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?
"Our business consists of multiple entities, in several states and industries. Jerry has helped minimize taxes, reporting and operational headaches by customizing our structure by state. Besides daily activities, Jerry has helped greatly in structuring large transactions with third parties. He's great about planning for the future while addressing today's operational needs. Some days he's a little cranky though".

IRA and Retirement Plan Limits for 2014

IRA contribution limits

The maximum amount you can contribute to a traditional IRA or Roth IRA in 2014 remains unchanged at $5,500 (or 100% of your earned income, if less). The maximum catch-up contribution for those age 50 or older in 2014 is $1,000, also unchanged from 2013. (You can contribute to both a traditional and Roth IRA in 2014, but your total contributions can't exceed this annual limit.)

Social Security and Medicare Figures for 2014

New figures announced

The Social Security Administration (SSA) has announced that Social Security and SSI beneficiaries will receive a 1.5% cost-of-living (COLA) adjustment for 2014. According to the SSA's announcement, after the COLA adjustment, the estimated average retirement benefit will rise from $1,275 in 2013 to $1,294 in 2014.

The Centers for Medicare & Medicaid Services (CMS) has also announced next year's Medicare costs. The standard monthly Medicare Part B premium will be $104.90 in 2014, the same as in 2013. However, beneficiaries with higher incomes (individuals with taxable incomes of more than $85,000 and couples with taxable incomes of more than $170,000) will pay more than $104.90 per month because they must pay an income-related surcharge.

Every Parent with Young Children and a Life Insurance Policy Needs a Trust

Many parents wisely decide to buy life insurance to cover the outstanding mortgage on the house or provide a surviving spouse security in the event of the untimely death of one parent. In addition, parents understand that it is important to plan for the financial future of their young children in the event of the untimely death of both parents. Equally important in this process is the proper designation of a beneficiary for minor children.

The following imaginary couples illustrate the consequences of choosing the correct or incorrect beneficiary for life insurance proceeds:

1. Max and Maureen designate their minor children as contingent beneficiaries.

Max and Maureen are married and have two children, Millie and Martin. Millie is ten and Martin is twelve. Max and Maureen have no will but each has a life insurance policy in the amount of $250,000. They are reciprocal beneficiaries on the policies, with their children named as contingent beneficiaries. Sadly, Max and Maureen die in a car accident while the children are staying with Aunt Matilda. Because the children are minors, Aunt Matilda must hire an attorney to petition the court to establish that she is the guardian of the children, and enable her to receive the life insurance proceeds on behalf of the children. She is a good aunt and is meticulous with preserving the children’s money. When the children turn 18, they each get over $200,000 in their bank account. Martin immediately buys a $60,000 car and decides he is not going to college after all. Millie decides to go on a shopping spree in Europe. Max and Maureen just rolled over in their graves.

The Best Investment You Can Make

Bob Swift

This week’s title is a bit of a teaser. The best investment you can make is NOT a super mutual fund, a hot IPO, a gold mine, a new venture company from your neighbor or even beach property in Malibu, California.  The single best thing you can do to assure your long-term financial success is to make sure your kids not only get at least college educated but that you make sure they get FINANCIALLY educated.

Fannie Mae Conventional Loan Guideline Updates!

Fannie Mae will implement Desktop Underwriter (DU) Version 9.1 during the weekend of November 16th, 2013.

Some of the major changes coming with DU 9.1 include:

  • Loan to Value Ratio Cap Lowered to 95%
  • Interest­only Feature on Both ARM and Fixed Rate Loans Removed
  • Loan Terms Will No Longer Exceed 30 years

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