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?
Selecting a CPA goes far beyond a professional to prepare the tax return, or even to help with a little planning to reduce taxes. Jerry not only has the expertise and experience to meet and exceed the tax prep requirement, but goes far beyond with retirement planning and he advises in making business decisions that could have a tax impact in the future. What really sets Jerry apart from the crowd is that he not only has a lot of Self-Storage experience, but he cares about my business, and looks for ways to help me make MORE money. Anyone can find a CPA to spend money, but it is rare to find one that actually INCREASES my revenue…and then protects it from taxation! Jerry is a “keeper”!
RK Kliebenstein
Author “How to Make MORE Money in Self Storage”

Voices Pros and cons of the new tax law for real estate owners

By Heidi Henderson

The new tax laws have both experts and amateurs pouring over the details as the upcoming tax season dawns. For real estate owners, however, there's one surefire boon: bonus depreciation.

Under the prior law, there was a 50% bonus depreciation for property placed in service in 2017, 40% for 2018, and 30% for 2019. Qualified property has to be new, not used.

Under the new law, there's 100% bonus depreciation for property placed in service after Sept. 27, 2017, and before 2023, 80% for 2023, 60% for 2024, 40% for 2025 and 20% for 2026. The acquisition date for property purchased with a written contract is the date of the contract.

Qualified property includes property acquired by purchase if a taxpayer has not previously used the property, so the property does not have to be new, as long as it's not acquired from a related party. A qualified property does not include property used in a business that is not subject to the net business interest expense limitation (see below), but it does include property used in farm business. The law also adds a new category for qualified film, TV, and live theatrical production property. Taxpayer can elect a 50% bonus for 2017.

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Section 179 expensing has also increased to include roofs, HVAC systems, fire protection, alarm systems and security systems, with the allowable expense increased from $500,000 to $1,000,000 in 2018, and the phase-out deduction increased to $2.5 million. These rules now include tangible personal property acquired for rental properties, furniture and appliances.

Wire Fraud in Real Estate Transactions

By Doug McIntyre, President
Reno/Sparks Association of REALTORS®

According to a recent article in the Chicago-Sun Times, the FBI reported that in fiscal year 2017, nearly $1 billion ($969 million) was “diverted or attempted to be diverted” from real estate transactions, and wire to “criminally controlled” accounts. It occurs every day. Consumers, particularly those involved in a real estate purchase or rental, are prime victims.

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How tax reform could affect your small or midsize firm

By Rachelle Damico

  • Most small and midsize businesses will see a tax cut under the new law

  • Pass-through companies can deduct 20 percent of income

  • What to think about if you're thinking of changing your business structure

The Republican tax reform plan, signed into law by President Donald Trump in December, aims to encourage economic growth by adjusting how small and midsize businesses and corporations are taxed.

Many American companies will see significant tax cuts, as well as other benefits that can help drive growth.

"I think we'll see a lot of companies investing in higher salaries and benefits, because in such a tight labor market they're all struggling with how to attract talent, and when that's happening it's big pressure on salary and benefits," said Rob Fowler, president and CEO of the Small Business Association of Michigan.

However, the benefits for small and midsize businesses are complex. Rather than lowering the tax rate on all pass-through companies, the final bill allows pass-throughs to deduct up to 20 percent of their income based on what type of company they are.

"I could see some companies examining whether or not they are organized the best way," Fowler said. "A lot of people organized their company the way they did because of the federal tax law."

Kurt Piwko, partner at accounting and business advisory firm Plante Moran PLLC, said many of his business clients view the law favorably, but are confused as to how it will affect their company.

Roth-IRA-401k-Jerry-Jones-CPA-TAXHow the new tax law changes Roth IRA conversions

By Ed Slott

The new tax law signed in December may affect the way you and your clients evaluate the pros and cons of Roth conversions.

Among the biggest changes: Beginning in 2018, Roth conversions cannot be undone. Lawmakers repealed Roth recharacterizations, which previously enabled Roth conversions to be reversed.

"Overall, I believe we have hit rock bottom for tax rates, making today's Roth conversions even more valuable for clients in retirement."

Consequently, the discussion around Roth conversions will immediately need to change. Clients will require more advice, and their advisors will need to conduct more careful analysis before making any recommendations.

Here are how some of the benefits and drawbacks of Roth conversions have changed under the new tax law.

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