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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๐๐ผ๐ฒ๐ ๐ถ๐ ๐บ๐ฎ๐๐๐ฒ๐ฟ ๐ต๐ผ๐ ๐ ๐๐ฒ๐ป๐ฑ ๐บ๐ ๐ฐ๐ต๐ถ๐น๐ฑ ๐บ๐ผ๐ป๐ฒ๐ ๐ณ๐ผ๐ฟ ๐ฎ ๐ต๐ผ๐๐๐ฒ ๐ฑ๐ผ๐๐ป ๐ฝ๐ฎ๐๐บ๐ฒ๐ป๐?
Yes, how you transfer the down payment matters because the IRS and mortgage underwriters may want a clear paper trail showing where the funds came from. Informal transfers can create red flags and even stall the mortgage process while the source of the money is verified.
That means the gift amount you report to the lender should match the amount that actually leaves your account and reaches your child.
For a cleaner paper trail:
โข Use a traceable wire transfer or cashier's check
โข Save the bank statement or transfer record that shows the money leaving your account
โข Make sure the gift amount listed on the lender paperwork matches the amount you actually transferred
โข Avoid unverified cash or unstructured peer-to-peer transfers
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www.wsj.com/business/autos/gm-to-produce-patriot-missile-parts-as-u-s-faces-critical-arms-shortag...
If GM can turn assembly lines into missile production, you can definitely launch that new product line you've been putting off.
And just like GM, you can write off 100% of your new equipment in Year 1 using Section 179.
If you're adding a new revenue line before year-end and want guidance on how to structure it right, DM us.
GM to Produce Patriot Missile Parts as U.S. Faces Critical Arms Shortage
www.wsj.com
The Detroit automakerโs partnership with Lockheed Martin is a potential lift to Americaโs munitions supplies depleted by the conflicts in Ukraine and the Middle East.0 CommentsComment on Facebook
๐๐ผ ๐ ๐ต๐ฎ๐๐ฒ ๐๐ผ ๐บ๐ฎ๐ธ๐ฒ ๐พ๐๐ฎ๐ฟ๐๐ฒ๐ฟ๐น๐ ๐๐ฎ๐
๐ฝ๐ฎ๐๐บ๐ฒ๐ป๐๐ ๐ป๐ผ๐ ๐๐ต๐ฎ๐ ๐ ๐ผ๐๐ป ๐ฎ ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐?
Unless your business is a tax-exempt 501(c)(3) or you expect to owe under $1,000 in total tax, you are required to make quarterly estimated tax payments to the IRS.
This estimate covers income tax you'll owe as well as the 15.3% self-employment tax that you also must cover.
To stay ahead of your deadlines, open a separate tax savings account and automatically transfer 25% to 30% of your net profits into it.
That way, the money is already set aside when payment time comes.
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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 |