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Mayor Accounting and Consulting Services

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Panama City Beach, FL
Mayor Accounting and Consulting Services

A business consultant helping individuals and small businesses with Accounting, Taxes, Business Grow services.

10/25/2026

🚨 Employers: Important IRS Update on Overtime Pay Reporting!

The IRS has updated its FAQs regarding the Qualified Overtime Pay Tax Deduction created in 2025, providing important new guidance for employers and payroll administrators.

✅ Only FLSA-required overtime premium pay qualifies for the deduction.

✅ Beginning with tax year 2026, qualified overtime pay must be reported separately on employees' Form W-2, Box 12, Code TT.

✅ Overtime wages remain subject to federal income tax withholding.

✅ Employers may need to update payroll systems and review employee classifications and overtime practices to ensure compliance with the new reporting requirements.

These changes could impact how your business tracks, calculates, and reports overtime compensation. Now is the time to prepare and avoid potential reporting issues.

📞 Need help understanding the new requirements? Call us at 850-851-6001, Our team is here to help you navigate the changes and keep your payroll processes compliant.

10/22/2026

A strong budget is the key to effective bookkeeping and financial success. Knowing where every dollar goes helps you make informed decisions and avoid unnecessary spending. While small expenses may seem harmless, they can add up faster than you realize when they aren't properly tracked. The result can be unexpected financial strain over time. Stay in control of your business finances with our reliable bookkeeping services. Call (850) 851-6001 today and let us help you build a stronger financial future!

10/20/2026

Buckle up, taxpayers! We’re taking a wild ride through the 7 federal tax brackets of 2026!

🎢 10%: “We’re just getting started! This ride seems affordable!”

🎢 12%: “Ooh, a little bump! I can handle this!”

🎢 22%: “WAIT… WHEN DID THIS RIDE GET SO EXPENSIVE?!”

🎢 24%: “I got a raise! Why does it feel like I’m going downhill?!”

🎢 32%: “Somebody check my seatbelt… and my tax deductions!”

🎢 35%: “I didn’t sign up for this much excitement! Where’s my accountant?!”

🎢 37%: “AAAAHHHH! I NEED A TAX STRATEGY, NOT ANOTHER LOOP-DE-LOOP!” 😂

Your income might climb like a roller coaster, but with the right tax planning, you can make sure your money doesn’t take the scariest drop of all!

💰 Don’t ride the tax roller coaster alone. Work with a tax professional and make a plan! Call 850-851-6001 and schedule an appointment today 🎢

10/19/2026

Check Out the 5 Deductions to Take in 2026 Taxes!
Keep more of what you earn — plan for today and save tomorrow.
📞 Call us today at (850) 851‑6001 to schedule your consultation.

10/17/2026

Helping you keep more of what you earn — one smart tax move at a time.
Ayudándote a conservar más de lo que ganas — una decisión fiscal inteligente a la vez

10/15/2026

🧠 Think SMART About Tax Deductions & Credits

When it comes to taxes, most people focus only on what they owe. SMART thinkers focus on what they can save. Deductions and credits are powerful tools that reduce your tax bill—but only if you know how to use them strategically.

S — Save Money Automatically
Track your expenses year round. Business mileage, home office use, software, supplies, and professional fees add up fast. SMART taxpayers don’t wait until April to organize—they build savings all year.

M — Maximize Every Deduction
Many people miss deductions simply because they don’t know they qualify.
Examples:
• Self employed health insurance
• Retirement contributions
• Education expenses
SMART thinkers ask, “What did I spend this year that the IRS wants me to deduct?”

A — Apply for Credits (They’re Better Than Deductions!)
Credits reduce your tax bill dollar for dollar.
Some of the most valuable include:
• Child Tax Credit
• Earned Income Credit
• American Opportunity Credit
SMART taxpayers never leave credits on the table.

R — Reduce Your Taxable Income Legally
Use tax advantaged accounts:
• Traditional IRA
• 401(k)
• HSA These reduce your taxable income today while building your future. SMART planning means paying less now and growing wealth long term.

T — Think Ahead, Not Last Minute
Tax planning isn’t a once a year event. SMART thinkers review their finances quarterly, adjust withholding, and plan purchases strategically—especially before year end.

Call us today at (850) 851-6001 to schedule a consultation!

10/14/2026

Many businesses accept credit cards, debit cards, payment apps, and other electronic payment methods. Although processors often deduct their fees before depositing funds, the full sales amount should still be recorded as revenue. The processing fee should be recorded separately as an operating expense.

Example: Customer pays $1,000 by credit card

Your business makes a sale of $1,000, but the credit card processor charges a 3% processing fee ($30). The processor deposits only $970 into your bank account.

Even though you receive only $970, you record the full $1,000 as revenue and the $30 fee as an expense.

If you need assistance reconciling processor statements with your accounting records or evaluating your payment mix, contact us at 850‑851‑6001. http://mayoraccounting.com

10/05/2026

💼 Why Hire Your Kids? The Tax Benefits Explained

You can legally hire your child in your business — and if your business is a sole proprietorship, partnership (parents only) or single member LLC, wages paid to a child under 18 are exempt from F**A and exempt from FUTA if under 21. Up to $16,100 of their 2026 wages can be tax free thanks to the standard deduction.

✅ Tax Advantages
• Income Shifting to a lower tax bracket
• Business Deduction for wages paid
• Possible Family Employment F**A Exception
✅ IRS Requirements
To keep it legal:
• The work must be real
• Pay must be reasonable
• Keep timely, supportable records
💰 How Much You Can Pay?
• Up to $16,100 in 2026 can be tax free to the child
• Paying your child $12,000 can save a parent $4,680–$8,100 in combined income and self-employment taxes.

Hiring your child can significantly reduce taxes when done correctly — but it requires real work, reasonable pay, and full payroll compliance.
📞 Contact us today at (850) 851 6001 to learn how we can help you.

10/02/2026

🚨 Business Owners: Are You Paying Yourself the RIGHT Salary?

If you’re paying yourself—or a family member who works in your business—how did you decide what that salary should be?

💰 Too high?
💰 Too low?
💰 Or based on what the business can afford?

The IRS expects compensation to be reasonable for the services performed and comparable to what similar businesses pay for similar work. This can be especially important when it comes to owner-employees and family members working in the business.

And here’s the part many business owners overlook 👇

Paying a family member can potentially be deductible—but the wages should be for real work, at a reasonable rate, with proper documentation.

So, what actually determines whether a salary is “reasonable”?

📋 Check out these 12 factors to help determine reasonable compensation.

Taking the time to review your compensation practices can help you make informed decisions, maintain proper documentation, and avoid unnecessary tax complications. If you want more information call us to schedule an appointment at 850-851-6001 or visit https://www.mayoraccounting.com/

Address

Panama City Beach, FL

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm

Website

https://www.mayoraccounting.com/

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