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
Services
Accounting
Services
Software
Services
Retirement
Planning
You probably heard the news about "No Tax on Tips" and expected to see a special box on your W-2 this year. But for most people, that box isn't there.
Because the law was effective halfway through last year, the IRS gave employers a "pass" on reporting these amounts separately for 2025. Your W-2 likely just shows one big lump sum in Box 1 and your social security tips in Box 7.
If you just enter those totals into a tax program and hit "submit," the software won't know youโre eligible for the deduction. It will simply tax you on the whole amount.
๐ง๐ผ ๐ด๐ฒ๐ ๐๐ต๐ฒ ๐ฏ๐ฒ๐ป๐ฒ๐ณ๐ถ๐...
You have to manually report your qualified tips on a new form called Schedule 1-A. Since your W-2 doesn't do the work for you this year, youโll need to rely on your own records or pay stubs to make sure you aren't paying income tax on money that is now deductible.
0 CommentsComment on Facebook
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.
0 CommentsComment on Facebook
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.
0 CommentsComment on Facebook
|
First State CPAs & Associates |
|
|
18 S. State St, Dover, DE 19901 |
|
| (302) 736-6657 | |
| Business Hours | |
| January 1st April 15th | |
| MondayโFriday: | 8amโ5pm |
| Saturday & Sunday: | closed |
| April 16th December 31st | |
| MondayโThursday: | 8amโ5pm |
| Friday, Saturday & Sunday: | closed |