Jerry Jones CPA
Wouldn’t it be nice to have a CPA that you deal directly with, that knows the Self Storage business, that works in all 50 states and is there for you when you need him?
Jerry has been our accountant since we started in the self storage business, some 20 years ago. I look to him as more than an accountant, but as a valuable business asset. He is continually suggesting new ways to reduce costs and improve profits. Also, he has developed some unconventional reports that are very helpful in evaluating our business on a day to day basis. I would recommend him to any self storage operator.
Dennis Geiler
SoCal Self Storage, Southern California

IRS Cautions Taxpayers to Watch for Summertime Scams

Summertime-tax-scam-IRS-Jerry-Jones-CPAWASHINGTON – The Internal Revenue Service today issued a warning that tax-related scams continue across the nation even though the tax filing season has ended for most taxpayers. People should remain on alert to new and emerging schemes involving the tax system that continue to claim victims.

“We continue to urge people to watch out for new and evolving schemes this summer,” said IRS Commissioner John Koskinen. “Many of these are variations of a theme, involving fictitious tax bills and demands to pay by purchasing and transferring information involving a gift card or iTunes card. Taxpayers can avoid these and other tricky financial scams by taking a few minutes to review the tell-tale signs of these schemes.”

CPR Self - Important Life Saving Read!

self-cpr-life-saving-Jerry-Jones-CPA-This comes from Dr. Patrick Teefy Cardiology Head at the Nuclear Medicine Institute University Hospital London Ontario.

Please take time to read this important message that might save your live or someone you know one day.

I hope everyone can send this on as it is really important for everyone to know!

  1. Let's say it's 7:25 pm and you're going home (alone of course) after an unusually hard day on the job.

  2. You're really tired, upset and frustrated.

Guide to Expensing Roofing Costs

Roofing costs can be significant expenses for businesses. Tax practitioners should know how to distinguish between deductible repairs and more extensive work that must be capitalized.

By Eddie Price and Gian Pazzia

Tax-advice-Jerry-Jones-Roof-RepairEach year, tax professionals who deal with real estate must evaluate the most recent building expenditures and determine which items should be written off as a repair expense or capitalized. The most common, and often significant, item that is evaluated is roofing-related work. In many cases, only a portion of the roofing system is replaced, and depending on the facts, those costs may be deducted as repairs. When compared to the alternative option of depreciating the cost over a 27.5-year life for residential rental real estate or a 39-year life for commercial real estate under the modified accelerated cost recovery system, an incorrect conclusion may lead to a significant overpayment of tax liability.

Observation: For the tax professional who has only cryptic invoice descriptions and no direct knowledge of the roof work, assembling the facts and circumstances can be a challenge. The key to properly evaluating the character and nature of the work performed is having a basic understanding of roofing systems and asking insightful questions.

This guide to expensing roofing costs provides tax preparers an outline of questions to ask clients and includes tables to reference when evaluating roof repair costs.

Know these Facts Before Deducting a Charitable Donation

deductable-donation-charity-IRSIf taxpayers gave money or goods to a charity in 2017, they may be able to claim a deduction on their federal tax return. Taxpayers can use the Interactive Tax Assistant tool, Can I Deduct my Charitable Contributions?, to help determine if their charitable contributions are deductible.

Here are some important facts about charitable donations:

  1. Qualified Charities. Taxpayers must donate to a qualified charity. Gifts to individuals, political organizations or candidates are not deductible. To check the status of a charity, use the IRS Select Check tool.

  2. Itemize Deductions. To deduct charitable contributions, taxpayers must file Form 1040 and itemize deductions. File Schedule A, Itemized Deductions, with a federal tax return.

  3. Benefit in Return. If taxpayers get something in return for their donation, they may have to reduce their deduction. Taxpayers can only deduct the amount that exceeds the fair market value of the benefit received. Examples of benefits include merchandise, meals, tickets to events or other goods and services.

  4. Type of Donation. If taxpayers give property instead of cash, their deduction amount is normally limited to the item’s fair market value. Fair market value is generally the price they would get if the property sold on the open market. If they donate used clothing and household items, those items generally must be in good condition or better. Special rules apply to cars, boats and other types of property donations.

  5. Noncash Charitable Contributions. File Form 8283, Noncash Charitable Contributions, for all noncash gifts totaling more than $500 for the year. Complete section-A for noncash property contributions worth $5,000 or less. Complete section-B for noncash property contributions more than $5,000 and include a qualified appraisal to the return. Taxpayers may be able to prepare and e-file their tax return for free using IRS Free File. The type of records they must keep depends on the amount and type of their donation. To learn more about what records to keep, see Publication 526, Charitable Contributions.

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