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
๐ช๐ต๐ฎ๐ ๐ฐ๐ฎ๐ป ๐ ๐ฑ๐ผ ๐ฏ๐ฒ๐ณ๐ผ๐ฟ๐ฒ ๐๐ฒ๐ฎ๐ฟ-๐ฒ๐ป๐ฑ ๐๐ผ ๐ฝ๐ฟ๐ผ๐๐ฒ๐ฐ๐ ๐บ๐ ๐ฆ๐๐๐ง ๐ฑ๐ฒ๐ฑ๐๐ฐ๐๐ถ๐ผ๐ป ๐ณ๐ฟ๐ผ๐บ ๐๐ต๐ฒ ๐ฝ๐ต๐ฎ๐๐ฒ๐ผ๐๐?
Here are four moves to make before December 31st to protect your tax savings:
1. Check your income projection. If your income falls between $505,000 and $606,333, every extra dollar costs you $0.30 in write-offs. Lowering your gross income through pre-tax contributions or capital loss harvesting keeps those savings intact. Over $606,333, switch your focus to business-level deduction options.
2. Look into a PTE election. If you own an S Corp, LLC, or partnership, a Pass-Through Entity election bypasses the personal SALT cap entirely. Just keep an eye on your state's quarterly deadlines.
3. Test for Alternative Minimum Tax (AMT). High state and property taxes can trigger AMT. Running this test early keeps you from relying on Schedule A write-offs that won't work under parallel tax calculations.
4. Time your deductions across multiple years. Combine two or three years of charitable giving into one year using a Donor-Advised Fund to beat the $32,200 joint standard deduction, or pay property taxes in your highest-income years.
If you pay heavy state or property taxes, DM us to set up a time to review your projected income before year-end.
0 CommentsComment on Facebook
๐ช๐ต๐ ๐ฑ๐ถ๐ฑ๐ป'๐ ๐ ๐ด๐ฒ๐ ๐๐ต๐ฒ ๐ณ๐๐น๐น ๐๐๐ฎ๐๐ฒ ๐๐ฎ๐
๐ฑ๐ฒ๐ฑ๐๐ฐ๐๐ถ๐ผ๐ป ๐ถ๐ณ ๐๐ต๐ฒ ๐น๐ถ๐บ๐ถ๐ ๐๐ฒ๐ป๐ ๐๐ฝ?
The short answer: Income phaseouts.
While the 2026 SALT cap jumped to $40,400, once your income passes $505,000, the IRS gradually scales that write-off back down to $10,000.
3 quick ways to keep your write-offs:
1. Max out pre-tax retirement contributions before Dec 31.
2. Harvest capital losses to offset gains and trim your adjusted income.
3. Map out a strategy before this higher cap resets in 2030.
Want to see if itemizing makes sense for you this year?
Comment ๐ฃ๐๐๐ก below to get something scheduled.
0 CommentsComment on Facebook
How many of your receipts are currently:
๐ In your wallet
๐ In your car
๐ฆ In a random drawer
๐ฑ Or buried in your camera roll?
No judgment, we've seen it all!
What if we told you there's an easy way to keep track of those?
0 CommentsComment on Facebook
|
First State CPAs & Associates |
|
|
18 S. State St, Dover, DE 19901 |
|
| (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 |