Personal Accounting & Bookkeeping Services

At Fredrick James we provide individuals with the same accounting and bookkeeping services we offer to our business clients with the same goal in mind; to reduce your tax liabilities and maximize your assets. Life can, at times, be more complicated than business when it comes to accounting and taxes and the laws are constantly changing.

Are you claiming all the tax benefits you can? Our team of experts is here to assist you through the many financial stages and transitions of your life and ensure you don't pay more than you have to.

Singles Club

Age varies for singles, as do life situations; some may even have dependent children to consider. Everything from life after college to making choices regarding job related tax issues can have a big impact on your end of the year tax bill. For those still in school, saving for their children’s college funds or paying for child care all have tax incentives that can have an impact on their tax liability

Singles

Life after college
Moving out of home
Budgeting
Paying school loans
Credit management
Head of household status
Buying home vs. renting
Scholarships and fellowships
Job related expenses
Moving expenses
Withholding allowances

Happily Married

There is more to planning your wedding than picking out rings and which caterer to use, there is the financial side of your partnership to consider too. Joining together, a whole new world of financial options and responsibilities are gifted to you. Having the experience of our professionals at your service will help you both make sound decisions that will make answering those questions less daunting and provide you with the confidence you need to begin building a solid future together.

Married Couples

Advantages of buying home
Saving for retirement
Life insurance requirements
MFS vs. MFJ advantages

Life Partners

Life partners include gay and lesbian couples and couples of any age who choose not to get married. These couples face unique financial challenges because the IRS does not allow joint tax returns. Some issues include; who claims the children, who should own the home, how to split income and how you should apply for financing of any type.

Life Partners

Home ownership
Claiming dependents for tax purposes
Applying for mortgages
Managing Credit

Married With Children

Families have a long life cycle and there are many planning opportunities over the years involving income shifting, saving for college, tax credits, estate planning, succession and dependency exemption issues, to name a few.

Married with Children

Child credits
Child care deduction
Minor Child tax for children under 14
Earned income credit
Family income shifting
Dependency exemption issues
Who claims college expenses for credits
Savings for college
Filling out FASFA forms
Employing family members
Family loans
Helping children buying homes
Custodial accounts
Coverdell education savings accounts
Education credits
Student loan interest deduction
Education assistance programs
Higher education expenses
Qualified tuition programs
IRA withdrawals for education

Life's Transitions

Divorce

Property settlements, who owns family home, tax basis of property transferred, payment of medical expenses, payment of children education, filing MFJ vs. MFS tax returns, alimony vs. child support, recapture of alimony, deductibility of legal fees, paying estimated taxes, innocent spouse relief

Death

Separating income between deceased and estate, filing individual tax return of decedent, filing fiduciary trust return for estate or trusts, signing tax returns on behalf of deceased, basis of inherited property, surviving spouse status

Illness

Medicaid benefits, safeguarding assets, deductibility of at home care, nursing home deductions, dependency issues

Relocation

Moving expenses, selling home, buying home, taxability of employer relocation packages, multiple state tax returns, paying too much social security tax

Retirement

Gift giving, long term health care options, standard vs. itemized deduction, selling home, buying vacation property, early retirement, taxability of pension income

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