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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Cash flow gaps happen to the best of us. Aside from a bank loan, whatโs the most creative way youโve ever bridged a financial gap?
Letโs share some ideas for the community.
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๐๐ค๐ฌ ๐๐ค ๐ ๐ฉ๐ง๐๐๐ ๐ข๐ฎ ๐๐ช๐จ๐๐ฃ๐๐จ๐จ ๐ข๐๐ก๐๐จ ๐ฉ๐๐ ๐ง๐๐๐๐ฉ ๐ฌ๐๐ฎ?
For 2026, the mileage rate is ๐ณ๐ฎ.๐ฑ ๐ฐ๐ฒ๐ป๐๐ ๐ฝ๐ฒ๐ฟ ๐บ๐ถ๐น๐ฒ. So if you drove 12,000 business miles, thatโs an $8,700 deduction.
But to claim it, you have to keep a log that proves it. Your log must include:
โข Date of the trip
โข Where you went
โข Business purpose
โข Miles driven
And make sure you track this as you go rather than trying to rebuild it later.
Also worth knowing:
โข Commuting from home to your regular office isnโt deductibleโฆ
โข Driving between work locations or to client meetings is!
Comment MILEAGE below if you want help figuring out the right mileage tracking method for your business.
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๐๐ ๐ ๐จ๐ฉ๐๐ง๐ฉ ๐ข๐ฎ ๐ค๐ฌ๐ฃ ๐๐ช๐จ๐๐ฃ๐๐จ๐จ, ๐๐ข ๐ ๐ฉ๐๐ญ๐๐ ๐ค๐ฃ ๐๐ซ๐๐ง๐ฎ๐ฉ๐๐๐ฃ๐ ๐ฉ๐๐ ๐๐ช๐จ๐๐ฃ๐๐จ๐จ ๐๐ง๐๐ฃ๐๐จ ๐๐ฃ?
If you do make the leap to leave your 9-to-5 and start your own business, tax obligations do change. Though youโre not taxed on EVERYTHING, you are taxed on your net profit (your revenue minus deductible business expenses).
So if you earn $100,000 and have $20,000 in valid expenses, youโre taxed on $80,000โฆbut only if those expenses are actually tracked.
That means filing:
โข Receipts
โข Business bank and credit card statements
โข Mileage logs, if you drive for business
โข Records that show the business purpose
When youโre self-employed, the burden of proof is on you.
If you canโt show it, itโs much harder to claim it.
If you want a tax consultation for setting up your business in a tax smart way so you're compliant with the IRS's requirements, DM us.
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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 |