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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The 4th of July might be over, but it is not too late to declare independence from broken financial reporting.
You can't run a profitable business on guesswork. We fix the data so you can make the right moves. Send us a message today if you're ready for that kind of independence.
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๐ช๐ถ๐น๐น ๐บ๐ ๐ฐ๐ต๐ฎ๐ฟ๐ถ๐๐ฎ๐ฏ๐น๐ฒ ๐ฑ๐ผ๐ป๐ฎ๐๐ถ๐ผ๐ป๐ ๐๐๐ถ๐น๐น ๐น๐ผ๐๐ฒ๐ฟ ๐บ๐ ๐๐ฎ๐
๐ฏ๐ถ๐น๐น ๐ถ๐ณ ๐ ๐ถ๐๐ฒ๐บ๐ถ๐๐ฒ ๐ฑ๐ฒ๐ฑ๐๐ฐ๐๐ถ๐ผ๐ป๐?
Yes, but starting in 2026, itemizers have a new threshold to clear first.
If you itemize deductions, only the portion of your charitable giving that exceeds 0.5% of your Adjusted Gross Income (AGI) can be deducted.
Here's a simple example:
โข AGI: $200,000
โข 0.5% threshold: $1,000
โข Charitable donations: $5,000
In this case, the first $1,000 of giving doesn't count toward your deduction. The remaining $4,000 is potentially deductible.
That's why larger donors may want to start planning before year-end.
One strategy is a Donor-Advised Fund (DAF), which can allow multiple years of charitable giving to be grouped together in a single tax year.
If charitable giving is part of your tax planning, now is a good time to estimate where you stand for 2026 and see how these new rules could affect you.
Comment GIVE below if you'd like help reviewing your charitable giving strategy.
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๐ช๐ต๐ฒ๐ป ๐๐ฎ๐ ๐๐ต๐ฒ ๐น๐ฎ๐๐ ๐๐ถ๐บ๐ฒ ๐๐ผ๐ ๐ฝ๐ฎ๐ถ๐ฑ ๐ณ๐ผ๐ฟ ๐๐ผ๐บ๐ฒ๐๐ต๐ถ๐ป๐ด ๐๐ถ๐๐ต ๐ฐ๐ฎ๐๐ต?
Swiping a card or completing a virtual payment creates a psychological disconnect from the fact that you're spending money. It doesnโt โhurtโ quite the same way handing over paper cash does. And that convenience can make it dangerously easy to lose track of the recurring expenses quietly draining your account: streaming service subscriptions, AI softwares, memberships, and autorenewals you forgot existed.
To get control of that missing cash flow, start by pulling your last three months of bank statements.
Go line by line and look for any recurring charges you havenโt actively used in the last 30 days. Then cancel what no longer earns its keep.
Reviewing the actual data helps bridge the gap that digital convenience creates. Sometimes plugging the leaks starts with seeing where the money is actually going.
Do you pay more attention to spending when you use cash or card?
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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 |