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

Did You Miss These 7 Credits and Deductions?

Americans love tax breaks.

In the past, everybody knew they could deduct mortgage interest, medical expenses over a certain amount, gifts to charity — even the cost of preparing their tax return.

However, federal tax reform means some deductions have now disappeared. Others aren’t as valuable, thanks to an increased standard deduction that makes it less attractive to itemize. Those new standard deduction amounts are:

  • $12,000 for single taxpayers and married taxpayers who file separate returns
  • $24,000 for married couples filing jointly
  • $18,000 for taxpayers filing as “head of household”

Nonetheless, here are some credits and deductions you should not overlook. Some save you money if you itemize, but others are available even if you do not.

IRS to waive penalties for under-withholding after Trump tax changes

The Internal Revenue Service will waive penalties against taxpayers who withheld too little of their pay last year because they were uncertain how President Donald Trump's tax cuts would affect them, officials said Wednesday. 

The Trump administration said it expected 90 percent of taxpayers to owe less income tax under the Tax Cuts and Jobs Act of 2017. Most taxpayers have already seen the benefits, as employers withhold less money from their paychecks.

But some might have withheld too little. Some taxpayers – particularly those who already pay higher state and local taxes – could end up owing more when they file their returns in April.

6 Tax Missteps That Will Get You Audited

Nobody wants an IRS tax agent knocking at the door and asking for a shoebox full of receipts. Unfortunately, there’s no surefire way to avoid an audit of your tax returns. 

However, you can sharply reduce the odds of an IRS inquiry by avoiding some common mistakes when filing your taxes. Here are seven that should be on your radar.

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.

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