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?
I own 3 storage properties (2 in one state and the other in another state over 100 miles away)and work a full-time job about 100 miles in another direction; with all my travelling I sometimes feel like I get behind the 8-ball. That is where I was on my taxes when I contacted Jerry to prepare them. It is not a good practice to be at the last minute and needing to have your taxes prepared, but Jerry met the deadline with exceptional professionalism. I am located approximately 2,500 miles across the country from Jerry but that has been no hindrance in receiving timely exceptional customer service from him. In discussions with Jerry, he has had made suggestions that has helped me improve my operations. His knowledge of the self-storage industry incorporated into your accounting and tax-planning of your operations will prove to be invaluable. I believe he will provide you with the highest level of accounting service and tax planning and preparation for being an owner in the self-storage industry.
Donnie Christian
Bristol, Tennessee and Virginia

New Business: Delayed tax filing affects farmers and fishermen

If your business is farming or fishing, you have until April 15, instead of March 1, to file your 2012 tax return and pay any tax due for 2012.

Farmers and fishermen normally must file and pay by March 1 if they didn't make quarterly estimated tax payments during the previous year. Because a new tax law was signed on January 2, 2013, the IRS is still reprogramming and testing its computers to handle the rule changes. The agency has delayed the start date for processing tax returns using certain forms, several of which are generally used by farmers and fishermen.

Farmers and fishermen who file and pay by April 15, 2013, will not be subject to penalties for missing the March 1 deadline. To qualify as a farmer or fisherman, at least two-thirds of the taxpayer's total income must have come from farming or fishing in either 2012 or 2011. The relief applies to all farmers and fishermen, whether 

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.

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