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?
"We highly recommend Jerry Jones, a CPA in Reno, NV to anyone who is interested in being advised in all areas of their tax planning in an efficient and expert manner. He is a very dedicated individual who works hard for his clients, handling all of his clients personally, and follows through on every part of the tax-filing process. Jerry is extremely knowledgeable with the regulations and requirements needed to successfully calculate both personal and business taxes, and is vigilant in keeping up with the latest laws, updates, and changes. Jerry is a creative thinker who has always made himself available outside of normal business hours to answer our questions. We particularly appreciate the occasional emails he sends out apprising his clients of changes to the tax code that could affect us. If you are looking for an engaged, and thoroughly competent CPA, look no further."
Chris & Amanda Schroeder, Reno, NV

Government shutdown stymied frozen tax refunds, tied up IRS phone lines, report shows

Taxpayers are accustomed to receiving big refunds after filing, but experts warn that with new laws more people could end up owing the IRS. Veuer's Justin Kircher has the details. 

The longest-ever federal shutdown created an even tougher environment at the Internal Revenue Service, hampering an agency already understaffed and underfunded, according to a new report from Nina Olson, the head of the Taypayer Advocate Service.

Taxpayers couldn’t get frozen refunds, present hardship cases while facing fines, or resolve audits of past tax returns. Only a handful of calls from taxpayers were answered during the 35-day lapse in funding, and the rate didn’t substantially improve during the first week of the filing season when the government reopened.

The shutdown aside, the agency was still dealing with a backlog of unfinished items from the previous tax-filing season and was behind on integrating the new tax law changes.

“The five weeks could have not have come at a worse time for the IRS – facing its first filing season implementing a massive new tax law, with a completely restructured form,” Olson wrote.

The Taxpayer Advocate Service (TAS) is a government office that helps taxpayers solve their problems with the IRS.

Ten things for taxpayers to think about when choosing a tax preparer

It’s the time of the year when many taxpayers choose a tax preparer to help file a tax return. These taxpayers should choose their tax return preparer wisely.  This is because taxpayers are responsible for all the information on their income tax return. That’s true no matter who prepares the return.

Here are ten tips for taxpayers to remember when selecting a preparer:

Nervous About the New Tax Laws?

Jerry Jones, The Self-Storage CPA, has been continually staying up-to-date on not only the latest tax laws but specifically the tax laws related to Self-Storage facilities. He works closely with owners and/or property managers to ensure proper bookkeeping procedures are followed for the best cash flow and tax savings.  He does not farm out his work, all work is done by him personally.

The Self-Storage CPA works with self-storage facilities in all 50 states and gives his self-storage clients top priority during tax season to ensure all tax returns are done on time, and all K-1’s have been mailed to partners/member no later than March 15th.

The IRS is Looking for These Audit Red Flags this Tax Season

Filing taxes can be complicated, but a simple mistake or a slight exaggeration could warrant an audit from the Internal Revenue Service.

Here’s how someone is chosen for an audit: An IRS software program may randomly select the taxpayer and compare the return to other similar returns to detect any anomalies, or the taxpayer in question may be linked to a family member or business partner who is being audited.

The IRS can audit returns up to three years old. Inaccuracies could lead to penalty charges: 20% of the disallowed amount for filing an “erroneous claim for a refund or credit,” the IRS stated, or $5,000 if the tax return was deemed “frivolous,” where there isn’t enough information to assess correct or incorrect information.

In more serious cases, taxpayers could also be brought to trial and face criminal charges of tax evasion or fraud.

And now for the good news: The IRS audited less than 1% of returns in 2017, and that number was expected to be lower last year, said Joy Taylor, a tax expert at personal finance site Kiplinger. (The most recent IRS data is from 2017). Does that mean you should be carefree about filing? Absolutely not. Here are red flags tax experts say you should avoid:

Turning into the most generous person in America

One of the most common reasons for an audit is when the taxpayer is taking higher-than-average deductions in relation to his income. This can come from various types of deductions: Charitable contributions, real estate interest or student loans interest.

The IRS has a sense of what’s a fair amount of deductions based on income brackets, Taylor said, and if someone blows past that threshold, it could lead to an audit. If someone earned $120,000 and claimed $50,000 of charitable contributions, they’d smell a rat.

If you are that generous, have the proof ready in case of an audit. Many legitimate charities give receipts to donors, so keep them safely stored.

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