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 ๐ฑ๐ฒ๐ฑ๐๐ฐ๐ ๐ฒ๐๐ฒ๐ฟ๐๐๐ต๐ถ๐ป๐ด ๐ ๐๐ฝ๐ฒ๐ป๐ ๐ด๐ฒ๐๐๐ถ๐ป๐ด ๐บ๐ ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐ ๐๐๐ฎ๐ฟ๐๐ฒ๐ฑ?
No, not every dollar you spend before opening your business gets treated the same way, because the timing of those expenses matters.
Money you spend before your business officially opens can count as startup costs. Think about expenses like:
โข Market research
โข Advertising your grand opening
โข Travel to secure suppliers
โข Employee training before day one
โข Legal or professional fees related to starting the business
You can write off up to $5,000 of qualifying startup costs in your first active tax year. If your startup costs exceed $50,000, your immediate write-off loses $1 in value for every extra $1 you spend and drops to zero if you pass $55,000.
And any remaining costs over the initial deduction limit have to be spread out over 15 years.
๐๐ฉ๐ช๐ค๐ฉ ๐ด๐ต๐ข๐ณ๐ต๐ถ๐ฑ ๐ฆ๐น๐ฑ๐ฆ๐ฏ๐ด๐ฆ ๐ฅ๐ฐ ๐ฃ๐ถ๐ด๐ช๐ฏ๐ฆ๐ด๐ด ๐ฐ๐ธ๐ฏ๐ฆ๐ณ๐ด ๐จ๐ฆ๐ต ๐ด๐ถ๐ณ๐ฑ๐ณ๐ช๐ด๐ฆ๐ฅ ๐ฃ๐บ ๐ต๐ฉ๐ฆ ๐ฎ๐ฐ๐ด๐ต?
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๐ช๐ต๐ฎ๐ ๐ณ๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น ๐ฟ๐ฒ๐ฐ๐ผ๐ฟ๐ฑ๐ ๐๐ต๐ผ๐๐น๐ฑ ๐ ๐ฎ๐น๐๐ฎ๐๐ ๐ต๐ฎ๐๐ฒ ๐ฏ๐ฎ๐ฐ๐ธ๐ฒ๐ฑ ๐๐ฝ?
Make sure you have electronic copies of your...
โข 3 to 7 years of tax returns
โข Recent bank and investment statements
โข Insurance summary pages (auto, home, health, life)
โข Property deeds, car titles, and leases
โข Basic business records (LLC setup files and contracts)
Tracking down lost copies can easily take 8 to 15 hours of phone calls and waiting on hold... which is the last thing you need during an emergency.
September goal: Spend 30 minutes this week downloading or scanning these files, and save them in one secure spot. Make sure you can access them even if your phone or laptop dies.
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๐ฆ๐ต๐ผ๐๐น๐ฑ ๐ ๐๐๐ถ๐น๐น ๐ณ๐ถ๐น๐ฒ ๐บ๐ ๐๐ฎ๐
๐ฟ๐ฒ๐๐๐ฟ๐ป ๐ฏ๐ ๐ข๐ฐ๐๐ผ๐ฏ๐ฒ๐ฟ ๐ญ๐ฑ ๐ถ๐ณ ๐ ๐ฐ๐ฎ๐ปโ๐ ๐ฎ๐ณ๐ณ๐ผ๐ฟ๐ฑ ๐๐ผ ๐ฝ๐ฎ๐ ๐๐ต๐ฎ๐ ๐ ๐ผ๐๐ฒ?
Yes, you should still file your tax return by October 15, even if you canโt afford to pay the full amount you owe.
Filing and paying are two different issues, and missing the filing deadline can make an already difficult tax bill more expensive.
After the deadline, the failure-to-file penalty is 5% of your unpaid tax for each month or partial month your return is late, up to 25%.
The failure-to-pay penalty is much lower at 0.5% per month, also capped at 25%.
So if you canโt pay the full balance, file the return on time anyway.
Then we can help you look at your payment options. The IRS offers short-term plans of up to 180 days, and taxpayers who owe under $50,000 are often able to set up a monthly installment agreement online.
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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 |