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. 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 a small 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 acquisition, major supplier negotiations, credit facilities and tax returns. His current with knowledge of tax laws and requirements is reassuring. I would have to characterize Jerry’s approach to accounting and tax returns as very conservative. In short, I have known Jerry through good times and bad and he has proven to be a very valuable recourse to the company and myself. If anyone has any questions. I would be happy to elaborate further".
Will Morgan, WRM Inc

Starting a Business This Summer/Fall? Here’s Five Tax Tips

small business start business IRS CPA Jerry Jones tax adviceIf summer/Fall plans include starting a business, be sure to visit IRS.gov. The IRS website has answers to questions on payroll and income taxes, credits and deductions plus more.

New business owners may find the following five IRS tax tips helpful:

1. Business Structure. An early choice to make is to decide on the type of structure for the business. The most common types are sole proprietor, partnership and corporation. The type of business chosen will determine which tax forms to file.

2. Business Taxes. There are four general types of business taxes. They are income tax, self-employment tax, employment tax and excise tax. In most cases, the types of tax a business pays depends on the type of business structure set up. Taxpayers may need to make estimated tax payments. If so, use IRS Direct Pay to make them. It’s the fast, easy and secure way to pay from a checking or savings account.

How to find out if you're affected by the Equifax hack

Equifax building hack Jerry JonesYou may have never used Equifax yourself -- or even heard of it -- but the credit reporting agency could still have a treasure trove of your personal information.

Equifax said Thursday that 143 million people could be affected by a recent data breach in which cybercriminals stole information including names, Social Security numbers, birth dates, addresses, and the numbers of some driver's licenses.

Additionally, credit card numbers for about 209,000 people were exposed, as was "personal identifying information" on roughly 182,000 customers involved in credit report disputes.

Know these Facts Before Deducting a Charitable Donation

deductable donation charity IRSIf taxpayers gave money or goods to a charity in 2017, they may be able to claim a deduction on their federal tax return. Taxpayers can use the Interactive Tax Assistant tool, Can I Deduct my Charitable Contributions?, to help determine if their charitable contributions are deductible.

Here are some important facts about charitable donations:

  1. Qualified Charities. Taxpayers must donate to a qualified charity. Gifts to individuals, political organizations or candidates are not deductible. To check the status of a charity, use the IRS Select Check tool.

  2. Itemize Deductions. To deduct charitable contributions, taxpayers must file Form 1040 and itemize deductions. File Schedule A, Itemized Deductions, with a federal tax return.

  3. Benefit in Return. If taxpayers get something in return for their donation, they may have to reduce their deduction. Taxpayers can only deduct the amount that exceeds the fair market value of the benefit received. Examples of benefits include merchandise, meals, tickets to events or other goods and services.

  4. Type of Donation. If taxpayers give property instead of cash, their deduction amount is normally limited to the item’s fair market value. Fair market value is generally the price they would get if the property sold on the open market. If they donate used clothing and household items, those items generally must be in good condition or better. Special rules apply to cars, boats and other types of property donations.

  5. Noncash Charitable Contributions. File Form 8283, Noncash Charitable Contributions, for all noncash gifts totaling more than $500 for the year. Complete section-A for noncash property contributions worth $5,000 or less. Complete section-B for noncash property contributions more than $5,000 and include a qualified appraisal to the return. Taxpayers may be able to prepare and e-file their tax return for free using IRS Free File. The type of records they must keep depends on the amount and type of their donation. To learn more about what records to keep, see Publication 526, Charitable Contributions.

CPR Self - Important Life Saving Read!

self cpr life saving Jerry Jones CPA This comes from Dr. Patrick Teefy Cardiology Head at the Nuclear Medicine Institute University Hospital London Ontario.

Please take time to read this important message that might save your live or someone you know one day.

I hope everyone can send this on as it is really important for everyone to know!

  1. Let's say it's 7:25 pm and you're going home (alone of course) after an unusually hard day on the job.

  2. You're really tired, upset and frustrated.

IRS Website Provides Tools to Help Small Businesses Understand Employment Taxes

employment IRS small business taxes smWASHINGTON –The Internal Revenue Service reminds small businesses of the many free products available to help them understand and comply with the law. Products ranging from online calculators, printable calendars, step-by-step guides and a series of educational webinars are all available on IRS.gov.

Federal law requires most employers to withhold federal taxes from their employees' wages. IRS tools can help small businesses understand some of the requirements for withholding, reporting, and paying employment taxes. The IRS website, IRS.gov, provides easily accessible information and guides on what forms employers should use as well as how and when to deposit and report employment taxes.

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