without much ongoing paperwork.
๐๐ฎ๐ฑ๐ฐ๐ณ๐ต๐ข๐ฏ๐ต ๐ฅ๐ช๐ด๐ต๐ช๐ฏ๐ค๐ต๐ช๐ฐ๐ฏ: pre-tax retirement contributions can lower your federal and state income tax liability, but they don't reduce your 15.3% self-employment tax.
Unsure which plan gives you the biggest tax savings? Send us a message and we can help you calculate the best fit.
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๐ช๐ต๐ฎ๐ ๐ฐ๐ฎ๐ป ๐ ๐ฑ๐ฒ๐ฑ๐๐ฐ๐ ๐ฎ๐ ๐ฎ๐ป ๐ถ๐ป๐ฑ๐ฒ๐ฝ๐ฒ๐ป๐ฑ๐ฒ๐ป๐ ๐ฐ๐ผ๐ป๐๐ฟ๐ฎ๐ฐ๐๐ผ๐ฟ ๐๐ผ ๐น๐ผ๐๐ฒ๐ฟ ๐บ๐ ๐๐ฎ๐
๐ฎ๐ฏ๐น๐ฒ ๐ถ๐ป๐ฐ๐ผ๐บ๐ฒ?
You can deduct ordinary and necessary business expenses, which reduce your taxable net income dollar-for-dollar.
Some of the bigger deductions to check for include:
โข Home office expenses
โข Business mileage
โข Self-employed health insurance premiums
โข The business portion of your phone and internet
โข Software, web hosting, cloud storage, and other business tools
But having the expense isn't always enough. You also need the records to back it up.
Vehicle mileage is a good example. An end-of-year estimate can put your entire mileage deduction at risk if you don't have a detailed log showing the dates, miles driven, and business purpose.
๐๐ฐ ๐บ๐ฐ๐ถ ๐ฌ๐ฆ๐ฆ๐ฑ ๐บ๐ฐ๐ถ๐ณ ๐ฆ๐น๐ฑ๐ฆ๐ฏ๐ด๐ฆ ๐ณ๐ฆ๐ค๐ฐ๐ณ๐ฅ๐ด ๐ข๐ด ๐บ๐ฐ๐ถ ๐จ๐ฐ, ๐ฐ๐ณ ๐ฅ๐ฐ ๐บ๐ฐ๐ถ ๐ถ๐ด๐ถ๐ข๐ญ๐ญ๐บ ๐ฉ๐ข๐ท๐ฆ ๐ต๐ฐ ๐ณ๐ฆ๐ค๐ฐ๐ฏ๐ด๐ต๐ณ๐ถ๐ค๐ต ๐ต๐ฉ๐ฆ๐ฎ ๐ข๐ต ๐ต๐ข๐น ๐ต๐ช๐ฎ๐ฆ?
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๐ช๐ต๐ฎ๐ ๐ฐ๐ฎ๐ป ๐ ๐ฑ๐ผ ๐๐ผ ๐บ๐ฎ๐ธ๐ฒ ๐บ๐ผ๐ป๐ฒ๐ ๐ณ๐ฒ๐ฒ๐น ๐ฎ ๐น๐ถ๐๐๐น๐ฒ ๐น๐ฒ๐๐ ๐๐ถ๐ด๐ต๐ ๐ถ๐ป ๐บ๐ ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐?
If cash feels tight in your business, start by collecting money that's already owed to you.
Here are three places you can start:
1. Audit monthly software and vendor subscriptions, and cancel whatever isn't bringing in revenue or saving time.
2. Send follow-ups on overdue invoices past 15 days (uncollected money is an interest-free loan you're giving away).
3. Offer an add-on service to active clients, which takes less effort than landing a new customer.
Cash flow problems are usually a system issue, not a personal failure.
Send us a DM if you want another set of eyes on your expenses and unpaid invoices.
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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 |