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

Entertainment Expense is Gone in 2018

Yes…you read it correctly. There are a lot of benefits for the small business owner in the Tax Cuts and Jobs Act, but this isn’t one of them. It truly is a major blow to small and big business, and the cost of doing business just went up.

Here is a pretty good chart that explains the new rules for 2018. Basically, meals with clients, partners, etc as long as you substantiate the purpose of the meeting and who you met with. To be more specific, no boat, club, sky box, etc expenses!

Example. Tom is an insurance agent and small business consultant. He takes one of his clients golfing and out to lunch to give guidance on a business transaction and sell an insurance policy.

Write-off? Nope. Because the activity occurred in 2018, Tom gets no deduction and arguably the meal isn’t a write-off either.

First, all small businesses and entrepreneurs are affected; no one is exempt from this provision in the new tax law. Sole-proprietors, S-Corporations, LLCs and C-Corporations – all beware.

Entertainment Expense is Gone in 2018

Yes…you read it correctly.  There are a lot of benefits for the small business owner in the Tax Cuts and Jobs Act, but this isn’t one of them. It truly is a major blow to small and big business, and the cost of doing business just went up.

       Example. Tom is an insurance agent and small business consultant. He takes one of his clients golfing and out to lunch to give guidance on a business transaction and sell an insurance policy.

       Write-off? Nope. Because the activity occurred in 2018, Tom gets no deduction and arguably the meal isn’t a write-off either.

First, all small businesses and entrepreneurs are affected; no one is exempt from this provision in the new tax law. Sole-proprietors, S-Corporations, LLCs and C-Corporations – all beware.

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.

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.

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.

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