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

10 Things You Can't Deduct From Your Taxes Anymore

A new tax landscape

The Tax Cuts and Jobs Act of 2017 drastically changed the United States' tax code. This new law will affect every income tax return filed from 2018 to 2025 (when the individual provisions of the Act are scheduled to expire).

All but one of them will start to apply once you file a 1040 in 2019.

You can no longer claim a deduction for yourself, your spouse or any of your dependents. Each personal exemption in 2017 provided a $4,050 tax deduction. For example, a family of four could deduct a total of $16,200 in addition to a standard deduction, itemized deductions and any adjustments to income. The loss of this deduction greatly minimizes the tax benefit of the increased standard deduction.

To make up for the loss of this deduction, the child tax credit for qualifying children under the age of 17 has been increased by $1,000 and made available to more taxpayers. Additionally, there is a new $500 credit for all other dependents, though there is no credit for the taxpayer and spouse.

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.

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