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?
“For more than 30 years I have relied on Jerry to provide me with critical guidance for both investment decisions and tax strategies. His opinions have been crucial in helping me make the best possible business decisions, as well as providing me with sound advice regarding personal tax planning”.
Steve T., Taxpayer

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.

Don't Fall for These 20 Common Tax Myths

tax-return-myth-jerry-jones-cpaOWE NO

To say the U.S. tax system is confusing is an understatement, so it's no wonder there are many misconceptions about the rules. The good news is that most people make less than $100,000 in a year and have no income other than their paychecks, so they can fill out the comparatively brief and very direct short form; almost everyone who uses the 1040EZ can fill it out themselves. For everybody else, though, the baffling mysteries of the tax code prevail, and can ultimately cost money. To help unravel some of the perplexities of the system, here are 12 common tax myths debunked. It might save money and sanity when the deadline rolls around.

15 THINGS YOU SHOULD KNOW ABOUT THE DIFFERENT TAX BRACKETS

Tax-brackiet-advice-jerry-jonesThe 2017 Tax Cuts and Jobs Act went into effect on January 3. As part of the new legislation, all of the tax brackets have changed. For most Americans, the changes will offer some tax relief. However, the majority of the impact of the new legislation will be on businesses.

Both single filers and couples filing jointly will see differences in their tax liability. Let's take a look at 15 things you need to know about the new income brackets and tax rates and how they'll affect you.

1. 7 TAX BRACKETS REMAIN

The Act keeps the seven income tax brackets but lowers the tax rates for each. That means most Americans will see some relief when it's time to figure how to pay those taxes.

The IRS isn't calling you — it's a scam, and here's what to do if it happens to you

The IRS isn't exactly modern.

IRS-phone-call-scam-Jerry-JonesIf it needs to get in touch with a taxpayer, it sends a letter — not an email, not a phone call, and definitely not a message over social media. Especially in cases of tax fraud.

So when I recently got a voicemail admonishing me for supposed issues with the tax return I filed a few weeks ago, I knew it had to be the latest IRS phone scam.

A phone number from Washington, DC, called me and left a voicemail when I didn't answer.

It was an automated message that said:

"Time sensitive and urgent ... we found that there was a fraud and misconduct on your tax which you are hiding from federal government. This needs to be rectified immediately, so please return the call as soon as you receive the message."

It told me to return the call to the same DC-area phone number displayed on my caller ID. It's pretty clear this was a scam call, if not for the simple reason that the caller did not identify themselves as someone from the IRS. Also, as previously mentioned, the IRS prefers snail mail.

This is a sophisticated step in the latest tax scam Americans need to watch out for, according to the IRS. Scammers file a fake tax return with stolen personal information, like your Social Security number, and then use actual bank account information to have the refund deposited into your own account.

Then they call to collect, posing as the IRS or debt collectors demanding the return of the fraudulent tax refund. In some cases, the caller threatens criminal fraud charges, an arrest warrant, and to "blacklist" the taxpayer's Social Security Number.

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