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

The IRS is Warning Retirees of this Impending Tax Surprise

When the IRS repeatedly warns you of an impending tax bill, you should listen.

The tax agency has been on an awareness campaign all summer, telling filers that they may need to review and update their withholding at work to ensure they're paying the right amount of federal income tax.

Uncle Sam is now sending retirees a heads-up, too: Be sure you're withholding enough tax from your pension or annuity, or else face a nasty tax bill next spring.

 

This can be easier said than done.

Once older Americans have left the workplace, they begin drawing down income from a range of sources. This could include Social Security, pensions and retirement withdrawals.

The income tax picture also becomes more complex: While they were working, today's retirees were able to automatically pay their withholding with each paycheck.

Now, they'll need to write checks for estimated amounts to the IRS four times a year.

“With estimated tax payments, there’s the issue of making sure they actually paid the tax,” said Harjit Virk, a CPA and senior associate at Getzel Schiff & Pesce in Woodbury, New York

“Sometimes you have to send reminders when the payments are due,” he said.

Here’s how to simplify your tax payments so that you can get back to enjoying your retirement.

Every retiree should make this tax move right now, according to the IRS

The IRS has a message for retirees: make sure you’re paying enough federal income tax. The Tax Cuts and Jobs Act of last December changed the income tax calculations for most filers, and employees aren’t the only ones who need to double check they’re withholding the right amount.

The GOP tax bill lowered the top individual rate to 37% from 39.6%, and the income brackets dropped slightly -– by about 3%, says Chris Baker, a certified financial planner at Oaktree Financial Advisors in Carmel, Indiana. This means that on average most retirees will likely see a decrease in tax liability and owe slightly less, although it varies by individual circumstances, he says.

Retirees who receive monthly pension income or annuity checks may well need to increase or lower the amount of taxes they pay. While most retirees prefer withholding taxes from each paycheck to give Uncle Sam his due, those who choose to receive the full amount in each check and then make estimated payments to the IRS must do so four times a year by the quarterly deadlines. The third quarter deadline was Sept. 17, and the next is Jan. 15, 2019.

Withholding too much from each check could result in an outsized refund while withholding too little could mean you owe the IRS next spring. “Make sure you don’t have a large balance due because it’s possible you could be penalized for underpaying your estimated tax,” says April Walker, lead manager for tax practice and ethics at the American Institute of CPAs.

IRS launches new easy-to-use web pages to help all taxpayers understand tax reform

 

With an updated tax reform section and frequent updates, the IRS website should be the first stop for taxpayers looking for information about how tax reform legislation – the Tax Cuts and Jobs Act – affects their taxes. Here are some facts about these new easy-to-read, easy-to-use pages and what taxpayers can find on them:

Retirees with Pension Income should do a Paycheck Checkup ASAP

Retirees should do a Paycheck Checkup to make sure they are paying  enough tax during the year by using the Withholding Calculator, available on IRS.gov. The Tax Cuts and Jobs Act, enacted in December 2017, changed the way tax is calculated for most taxpayers, including retirees.

Because of this law change, retirees who receive a monthly pension or annuity check may need to raise or lower the amount of tax they pay in during the year. The easiest way to do that is to use the Withholding Calculator or readPublication 505, Tax Withholding and Estimated Tax. Though primarily designed for employees who receive wages, this online tool can also help those who receive pension or annuity payments on a regular schedule, usually monthly or quarterly.

Taxpayers scramble as proposed IRS rule on local taxes wrecks workaround strategy

The clock is ticking for taxpayers who want to contribute to state tax credit programs and nab a charitable deduction to boot on their federal return.

The IRS and Treasury's newly released proposed regulations block blue state attempts to bypass the new $10,000 limit on state and local tax deductions, also known as SALT.

This limit was imposed by the Tax Cuts and Jobs Act, an overhaul of the tax code that was passed last year.

Though the new guidance from Treasury and the IRS is a proposal at this point, it has an effective date of Aug. 27 and is intended to apply to transactions made after then.

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