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?
"Jerry Jones, CPA has been successful in filing a 1045 loss on my 2008 tax return, resulting in getting my past five years of federal income taxes returned to me. I appreciate Jerry’s direct approach to the IRS tax laws and his professionalism, and knowledge in dealing with the IRS. Jerry has been a wonderful educator to me in IRS tax laws, and refund amounts available through new IRS rulings. I would strongly recommend Jerry to any Business owners or individuals requiring an in debt knowledge of the IRS laws and rulings. Thanks Jerry for getting my refunds for the past five years"!
Michael Goodwin

IRS to waive penalties for under-withholding after Trump tax changes

The Internal Revenue Service will waive penalties against taxpayers who withheld too little of their pay last year because they were uncertain how President Donald Trump's tax cuts would affect them, officials said Wednesday. 

The Trump administration said it expected 90 percent of taxpayers to owe less income tax under the Tax Cuts and Jobs Act of 2017. Most taxpayers have already seen the benefits, as employers withhold less money from their paychecks.

But some might have withheld too little. Some taxpayers – particularly those who already pay higher state and local taxes – could end up owing more when they file their returns in April.

Did You Miss These 7 Credits and Deductions?

Americans love tax breaks.

In the past, everybody knew they could deduct mortgage interest, medical expenses over a certain amount, gifts to charity — even the cost of preparing their tax return.

However, federal tax reform means some deductions have now disappeared. Others aren’t as valuable, thanks to an increased standard deduction that makes it less attractive to itemize. Those new standard deduction amounts are:

  • $12,000 for single taxpayers and married taxpayers who file separate returns
  • $24,000 for married couples filing jointly
  • $18,000 for taxpayers filing as “head of household”

Nonetheless, here are some credits and deductions you should not overlook. Some save you money if you itemize, but others are available even if you do not.

6 Tax Missteps That Will Get You Audited

Nobody wants an IRS tax agent knocking at the door and asking for a shoebox full of receipts. Unfortunately, there’s no surefire way to avoid an audit of your tax returns. 

However, you can sharply reduce the odds of an IRS inquiry by avoiding some common mistakes when filing your taxes. Here are seven that should be on your radar.

Schemes involving falsifying income, creating bogus documents make IRS’ ‘Dirty Dozen’ list for 2019

The Internal Revenue Service today warned taxpayers to avoid schemes involving falsifying income, including the creation of bogus Forms 1099.

Con artists commonly use this trick as well as related scams designed to get taxpayers to erroneously claim tax credits they aren’t entitled to.

The warning about falsified income came as part of the agency’s release of its 2019 list of “Dirty Dozen” tax scams.

The list, compiled annually by the IRS, describes a variety of common scams that taxpayers may encounter. Many of the “Dirty Dozen” schemes peak during filing season as people prepare their tax returns or hire others to help them.

10 Things You Can't Deduct From Your Taxes Anymore

A new tax landscape

The Tax Cuts and Jobs Act of 2017 drastically changed the United States' tax code. This new law will affect every income tax return filed from 2018 to 2025 (when the individual provisions of the Act are scheduled to expire).

All but one of them will start to apply once you file a 1040 in 2019.

You can no longer claim a deduction for yourself, your spouse or any of your dependents. Each personal exemption in 2017 provided a $4,050 tax deduction. For example, a family of four could deduct a total of $16,200 in addition to a standard deduction, itemized deductions and any adjustments to income. The loss of this deduction greatly minimizes the tax benefit of the increased standard deduction.

To make up for the loss of this deduction, the child tax credit for qualifying children under the age of 17 has been increased by $1,000 and made available to more taxpayers. Additionally, there is a new $500 credit for all other dependents, though there is no credit for the taxpayer and spouse.

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