Educating the Masses to Help You Save On Taxes

by Fred Daus

Personal & Business Tax & Accounting Tips from Fredrick James Accounting

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Extended Payroll Tax Cut Could Benefit Small Business Owners

Extended Payroll Tax Cut Could Benefit Small Business Owners

We’ve discovered some good news for the savvy small business owner. The IRS has extended a 2011 payroll tax cut through the end of February 2012. This tax cut is a 2% reduction in Social Security tax from 6.2% o 4.2%. (which they assure us will have no effect on our Social Security benefits in [...]

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1099-K, Merchant Account Payments and You

1099-K, Merchant Account Payments and You

What is a 1099-K and why am I receiving it?
The 1099-K is a new form for 2011 for reporting payments to the IRS that are received by a person or a business from a Merchant (Visa, Mastercard, American Express, Discover) and/or a Third Party Network, (PayPal, Google Checkout, etc.) when the tota [...]

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Unemployment Tax changes affect Florida Businesses

Unemployment Tax changes affect Florida Businesses

The condition of the US economy over the past few years has left Florida (and 19 other states*) in debt to the Federal Unemployment Insurance system. Florida’s Unemployment Insurance debt is on the order of $2 Billion dollars! The grace period for repayment of these funds has passed, and the Feder [...]

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IRS Announces a Medical & Moving Mileage Rate Increase for 2011!

IRS Announces a Medical & Moving Mileage Rate Increase for 2011!


The Internal Revenue Service announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business purposes.
In recognition of recent gasoline [...]

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Keeping Your Customers Satisfied

Keeping Your Customers Satisfied

Calculator Thank You Cake
It is truly amazing to come to the end of the 2011 tax season and be greeted by satisfied customers with kind gestures and appreciative phone calls.
The photo to the left is a display of one of those kind gestures of gratitude from a satisfied client that want [...]

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Top 5 Most Missed Tax Deductions

Top 5 Most Missed Tax Deductions

Give yourself the gift of money!
April 18 is right around the corner. Make sure you’re not missing out on any of these top 5 most often missed tax deductions!
Moving Expenses:
This is one of the most missed deductions of all.  If you move for work purposes 50 miles farther from [...]

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5 Most Overlooked Tax Credits

5 Most Overlooked Tax Credits

Ohhh Noooo! You missed a deduction!
Taxes, we do our best to make sure that we collect our statements in the mail and put them in a safe place. We check the statements twice sometimes against a tax checklist or organizer to make sure that we have them all. We double check with our significant [...]

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To Lease or to Buy, That is the Tax Question

To Lease or to Buy, That is the Tax Question

Lease? Buy? Which one will reduce your tax liablity?
If you own your business, no doubt you use your car to help you make your business go, right? Auto deductions can be a little confusing especially when you are trying to decide if leasing a car or buying it outright is the better way to go f [...]

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Business 1120-S Tax Return Deadline Fast Approaching

Business 1120-S Tax Return Deadline Fast Approaching

Time's Up!
That’s right corporate folks. The deadline is  March 15 which is just around the corner.
So you think you might just let it slide and file late? If you do, it can get spendy because the penalty for filing late is $195/month (up to 12) per shareholder during any part [...]

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Estate and Gift Tax Provisions under the Tax Relief, Unemployment Insurance Reauthorization, and Job creation Act of 2010

Estate and Gift Tax Provisions under the Tax Relief, Unemployment Insurance Reauthorization, and Job creation Act of 2010

Juicy estate tax provisions for 2011-2012
In addition to extending federal unemployment benefits, extending the Bush tax cuts and several popular tax credits, patching the alternative minimum tax again, and giving employees a 2% reduction in social security tax, the bill also included several [...]

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