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

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).

Scroll down 10 items that you can no longer deduct from your taxes. All but one of them will start to apply once you file a 1040 in 2019.

1. Personal exemptions

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.

Wills vs. Trusts: A Quick & Simple Reference Guide

Confused about the differences between wills and trusts? If so, you’re not alone. While it’s
always wise to contact experts like us, it’s also important to understand the basics. Here’s a quick
and simple reference guide:

What Revocable Living Trusts Can Do – That Wills Can’t

  • Avoid a conservatorship and guardianship. A revocable living trust allows you to
    authorize your spouse, partner, child, or other trusted person to manage your assets
    should you become incapacitated and unable to manage your own affairs. Wills only
    become effective when you die, so they are useless in avoiding conservatorship and
    guardianship proceedings during your life.

  • Bypass probate. Property in a revocable living trust does not pass through probate.
    Property that passes using a will guarantees probate. The probate process, designed to
    wrap up a person’s affairs after satisfying outstanding debts, is public and can be costly
    and time consuming – sometimes taking years to resolve.

  • Maintain privacy after death. Wills are public documents; trusts are not. Anyone,
    including nosey neighbors, predators, and unscrupulous “charities” can discover the
    details of your estate if you have a will. Trusts allow you to maintain your family’s
    privacy after death.

  • Protect you from court challenges. Although court challenges to wills and trusts occur,
    attacking a trust is generally much harder than attacking a will because trust provisions
    are not made public.

2019 IRS Mileage Rates for Business, Charity, Medical and Moving

The Internal Revenue Service has issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Retirees who miss this tax deadline could owe the IRS thousands

Many retirees who turned 70½ years old prior to the start of 2018 are up against a potentially costly tax deadline.

Folks this age who own certain types of retirement accounts generally must withdraw what the IRS calls “required minimum distributions” — or “RMDs” — by Dec. 31. If they miss this deadline, they face a 50 percent tax penalty — which could translate to hundreds or thousands of dollars.

RMDs are a minimum amount of money the IRS requires you to withdraw from most types of retirement accounts each year starting the year in which you turn 70½.

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