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Jim Gay, CPA

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Jim Gay, CPA is a top-rated accounting firm based in Bradenton, FL. We provide compliance services to both individuals and small to medium sized businesses.

We are a full service accounting firm-we prepare corporate tax returns as well as personal. We handle business financials as well as help the individual with IRS issues. We offer payroll services, monthly and quarterly bookkeeping, tax preparation, and other individual needs. You are welcome to call and set up an appointment to talk with Jim to see if he can help you with your tax needs.

11/02/2026

As the year winds down, smart businesses ramp up tax planning. The 4th quarter is your chance to make moves to lower your 2026 tax bill. For example, buy qualifying equipment and put it into service before year end to take advantage of 100% first-year depreciation deductions. Accelerate or defer income depending on your projected tax bracket for this year and next. These are only a couple of the strategic steps you can take. Recent tax law changes may create additional tax-saving opportunities. Contact us at (941) 747-0588 to schedule a year-end tax planning session.

10/30/2026

Employers: The IRS recently updated its FAQs on the qualified overtime pay tax deduction for employees created in 2025. The guidance provides new details on how you must identify, calculate and report qualified overtime income. For example, it clarifies that only FLSA-mandated overtime premiums qualify, notifies employers that separate reporting on Forms W-2 is required beginning in 2026, and confirms that overtime pay remains subject to federal income tax withholding. These changes may call for payroll system updates and a closer review of employee classifications and overtime practices. Call us for help preparing for the new requirements.

10/28/2026

When a person dies, his or her executor files an income tax return for the year of death. For purposes of the final return, the tax year begins on Jan. 1 and ends on the date of death. The return is due by April 15 of the following calendar year. But in the year of death, a surviving spouse is generally deemed to be married for the entire calendar year, so he or she can file a joint return with the estate’s cooperation. Filing jointly often provides tax savings, such as from qualifying for a lower tax bracket, larger standard deduction and higher IRA contribution limits. Call us at (941) 747-0588 for details.

10/26/2026

The IRS requires businesses to issue 1099s for certain payments to independent contractors and other vendors. For 2026, the reporting threshold for many payments has increased from $600 to $2,000. As a result, some businesses may need to issue fewer 1099s than in previous years. This change generally applies to nonemployee compensation reported on Form 1099-NEC and rents and certain other payments reported on Form 1099-MISC. The new $2,000 threshold also applies for backup-withholding purposes. As year end approaches, contact us at (941) 747-0588 for guidance on your 1099 reporting requirements and the information you need from recipients.

10/23/2026

If you’re sending money abroad, beware of a possible 1% excise tax. This new tax generally applies to transfers of cash, money orders or cashier’s checks from U.S. senders to foreign recipients via certain remittance transfer providers such as Western Union and MoneyGram. But transfers made via credit or debit card, bank account transfer, or digital wallet aren’t subject to the excise tax. Essentially, the tax doesn’t apply to transfers from accounts in financial institutions subject to Bank Secrecy Act requirements or to credit or debit cards issued in the U.S. So to avoid the extra expense, consider using a card or ACH transfer from your own bank account. Contact us at (941) 747-0588 to learn more.

10/21/2026

How much should you budget for retirement expenses? One common guideline says 60% to 70% of your current income. Some expenses might decrease or disappear (commuting costs, mortgage payments), while others are likely to increase (health care, property taxes). Specificity, not to mention incorporating inflation into your calculation, is important. We can help — call us at (941) 747-0588.

10/19/2026

The gift tax annual exclusion is a simple way to transfer assets gift-tax-free. To qualify, a gift must be of a “present interest” — an unrestricted right to the immediate use of the property or the income from it. So a gift to a trust generally doesn’t qualify. But gifts to a trust with a “Crummey” provision can. After each gift to a Crummey trust, beneficiaries receive temporary withdrawal rights lasting at least 30 days. If they don’t withdraw the gift, the amount remains in the trust until distributed in the future according to the trust’s terms. Call us at (941) 747-0588 for details.

10/16/2026

The IRS has released its 2026–2027 per diem rates for certain business travel expenses, effective Oct. 1, 2026. Under the high-low substantiation method, the rate for lodging, meals and incidental expenses for travel to high-cost localities within the continental United States (CONUS) rises to $329 per day, from $319. The rate for other CONUS localities rises to $230, from $225. The portion attributable to meals remains $86 for high-cost areas and $74 for other areas. The incidental-expenses-only rate remains $5. Employers can pay more than the IRS per diem rates, but excess amounts generally must be substantiated or treated as taxable wages. Contact us at (941) 747-0588 to learn about all your options for substantiating business travel expenses.

10/14/2026

If your business offers employees a 401(k) plan, be sure to comply with all applicable regulations. Misunderstanding or inadvertently ignoring eligibility rules — for example, when workers must be allowed to start participating — can result in IRS penalties. It can also harm employees who are mistakenly excluded. Contact us at (941) 747-0588 with questions.

10/12/2026

Accurate financial records are essential for your company’s success. However, many small business owners struggle with accounting and bookkeeping tasks. We can handle these chores for you, so you can focus on running your business. Call us at (941) 747-0588 to schedule a consultation.

Address

3984 E State Road 64
Bradenton, FL
34208

Opening Hours

Monday	8am - 5pm
Tuesday	8am - 5pm
Wednesday	8am - 5pm
Thursday	8am - 5pm

Telephone

+19417470588

Website

http://www.jimgaycpa.com/

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