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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๐๐ผ ๐ ๐๐๐ถ๐น๐น ๐ฝ๐ฎ๐ ๐ฝ๐ฟ๐ผ๐ฝ๐ฒ๐ฟ๐๐ ๐๐ฎ๐
๐ผ๐ป ๐ฒ๐พ๐๐ถ๐ฝ๐บ๐ฒ๐ป๐ ๐บ๐ ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐ ๐ป๐ผ ๐น๐ผ๐ป๐ด๐ฒ๐ฟ ๐๐๐ฒ๐?
Yes, if that equipment is still listed on your active fixed asset schedule, it can still show up in your local property tax reporting. Thatโs why reviewing your asset list before tax deadlines matters. Look for equipment thatโs been:
โข Sold
โข Broken
โข Thrown away
โข Replaced
โข Sitting unused for years
Cleaning up those outdated records can reduce your local property tax bill and help you claim deductions you may have missed when the equipment left your business.
The first step is straightforward: compare whatโs on your paper asset list with whatโs actually still in your building.
If itโs been more than a year since you reviewed your asset list, send us a DM. We can help you look for ghost assets before the next reporting deadline.
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๐๐ฎ๐ป ๐ ๐๐๐ถ๐น๐น ๐ด๐ฒ๐ ๐ฎ ๐๐ฎ๐
๐ฏ๐ฟ๐ฒ๐ฎ๐ธ ๐ณ๐ผ๐ฟ ๐ฐ๐ต๐ฎ๐ฟ๐ถ๐๐ฎ๐ฏ๐น๐ฒ ๐ฑ๐ผ๐ป๐ฎ๐๐ถ๐ผ๐ป๐ ๐ถ๐ณ ๐ ๐๐ฎ๐ธ๐ฒ ๐๐ต๐ฒ ๐๐๐ฎ๐ป๐ฑ๐ฎ๐ฟ๐ฑ ๐ฑ๐ฒ๐ฑ๐๐ฐ๐๐ถ๐ผ๐ป?
Thanks to OBBBA changes, starting in 2026, you can now claim a dedicated deduction for cash donations to qualified public charities, even if you donโt itemize, up to...
โข $1,000 for single filers
โข $2,000 for married couples filing jointly (๐ต๐ฉ๐ฆ ๐ญ๐ช๐ฎ๐ช๐ต ๐ข๐ฑ๐ฑ๐ญ๐ช๐ฆ๐ด ๐ต๐ฐ ๐ต๐ฉ๐ฆ ๐ฆ๐ฏ๐ต๐ช๐ณ๐ฆ ๐ซ๐ฐ๐ช๐ฏ๐ต ๐ณ๐ฆ๐ต๐ถ๐ณ๐ฏ, ๐ฏ๐ฐ๐ต ๐ฆ๐ข๐ค๐ฉ ๐ด๐ฑ๐ฐ๐ถ๐ด๐ฆ ๐ด๐ฆ๐ฑ๐ข๐ณ๐ข๐ต๐ฆ๐ญ๐บ)
This includes cash, check, or credit card donations.
(Physical good donations don't count toward this specific deduction.)
If you arenโt sure whether your regular donations qualify for the deduction or you want to be more strategic with your giving this year, comment ๐๐๐ฉ๐ below to schedule a time to go over it.
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๐๐ ๐บ๐ ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐ ๐๐๐ถ๐น๐น ๐ฝ๐ฎ๐๐ถ๐ป๐ด ๐๐ฎ๐
๐ฒ๐ ๐ผ๐ป ๐ฒ๐พ๐๐ถ๐ฝ๐บ๐ฒ๐ป๐ ๐ ๐๐ต๐ฟ๐ฒ๐ ๐ฎ๐๐ฎ๐ ๐๐ฒ๐ฎ๐ฟ๐ ๐ฎ๐ด๐ผ?
When you buy equipment, it gets added to your depreciation schedule. But if you later throw it away, sell it, or replace it without updating your records, it can stay on your books for years.
In our industry, we call these ghost assets (items that no longer exist in your business but are still haunting your accounting records).
That can create two costly problems:
โข You could be paying local property taxes on equipment you no longer own.
โข You could be missing a tax deduction from properly disposing of the asset.
That's why it's worth reviewing your fixed asset list every so often. You might be surprised by what's still hanging around on your records.
Comment GHOST below if you'd like us to review your active asset listing for ghost assets and other missing items.
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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 |