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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๐ช๐ต๐ฎ๐ ๐ถ๐ ๐ผ๐ป๐ฒ ๐ณ๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น ๐ด๐ผ๐ฎ๐น ๐๐ต๐ฎ๐ ๐ต๐ฎ๐ ๐ต๐ฒ๐น๐ฝ๐ฒ๐ฑ ๐๐ผ๐๐ฟ ๐ฟ๐ฒ๐น๐ฎ๐๐ถ๐ผ๐ป๐๐ต๐ถ๐ฝ ๐๐๐ฎ๐ ๐ผ๐ป ๐๐ต๐ฒ ๐๐ฎ๐บ๐ฒ ๐ฝ๐ฎ๐ด๐ฒ?
Roses are great, but nothing spells long-lasting romance like agreeing on a budget and actually sticking to it. When you take the time to align your "why" and your "how," youโre building a future you both actually want to live in.
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๐ฆ๐ต๐ผ๐๐น๐ฑ ๐๐ผ๐ ๐๐๐ฒ ๐๐ต๐ฒ ๐ฐ๐ฎ๐๐ต ๐ผ๐ฟ ๐ฎ๐ฐ๐ฐ๐ฟ๐๐ฎ๐น ๐ฏ๐ฎ๐๐ถ๐ ๐ณ๐ผ๐ฟ ๐๐ผ๐๐ฟ ๐ฃ&๐?
The right choice depends entirely on your business setup and how you need to manage your cash flow:
๐๐ต๐ผ๐ผ๐๐ฒ ๐๐ฎ๐๐ต ๐๐ฎ๐๐ถ๐ ๐ถ๐ณ...
You are a service-based business or a solopreneur. It keeps your books aligned with your bank balance and gives you the flexibility to "buy down" your tax liability at year-end by paying expenses before December 31.
๐๐ต๐ผ๐ผ๐๐ฒ ๐๐ฐ๐ฐ๐ฟ๐๐ฎ๐น ๐๐ฎ๐๐ถ๐ ๐ถ๐ณ...
You carry inventory, manage a team, or have long-term projects. You need to see your true profit margins without the "noise" of when a client actually pays.
Most businesses start with cash, but as you grow or add inventory, the switch to accrual often becomes a necessity for both accuracy and compliance. Of course, our recommendation for your business will depend on many other factors not covered here.
Comment "P&L" below if you want help figuring out which setup makes the most sense for your goals this year.
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๐ช๐ต๐ฎ๐ ๐๐ฎ๐
๐ฐ๐ฟ๐ฒ๐ฑ๐ถ๐๐ ๐ฐ๐ฎ๐ป ๐๐ผ๐ ๐ฐ๐น๐ฎ๐ถ๐บ ๐ฎ๐ ๐ฎ ๐๐ผ๐ฟ๐ธ๐ฒ๐ฟ ๐ผ๐ฟ ๐๐๐๐ฑ๐ฒ๐ป๐ ๐๐ต๐ถ๐ ๐๐ฒ๐ฎ๐ฟ?
There are five major 2025 tax credits I look for to help put money back in your pocket:
1. Earned Income Tax Credit
Worth up to $๐ด,๐ฌ๐ฐ๐ฒ. It is fully refundable, so you can receive it even if your tax bill is zero.
2. American Opportunity Credit
Up to $๐ฎ,๐ฑ๐ฌ๐ฌ per student for tuition and fees. This is generally limited to the first four years of higher education.
3. Lifetime Learning Credit
A more flexible $๐ฎ,๐ฌ๐ฌ๐ฌ credit for grad school, professional development, or even a single course.
4. Premium Tax Credit
This helps offset monthly premium costs if you purchased health insurance through the Marketplace.
5. Saverโs Credit
A credit of up to $๐ญ,๐ฌ๐ฌ๐ฌ ($2,000 for married couples) specifically for contributing to your retirement account.
The rules for these creditsโespecially around income limits and filing statusโare more complex than they look on the surface.
๐๐ณ ๐๐ผ๐ ๐ฎ๐ฟ๐ฒ๐ปโ๐ ๐ญ๐ฌ๐ฌ% ๐๐๐ฟ๐ฒ ๐๐ต๐ถ๐ฐ๐ต ๐ผ๐ณ ๐๐ต๐ฒ๐๐ฒ ๐๐ผ๐ ๐พ๐๐ฎ๐น๐ถ๐ณ๐ ๐ณ๐ผ๐ฟ, ๐น๐ฒ๐ฎ๐๐ฒ ๐ฎ "๐โโ๏ธ" ๐ผ๐ฟ "๐โโ๏ธ" ๐ถ๐ป ๐๐ต๐ฒ ๐ฐ๐ผ๐บ๐บ๐ฒ๐ป๐๐.
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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 April 15th | |
| MondayโFriday: | 8amโ5pm |
| Saturday & Sunday: | closed |
| April 16th December 31st | |
| MondayโThursday: | 8amโ5pm |
| Friday, Saturday & Sunday: | closed |