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 ๐บ๐ ๐ฆ ๐ฐ๐ผ๐ฟ๐ฝ ๐ฟ๐ฒ๐ถ๐บ๐ฏ๐๐ฟ๐๐ฒ ๐บ๐ฒ ๐ณ๐ผ๐ฟ ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐ ๐ฒ๐
๐ฝ๐ฒ๐ป๐๐ฒ๐ ๐ ๐ฝ๐ฎ๐ถ๐ฑ ๐ฝ๐ฒ๐ฟ๐๐ผ๐ป๐ฎ๐น๐น๐?
Yes, your S corp can reimburse you through an Accountable Plan, which is a formal arrangement for handling those reimbursements.
For example, say you paid $6,000 in qualifying business expenses personally. Without an Accountable Plan, your S corp gets no write-off for those expenses.
With an Accountable Plan:
โข Your S corp claims the $6,000 deduction
โข Your K-1 taxable income is reduced by $6,000
โข The $6,000 reimbursement isnโt included in your W-2 wages
โข The reimbursement goes back into your personal account tax-free
If business expenses keep coming out of your personal account, it could be time to make sure your S corp is reimbursing you the right way.
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AI can give you financial advice, but new Stanford research found that the quality of that advice depends on how you ask for it.
It's okay to ask ChatGPT your tax questions, but youโre better off talking to a tax professional (something even it recommends) before executing any advice you find on there. Because even if it gives you an answer, you might not be asking the right question.
But we do.
The quality of AI’s financial advice depends on how you ask
news.stanford.edu
A Stanford GSB study finds LLMs nudge users toward smart savings and investing habits โ but the guidance skews weaker for women and less financially literate prompters.0 CommentsComment on Facebook
๐๐ผ ๐ฝ๐ฎ๐๐บ๐ฒ๐ป๐ ๐ฎ๐ฝ๐ฝ๐ ๐ฟ๐ฒ๐ฝ๐ผ๐ฟ๐ ๐บ๐ ๐ฎ๐ฐ๐๐๐ฎ๐น ๐ฝ๐ฟ๐ผ๐ณ๐ถ๐ ๐๐ผ ๐๐ต๐ฒ ๐๐ฅ๐ฆ?
Third-party payment apps report your gross transfers to the IRS.
Say you originally bought a couch for $1,200 and later sold it through Cash App for $400.
If you keep the record showing what you originally paid, you can prove that $400 transfer wasnโt a $400 gain. You sold the couch at a loss.
Don't rely only on PayPal, Venmo, Cash App, or whichever payment platform you're using to track things for you.
Keep the records that show what those payments actually represent.
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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 |