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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It’s not too late to separate business and personal funds. I’d recommend setting aside 1-2 hours per week to start tackling these steps:
1. Open a dedicated business checking account (and card) so new transactions stay clean.
2. Go through the last 3–6 months of bank and credit card statements and tag what’s business vs. personal. Pay special attention to meals, travel, vehicle, and home-office costs (the IRS scrutinizes these closely).
3. Start a habit of documenting personal-to-business transfers as an owner’s contribution or as a loan (with a promissory note if it’s truly a loan). And keep documentation for deposits.
4. Reimburse the business for personal charges you accidentally ran through the company account; book those reimbursements correctly (distribution/draw or wages, if needed).
5. Tighten your receipts and recordkeeping for meals, travel, vehicle, and home office. Note the amount, time, place, and business purpose. And for home office, be sure it meets the “regular & exclusive use” test.
Got a question about how to separate your business and personal accounts? Drop it in the comments below.
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Have you heard people say Social Security isn’t taxed anymore?
That’s not quite true. The IRS still taxes up to 85% of Social Security income, depending on your total income.
What 𝘥𝘪𝘥 change for 2025 is a new $6,000 deduction for taxpayers 65 and older — or $12,000 if both spouses qualify.
It doesn’t make Social Security tax-free, but it can reduce your overall taxable income (and sometimes eliminate your federal tax bill entirely).
This deduction lasts 2025 through 2028, so it’s worth reviewing your income plan early to make the most of it.
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You set goals for 2025 — but when’s the last time you checked if you’re actually on track?
What gets measured gets managed. For most small businesses, that means watching things like:
• 𝗖𝗮𝘀𝗵 𝗳𝗹𝗼𝘄 (are you bringing in more than you’re spending?)
• 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝘀 𝗿𝗲𝗰𝗲𝗶𝘃𝗮𝗯𝗹𝗲 (are you collecting what’s owed quickly enough?)
• 𝗡𝗲𝘁 𝗽𝗿𝗼𝗳𝗶𝘁 𝗺𝗮𝗿𝗴𝗶𝗻 (is your business really profitable…or just busy?).
These numbers are levers. When you know them, you can pull on them to make smarter calls, fix problems early, and actually 𝘳𝘦𝘢𝘤𝘩 the goals you set in January.
👉 Know a business owner who needs this reminder? Share this with them.
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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 | |
| Monday–Friday: | 8am–5pm |
| Saturday & Sunday: | closed |
| April 16th December 31st | |
| Monday–Thursday: | 8am–5pm |
| Friday, Saturday & Sunday: | closed |