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?

Dos and Don’ts for Taxpayers Who Get a Letter from the IRS

Every year the IRS mails millions of letters to taxpayers for many reasons. Here are some tips and suggestions for taxpayers who receive one:

Don’t ignore it. Most IRS letters and notices are about federal tax returns or tax accounts. Each notice deals with a specific issue and includes specific instructions on what to do.

Don’t panic. The IRS and its authorized private collection agencies do send letters by mail. Most of the time all the taxpayer needs to do is read the letter carefully and take the appropriate action. 

How Long Do I Keep Tax Return Files or Financial Statements Files?

This is a common question for CPA's — how long do I keep tax return files or financial statements files?  The answer is: usually for a period longer than most think.  Here are some thoughts on setting record retention periods and the reasons behind them.

The overarching principles in developing record retention guidelines and policies are disclosure, relevancy, and consistency.

Disclosure

Whatever record keeping protocol you use should be disclosed to clients in engagement letters, tax organizers, firm booklets or other writings sent to a client.  Those record retention guidelines must be followed until they are formally changed, for whatever reason.  This creates an appropriate expectation by the client of how long the records will be maintained and avoids unrealistic assumptions.  Upon a change to the policy another round of disclosure should be sent to the client with the changed record retention policy and a grace period to allow the client to pick up records that may be on the destruction list under the changed policy.

Save more with these tax tips for retirees

Save more with these tax tips for retirees

You might think that filing taxes gets easier once you’re ready to leave the working world behind, but in some ways retirement can actually make your tax forms even more difficult. The good news is that you become eligible for a number of tax breaks when you retire. Make sure you’re saving all the moneyyou can while you’re enjoying your post-retirement life with these helpful tax tips.

Standardized deduction bonus

Individuals over the age of 65 are eligible for an additional standardized deduction allowance of $1,550 for single retirees or $1,250 for qualified widows and widowers.

If you’re used to itemizing your deductions, it might be worth taking the standardized deduction if it can save you a little extra money.

IRS warns against frivolous tax arguments; Part of ‘Dirty Dozen’ scams list against frivolous tax arguments; Part of ‘Dirty Dozen’ scams list

The Internal Revenue Service today continued releasing the 2018 list of “Dirty Dozen” tax scams with a warning to taxpayers about using frivolous tax arguments to avoid paying taxes.

Promoters of frivolous schemes encourage taxpayers to make unreasonable and outlandish legal claims to avoid paying their taxes. Time and again, these arguments have been thrown out of court.

The “Dirty Dozen” is an annual list compiled by the IRS. It describes a variety of common scams that taxpayers may encounter. Many of these schemes peak during filing season as people prepare their returns or hire others to help with their taxes.

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