Jerry Jones CPA
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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.

Fake charities make 2018 'Dirty Dozen' list; taxpayers should be alert to scams involving disasters, worthwhile causes

fake-charity-tax-advice-cpaThe Internal Revenue Service today warned taxpayers against scam groups masquerading as charitable organizations, luring people to make donations to groups or causes that don't actually qualify for a tax deduction.

These 'fake' charities attempt to attract donations from unsuspecting contributors, using a charitable reason and a tax deduction as bait for taxpayers. Fake charities are one of the "Dirty Dozen" tax scams for the 2018 filing season.

Compiled annually, the "Dirty Dozen" lists a variety of common scams that taxpayers may encounter anytime, but many of these schemes peak during filing season as people prepare their tax returns or hire someone to prepare their taxes.

Perpetrators of illegal scams can face significant penalties and interest and possible criminal prosecution. To help protect taxpayers, IRS Criminal Investigation works closely with the Department of Justice to shut down scams and prosecute the criminals behind them.

22 Things Tax Experts Wish You Knew About the New Tax Law

tax-information-jerry-jones-cpa-expert-adviceWHEN THE CHANGES GO INTO EFFECT

The new tax law known as the Tax Cuts and Jobs Act (TCJA) lowers individual tax rates (here is an outline of the new tax bracket system) and increases many tax deductions and credits available to many Americans. However, the next time you file your taxes, you will be doing so based on the current law, Grapeson M. Wilson, CPA, MBA, has clarified to Reader's Digest. This can't be emphasized enough because 78 percent of Americans polled by Liberty Tax were at least slightly concerned about tax reform affecting their 2017 tax return, according to Liberty's Director of Compliance, Brian Ashcraft.

THE STANDARD DEDUCTION DOUBLES

One of the fundamental principles of our tax system is that your 'taxable income' is not your actual income but your actual income LESS either:

a standard deduction

OR

the total of all of your itemized deductions

The standard deduction is a fixed amount, and the TCJA nearly doubles it, says Josh Zimmelman, owner of Westwood Tax & Consulting. That means you can deduct $12,000 right off the top of your actual income before you even begin computing your taxes. For married-filing-jointly taxpayers, it's $24,000. Don't miss these things your tax accountant isn't telling you.

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