Address: 160 Greentree Dr # 203, Dover, DE 19904, USA
Phone: +13026744305
Sunday: Closed
Monday: 8:30AM–5PM
Tuesday: 8:30AM–5PM
Wednesday: 8:30AM–5PM
Thursday: 8:30AM–5PM
Friday: 8:30AM–5PM
Saturday: Closed
Kay Strader
We have found that for both our business and personal accounting needs, Faw Casson is consistently top notch in every way! We are grateful to Tammy Ordway and to all the staff for their many years of providing excellent bookkeeping advice along with superior accounting services.
Andrew Sadler
Faw Casson is an excellent firm to work with. They provide great customer service and are very professional. We utilize their 401k and benefit plan audit services. They are very timely, detailed and efficient. They always listen to what your needs are and make solid recommendations or give you a great resource. I would highly recommend them for any service that they offer.
Kelly Manchester
Tammy Ordway, CPA and her team know exactly how to support and take care of entrepreneurs! We know we are in excellent hands and feel very confident with their services. We engage them for much more than just the annual tax filings and they are amazing!
Brandon Hohrein
It's like drinking from a fire hose when you transition from a W2 career to a 1099 Business Owner and learning all the financial stuff on the fly..... then add 2 additional business and you have a stew of accounting craziness going on. Faw Casson keeps my financial situation on the straight an narrow. I highly recommend this team and all their experience for any accounting and tax requirements.
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To be eligible to deduct your home office there are two requirements that need to be met. 1. The designated space must be regularly and exclusively used by your business. A kitchen table does not count as an office space as that would be considered a shared space within the home. If your home office is a spare bedroom the IRS may disallow the deduction if there is other furniture (like a bed) in the room if you were subject to an audit. 2. It must be your principal place of business. This means you do not have a designated office space anywhere else. If you are an employee, you normally have a designated desk space at the business location. If you are a W-2 employee that works 100% remotely it is possible to have a home office, however under the Tax Cuts and Jobs Act this deduction was repealed. If you have any questions about how this applies to your specific situation, please contact Faw Casson.
Non-compliance with IRS rules regarding the difference between an employee and an IC can lead to hefty financial penalties, so it’s important to know the difference between an employee and an IC. Another Paychex survey exposed upwards of 37% were not aware of or not in compliance with the applicable worker classification requirements. If you have any questions about how to classify someone who’s working with you, or would like suggestions on how to clear the waters in a particular situation, please contact your Faw Casson advisor for guidance.
The IRS offers the following recommendations: Keep records for 3 years if situations (4), (5), and (6) below do not apply to you. Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return. Keep records indefinitely if you do not file a return. Keep records indefinitely if you file a fraudulent return. Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later. For additional information on this question, please give our office a call and we would be happy to help you!
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