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Cover & Rossiter
Wilmington's oldest and most respected certified public accounting and advisory firms.
Wilmington's oldest and most respected certified public accounting and advisory firms.


Save money on disability premiums. Did you know that using pre-tax funds to pay premiums for Short-Term (or Long-Term) disability policies can save you money on the premium? However, the downside to this is it will result in any benefits paid (according to the policy) to be taxable to the recipient. Make sure you consult your benefits broker so that you understand all of your options when looking at implementing, or changing, various company benefits. (Andrew Johnson, Cover & Rossiter) #disabilitypremiums

Take advantage of the timing difference for deductions. For example, you can charge business expenses and/or charitable contributions in December and deduct them in the current year even though the bill isn't paid until January of the next year. (Cover & Rossiter, Jennifer Pacilli) #taxplanning

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Crowdfunding websites such as Kickstarter, GoFundMe, Indiegogo, and Lending Club have become increasingly popular for both individual fundraising and small business owners looking for start-up capital or funding for creative ventures. The upside is that it’s often possible to raise the cash you need, but the downside is that the IRS might consider that money taxable income. Here’s what you need to know.

Here's a tip to make your holiday shopping season safer. Look for the "s" in "https." The "s" in the opening URL stands for security. Always look for "https" - example, - before sharing any information about your identity or your credit card/ bank information. The "https" means the site uses secured, encrypted technology. (Caren McCabe, Cover & Rossiter) #onlineshopping

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Whether you’re new to mutual funds or a seasoned investor who wants to learn more, these tips will help you avoid the tax bite on mutual fund investments.

Here's a Year-End Tax Tip...You can deduct medical expenses that exceed 10% of your adjusted gross income for the year, so you might want to start making more appointments to get you over the 10% mark. Things like glasses, hearing aids and medical tests all count towards reaching the deduction. (Caren McCabe, Cover & Rossiter) #medicalexpensedeductions

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Cover and Rossiter's Vickie Young Beam and Wendy Rafferty recently attended the US Global Leadership Coalition's America’s Role in the World event. Learn more here:

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If you’re one of the millions of taxpayers who use their homes for business and might be able to claim the home office deduction–but haven’t taken advantage of it because you thought it was too complicated–then you might be interested in the simplified option.

Who needs a budget? Every business, whether large or small, should have a budget. The need for a business budget may seem obvious, but many companies overlook this critical business planning tool. A budget is extremely effective in making sure your business has adequate cash flow and in ensuring financial success. Once the budget has been created, then monthly actual revenue amounts can be compared to monthly budgeted amounts. If actual revenues fall short of budgeted revenues, expenses must generally be cut. Tip: Year-end is the best time for business owners to meet with their accountants to budget revenues and expenses for the following year. If you need help developing a budget for your business, don't hesitate to call us. (Peter Hopkins, Cover & Rossiter) #budgetingforbusiness

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According to, many employers have come to learn that veterans make excellent employees. They usually are easily trainable and possess desirable characteristics, such as honesty, loyalty, and responsibility. If these attributes weren't enough to induce employers to hire veterans, the tax law offers even more. Any size business may qualify for the work opportunity tax credit (WOTC) if you hire a veteran. Visit for more info. (Caren McCabe, Cover & Rossiter) #hireaveteran
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