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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๐ช๐ต๐ ๐ฑ๐ผ ๐ ๐ต๐ฎ๐๐ฒ ๐๐ผ ๐ฝ๐ฎ๐ ๐๐ฎ๐
๐ฒ๐ ๐ผ๐ป ๐ฆ๐ฒ๐ฝ๐๐ฒ๐บ๐ฏ๐ฒ๐ฟ ๐ญ๐ฑ ๐ถ๐ณ ๐บ๐ ๐๐ฎ๐
๐ฟ๐ฒ๐๐๐ฟ๐ป ๐ถ๐๐ป'๐ ๐ฑ๐๐ฒ ๐๐ป๐๐ถ๐น ๐ป๐ฒ๐
๐ ๐๐ฒ๐ฎ๐ฟ?
Because when you earn income from a business or side hustle, the IRS requires you to make estimated tax payments on those earnings as you make them, rather than waiting until you file.
The US operates on a pay-as-you-go system. The government expects its share of your income throughout the year, which is why September 15 is the official deadline to submit taxes on what your business earned during June, July, and August.
If you don't have taxes automatically withheld from a paycheck, this is when the IRS collects on those summer earnings.
Want to check your numbers before the deadline? Comment ๐ฃ๐๐๐ก below, and we can look at your withholding together.
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๐๐ฎ๐ป ๐ ๐ฐ๐น๐ฎ๐ถ๐บ ๐ฎ๐ป ๐ฒ๐ฑ๐๐ฐ๐ฎ๐๐ถ๐ผ๐ป ๐๐ฎ๐
๐ฐ๐ฟ๐ฒ๐ฑ๐ถ๐ ๐ณ๐ผ๐ฟ ๐บ๐ ๐ด๐ฟ๐ฎ๐ฑ๐๐ฎ๐๐ฒ ๐๐๐๐ฑ๐ฒ๐ป๐ ๐ถ๐ณ ๐'๐บ ๐ฎ๐น๐ฟ๐ฒ๐ฎ๐ฑ๐ ๐ฐ๐น๐ฎ๐ถ๐บ๐ถ๐ป๐ด ๐ผ๐ป๐ฒ ๐ณ๐ผ๐ฟ ๐บ๐ ๐๐ป๐ฑ๐ฒ๐ฟ๐ด๐ฟ๐ฎ๐ฑ?
You can claim these education tax breaks across different family members on the same return. While you can't claim two credits for the same student in a single year, you can claim the American Opportunity Tax Credit for your undergraduate child while simultaneously claiming the Lifetime Learning Credit for an older child in graduate school.
Just make sure you avoid 529 plan double-dipping. The IRS strictly prohibits using the exact same dollar of tuition to justify both a tax-free 529 distribution and the Lifetime Learning Credit.
To get the full value of both incentives, follow this setup:
โข Pay up to $10,000 in qualified graduate-school expenses with funds other than a 529 distribution to secure the 20% tax credit.
โข Use tax-free 529 funds for other qualified expenses that arenโt being used to claim the credit.
โข Avoid using 529 funds for every dollar of qualified tuition, or you may have no remaining expenses available to claim the credit.
Do you currently use a 529 plan to save for your family's higher education expenses?
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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 |