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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Tax software is designed to help you ๐ง๐ช๐ญ๐ฆ.
A Tax Pro is designed to help you ๐ช๐๐ก.
Tax software is mainly concerned with your history and checking off boxes of compliance. We go beyond that. We look at where you're going.
Hereโs why those "DIY" savings might be costing you a fortune:
๐๐ผ๐ป๐ด-๐ง๐ฒ๐ฟ๐บ ๐ฆ๐๐ฟ๐ฎ๐๐ฒ๐ด๐ ๐๐. ๐๐๐ฟ๐ฟ๐ฒ๐ป๐ ๐๐ถ๐น๐ถ๐ป๐ด
๐ป Software focuses on the final number you owe ๐ต๐ฐ๐ฅ๐ข๐บ. It doesn't know if that number is high relative to your peers or your potential.
๐จ๐พโ๐ผ We look at your long-term goalsโlike selling a business or retiringโto implement strategies like "income shifting" that an algorithm isn't programmed to suggest.
๐ง๐ฎ๐
๐๐ฟ๐ฒ๐ฑ๐ถ๐๐ ๐๐. ๐ฆ๐๐ฎ๐ป๐ฑ๐ฎ๐ฟ๐ฑ ๐๐ฒ๐ฑ๐๐ฐ๐๐ถ๐ผ๐ป๐
๐ป Software is great at standard deductions, which only lower your taxable income.
But remember: ๐ข $1,000 ๐ฅ๐ฆ๐ฅ๐ถ๐ค๐ต๐ช๐ฐ๐ฏ ๐ฎ๐ช๐จ๐ฉ๐ต ๐ด๐ข๐ท๐ฆ ๐บ๐ฐ๐ถ $250, ๐ธ๐ฉ๐ช๐ญ๐ฆ ๐ข $1,000 ๐ค๐ณ๐ฆ๐ฅ๐ช๐ต ๐ด๐ข๐ท๐ฆ๐ด ๐บ๐ฐ๐ถ $1,000.
๐จ๐พโ๐ผ We hunt for specialized credits (like the WOTC or Energy Efficiency Credits) that require the nuance software misses.
๐๐๐ฑ๐ถ๐ ๐ฃ๐ฟ๐ผ๐๐ฒ๐ฐ๐๐ถ๐ผ๐ป ๐๐. ๐๐ด๐ด๐ฟ๐ฒ๐๐๐ถ๐๐ฒ ๐ฅ๐ถ๐๐ธ๐
๐ป Software is a "Yes Man." It will let you take an aggressive deductionโlike 100% of a luxury vehicleโwithout warning you about the "Recapture" trap three years down the road.
๐จ๐พโ๐ผ We know when a red flag costs more in audit fees than it saves in taxes. Avoiding disaster is the ultimate ROI.
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Don't DIY your taxes this year if one of these applies to you...
1. ๐๐ง ๐บ๐ฐ๐ถ ๐ธ๐ฐ๐ณ๐ฌ๐ฆ๐ฅ ๐ฐ๐ท๐ฆ๐ณ๐ต๐ช๐ฎ๐ฆ ๐ข๐ด ๐ข ๐ฏ๐ฐ๐ฏ-๐ฆ๐น๐ฆ๐ฎ๐ฑ๐ต ๐ฉ๐ฐ๐ถ๐ณ๐ญ๐บ ๐ฆ๐ฎ๐ฑ๐ญ๐ฐ๐บ๐ฆ๐ฆ...
Your W-2 wonโt show the deductible โhalfโ portion of time-and-a-half to claim the overtime deduction yet.
2. ๐๐ง ๐บ๐ฐ๐ถ ๐ฆ๐ข๐ณ๐ฏ๐ฆ๐ฅ ๐ต๐ช๐ฑ๐ด... You need tip logs, POS reports, or detailed employer summaries to claim the deduction for up to $25,000 of qualified tip income.
3. ๐๐ง ๐บ๐ฐ๐ถ ๐ฃ๐ฐ๐ถ๐จ๐ฉ๐ต ๐ข ๐ฏ๐ฆ๐ธ, ๐ฅ๐ฐ๐ฎ๐ฆ๐ด๐ต๐ช๐ค-๐ข๐ด๐ด๐ฆ๐ฎ๐ฃ๐ญ๐ฆ๐ฅ ๐ฑ๐ฆ๐ณ๐ด๐ฐ๐ฏ๐ข๐ญ ๐ท๐ฆ๐ฉ๐ช๐ค๐ญ๐ฆ: You'll need a loan statement showing total interest paid and paperwork confirming the vehicle was new and domestic-assembled to claim the $10,000 car loan interest deduction.
4. ๐๐ง ๐บ๐ฐ๐ถ (๐ฐ๐ณ ๐บ๐ฐ๐ถ๐ณ ๐ด๐ฑ๐ฐ๐ถ๐ด๐ฆ) ๐ข๐ณ๐ฆ 65 ๐ฐ๐ณ ๐ฐ๐ญ๐ฅ๐ฆ๐ณ: Claim the new $6,000 senior deduction ($12,000 for joint filers), plus the standard retirement tax claims.
5. ๐๐ง ๐บ๐ฐ๐ถ ๐ฉ๐ข๐ท๐ฆ ๐ข ๐ด๐ช๐ฅ๐ฆ ๐จ๐ช๐จ: You'll need gross receipts records. The 1099-K threshold is back to $20,000 and 200 transactions, so you may not receive a form for smaller side income, but you still need to report it.
6. ๐๐ง ๐บ๐ฐ๐ถ ๐ฉ๐ข๐ฅ ๐ฅ๐ช๐จ๐ช๐ต๐ข๐ญ ๐ข๐ด๐ด๐ฆ๐ต ๐ต๐ณ๐ข๐ฏ๐ด๐ข๐ค๐ต๐ช๐ฐ๐ฏ๐ด: You'll need Form 1099-DA ๐ข๐ฏ๐ฅ any records showing cost basis or wallet-to-wallet transfers.
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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 |