Jerry Jones CPA
Wouldn’t it be nice to have a CPA that you deal directly with, that understands your business, that works in all 50 states and is there for you when you need him?
“I am a small business owner operating an equipment distribution business in Fontana, CA. I feel fortunate to have known Jerry personally and professionally for over 22 years. Jerry was tempted to walk away when he first saw the mess I had created in growing my business, but he showed patience and persistence in getting our operation organized. Jerry has advised and assisted me with organizing our accounting system, business and personal planning, real estate acquisitions, major supplier negotiations, credit facilities and tax returns. His knowledge with the tax laws and requirements is quite reassuring. In short, I have known Jerry through good times and bad and he has proven to be a very valuable resource to the company and myself. If anyone has any questions, I would happy to talk to you and elaborate further”.
Will M., President, WRM, Inc.

Plan Ahead for Tax Time When Renting Out Residential or Vacation Property

tax benefits rental property Jerry Jones

Summertime is a time of year when people rent out their property. In addition to the standard clean up and maintenance, owners need to be aware of the tax implications of residential and vacation home rentals.

Receiving money for the use of a dwelling also used as a taxpayer’s personal residence generally requires reporting the rental income on a tax return. It also means certain expenses become deductible to reduce the total amount of rental income that's subject to tax.

Tax Changes for Small Businesses Could be Coming—Here’s How to Prepare

tax changes prepare Jerry JonesTax season has arrived, and while most small business owners are working to itemize deductions and make sure their returns are filed on time, many are keeping a watchful eye on the potential shift in next year’s tax bill as well. With new business policies and tax proposals on the table, tax changes for small businesses could be on the way and the potential for 2017 taxes to look very different from 2016 is high.

While changes to the tax code are likely to occur in the coming year, nobody knows for sure what those changes will be or how they will affect small businesses. Studying the current proposals can put business owners and tax professionals at an advantage for predicting how their tax bills might shake out in the future. Here’s how five potential tax changes could affect your small business—and actions you can consider taking to reduce your tax liability.

Reduced pass-through business rates.

Some lawmakers have proposed reducing the business income tax rate of pass-through entities—such as S corporations, most LLCs and partnerships—to 15 percent. Most small businesses operate as “pass-through entities,” which means they don’t pay income taxes at the corporate level; instead, corporate income passes through to the owners, and income taxes are levied only at the individual owners’ level, according to Joshua Wu, a tax partner at Greaves Wu, a tax law firm in Washington, D.C.

Security Awareness for Taxpayers: The Tax Community Needs Your Help

Tax tip Jerry Jones CPA securityThe IRS, the states and the tax industry are committed to protecting you from identity theft. But, we need your help to join us in this effort.

By taking a few simple steps, you can better protect your personal and financial data online and at home.

In recent weeks, we’ve issued a series of IRS Security Awareness Tax Tips designed to help you take steps to protect yourself. If you missed them, we’ve created an IRS Security Awareness Tax Tips page for you to catch up or review.

Remember, cybercriminals continue stealing large amounts of personal data from outside the tax system. They can use that data to file fraudulent tax returns or commit other crimes while impersonating the victims.

Phishing Schemes Lead the IRS “Dirty Dozen” List of Tax Scams for 2017; Remain Tax-Time Threat

IRS YouTube Videos:

Phishing-Malware
Taxes. Security. Together.
Security Summit - Be Cautious When Using Wi-Fi
Dirty Dozen

dirty dozen tax fraud jerry jones CPAWASHINGTON — The Internal Revenue Service today warned taxpayers to watch out for fake emails or websites looking to steal personal information. These “phishing” schemes continue to be on the annual IRS list of “Dirty Dozen” tax scams for the 2017 filing season.

The IRS saw a big spike in phishing and malware incidents during the 2016 tax season. New and evolving phishing schemes have already been seen this month as scam artists work to confuse taxpayers during filing season. The IRS has already seen email schemes in recent weeks targeting tax professionals, payroll professionals, human resources personnel, schools as well as average taxpayers.

tips for taxpayers jerry jones cpa owe taxes smTips for Taxpayers Who Owe Taxes

The IRS offers a variety of payment options where taxpayers can pay immediately or arrange to pay in installments. Those who receive a bill from the IRS should not ignore it. A delay may cost more in the end. As more time passes, the more interest and penalties accumulate.

Here are some ways to make payments using IRS electronic payment options:

  • Direct Pay. Pay tax bills directly from a checking or savings account free with IRS Direct Pay. Taxpayers receive instant confirmation once they’ve made a payment. With Direct Pay, taxpayers can schedule payments up to 30 days in advance. Change or cancel a payment two business days before the scheduled payment date.

  • Credit or Debit Cards. Taxpayers can also pay their taxes by debit or credit card online, by phone or with a mobile device. A payment processor will process payments. The IRS does not charge a fee but convenience fees apply and vary by processor.

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