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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What you should know about the Alternative Minimum Tax

What you should know about the Alternative Minimum Tax

 
What's the AMT Mean to You?
Alternative Minimum Tax (AMT)has been a big topic over the past several years.  AMT’s thresholds have stayed the same over the years and have now crept from being a tax on the wealthiest of individuals to a tax that could possibly affect more of [...]

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Federal Tax Rates of the Future

Federal Tax Rates of the Future

Last week we mentioned a few “did you knows” regarding the Tax Relief, Unemployment Insurance Re-Authorization and Job Creation Act of 2010.  This week we are going to cover a couple more areas that are very important for taxpayers to know.
The Tax Relief, Unemployment Insurance Re-Author [...]

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IRS News: Some Taxpayers Will Have to Wait to File Their Taxes

IRS News: Some Taxpayers Will Have to Wait to File Their Taxes

IRS Notice
As a result of the December 17, 2010 tax law changes, the Internal Revenue Service announced on December 23, 2010 that the upcoming tax season will start on time for most people, but taxpayers affected by three recently reinstated deductions need to wait until mid- to late February [...]

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Adoption: Good for the Heart, Soul and Tax Returns?

Adoption: Good for the Heart, Soul and Tax Returns?

Don't forget the Adoption Tax Credit!
Recently I was talking to one of my regular clients and discovered he and his wife are in the process of adopting a child. While they are very excited new parents to be, being a tax accountant, I’m pretty excited too since this gives them a whole new [...]

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Top 4 Tax Deductions You Thought You Could Take in 2010 But Can’t

Top 4 Tax Deductions You Thought You Could Take in 2010 But Can’t

Are you sure about those tax deductions?
This week I had a client come in for a consultation on last minute end of year tax savings he might take advantage of. In the course of our discussion he mentioned he bought a new car which he planned to use as a deduction. I hated to be the one that ha [...]

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Ignorance Is Not Bliss: What Tax Records Businesses Need to Keep

Ignorance Is Not Bliss: What Tax Records Businesses Need to Keep

The American Dream Doesn't Include Worrying About Tax Documentation
Last week we went over the individual tax payer’s record keeping requirements, this week I want to discuss what business owners should be holding onto and for how long.
Obviously businesses have a more extensive li [...]

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Small Business to be Hit Hard by New SECA Rules

Small Business to be Hit Hard by New SECA Rules

IRS closing S-Corp Tax Loop Holes
As a trusted tax advisor I am in the position of researching new proposed tax laws and passing that information on to my clients. Sometimes a new bill comes along that I feel is important for my clients and readers to get a heads up on due to the major tax imp [...]

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Health Care Reform & How It Will Affect You

Health Care Reform & How It Will Affect You

Obama signing the bill at the White House
Whether you love it, hate it or are ambivalent towards it, the Patient Protection and Affordable Care Act was signed into law on March 23 will be affecting your life in some way over the next four years. As a rule, bills are generally quite convoluted [...]

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Bad Debts Gone Wild: Part III, Business Debt

Bad Debts Gone Wild: Part III, Business Debt

Business failure can leave you feeling totally de-railed
In the last part of this series, we covered the consumer side of bad debt charge-offs and how the IRS handles that from a tax perspective. Today I want to delve into the business side of bad debt charge-offs. This side of things is usual [...]

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Federal Tax Incentives for Continuing Education (Part 4 of 4): Student Loan Interest Deduction

Federal Tax Incentives for Continuing Education (Part 4 of 4): Student Loan Interest Deduction

More Americans are headed back to school, Federal tax deductions help with the expense
So far we’ve discussed the American Opportunity Tax Credit (modified Hope Credit), the Lifetime Learning Credit and even Tuition & Fee Deductions. Today though, we’re going to cover the last in our 4 [...]

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