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?
Following construction and 2 years of operating my self storage facility, I had become uneasy with my previous accountant’s fees and related IRS filings. My search for alternatives led me to Jerry. His knowledge of the storage business resulted in significant savings that had not been taken advantage of by my previous accountant. Now I can feel comfortable by giving Jerry a call on small considerations, as well as major financial planning. For business or personal financing I highly recommend Jerry to all of my customers and friends.
Tim Farrell
Anchor Storage, LLC, Nevada

Inflation changes several tax numbers for 2013

The IRS and the Social Security Administration have published some inflation-adjusted numbers for 2013. Use these numbers as you begin your tax and financial planning this year.

• The social security taxable wage limit for 2013 will be $113,700. Retirees under full retirement age can earn up to $15,120 without losing benefits.

• The threshold for unearned income a child can earn in 2013 without having the kiddie tax apply is $2,000.

• The amount that can be given this year (per recipient) without paying gift tax is $14,000 ($28,000 for joint gifts).

• The amount that can be set aside in a health savings account is limited to $3,250 for individuals and $6,450 for families. Those 55 or older can contribute an additional $1,000.

• The maximum salary deferral for a 401(k) increases in 2013 to $17,500. The catch-up limit for those 50 or older remains unchanged at $5,500.

• The maximum IRA contribution limit increases to $5,500; the limit for those 50 or older is $6,500.

• The maximum salary deferral for SIMPLEs increases in 2013 to $12,000. The catch-up limit for those 50 or older remains unchanged at $2,500.

• The standard mileage rate for business driving increases to 56.5¢ a mile. The rate for medical and moving mileage increases to 24¢ a mile, and the rate for charitable driving remains at 14¢ a mile.

• The nanny tax threshold remains at $1,800.

• The alternative minimum tax exemption amount for 2013 is $51,900 for singles and $80,800 for couples filing a joint return.

• The amount exempt from estate tax for deaths occurring in 2013 is $5,250,000.

• The personal exemption for 2013 is $3,900. This year the exemption phases out for those with adjusted gross income over $250,000 (single) and $300,000 (couples).

• The standard deduction for 2013 is increased to $6,100 for singles, $8,950 for heads of household, and $12,200 for couples filing joint returns.

Contact our office if you have questions or wish to discuss early 2013 tax planning.

What's New: IRS delays start to the 1040 filing season

The delayed passage of the American Taxpayers Relief Act of 2012 has put the IRS behind schedule. Due to several provisions of the law affecting 2012 tax returns, the IRS could not open the Form 1040 filing season for the majority of taxpayers until late January.

Those taxpayers filing Form 5695 (Energy Credit), Form 4562 (Depreciation), and Form 3800 (General Business Credit) will not be able to file until late February or possibly not until March. Apparently a large percentage of taxpayers in this group typically file later in the season because they have more complex returns.

The IRS must complete the updating of forms and computer programming and testing before it is ready to accept any filings either on paper or electronically. The IRS said that taxpayers will receive refunds faster by e-filing and using direct deposit.

If we can be of assistance to you in preparing any of your 2012 tax filings, please contact us.

Major Tax Deadlines For February 2013 

February 15

Deadline for brokers to provide 2012 Forms 1099-B and 1099-S to customers.

 

February 28

Payers must file 2012 information returns (such as 1099s) with the IRS. (Electronic filers have until April 1 to file.)

 

February 28

Employers must send 2012 W-2 copies to the Social Security Administration. (Electronic filers have until April 1 to file.)

NOTE: Businesses are required to make federal tax deposits on dates determined by various factors that differ from business to business.

Payroll tax deposits: Employers generally must deposit Form 941 payroll taxes (income tax withheld from employees' pay and both the employer's and employees' share of social security taxes) on either a monthly or semiweekly deposit schedule. There are exceptions if you owe $100,000 or more on any day during a deposit period, if you owe $2,500 or less for the calendar quarter, or if your estimated annual liability is $1,000 or less.

• Monthly depositors are required to deposit payroll taxes accumulated within a calendar month by the fifteenth of the following month.

• Semiweekly depositors generally must deposit payroll taxes on Wednesdays or Fridays, depending on when wages are paid.

For more information on tax deadlines that apply to you or your business, contact The Self Storage CPA.

Jerry Jones, The Self Storage CPA, Announces New Website

Site Offers Information Specific to the Self-Storage Industry

Phoenix, AZ (PRWEB) January 15, 2013

Jerry Jones, The Self Storage CPA, has announced the launch of his new website at http://www.theselfstoragecpa.com. In addition to information about Mr. Jones’ services, the new site offers a variety of links and a wealth of information specific to the self-storage industry.

For the past 25 years, Jerry has specialized in accounting and tax services for self-storage operators/owners. He has designed monthly/annual management reports to help the owners of facilities with cash flow and expense analysis. “I can give owners a monthly/prior year comparison and three-to-five-year comparative statements by facility,” he explains, adding that he has also designed a 13-month cash flow statement which is great for seasonal comparisons. All the income/expense statements are designed so that every line item is the same on every statement.

“Self-storage is a special asset class that requires industry-specific knowledge when it comes to accounting and taxes,” says Jones. “These reports were designed for self-storage operators to facilitate cash flow and operational management.”

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