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 has been doing my individual taxes for the past 7 years. He must be doing OK since I haven’t been audited or had to pay any fines. In addition to my regular taxes, Jerry completed the final returns for my mother’s Living Trust in California. Before taking on this task Jerry let me know that he hadn’t handled a trust, especially in California for a long time. This required Jerry to make the extra effort to research and consult with a lawyer to successfully file the IRS and California returns and to close the financial requirements of the trust. I highly recommend Jerry’s services".
Leif L., Taxpayer

How Much Do You Need to Earn to Max Out Your Social Security Benefit?

The maximum Social Security benefit for a new retiree in 2018 is north of $33,000 per year at full retirement age and can be even higher for workers who wait. So how much do you need to earn if you want the maximum Social Security benefit when you retire?

Unfortunately, this question is more complicated than it may seem. Here's a rundown of how much you can get from Social Security, how much you'll need to have earned to get the maximum benefit, and how the maximum benefit amount could change in the future.

If / Then Scenarios for Taxpayers Who Get Phished

The IRS reminds taxpayers that the agency does not initiate contact with taxpayers by email or text messages to request personal or financial information. This includes requests for PIN numbers, passwords or similar information for credit cards, banks and other financial accounts.

This is important for everyone to remember because thieves often pose as the IRS to get taxpayers to turn over personal information in a scam called phishing. Phishing is typically carried out through unsolicited emails or websites.

30 Ways Your Tax Return Could Trigger an IRS Audit

audit-IRS-tax-advice-Jerry-Jones-cpaRED FLAGS

For most taxpayers, it's unlikely that they will be audited by the IRS. But that doesn't mean it's completely out of the question. While the number of audits dropped to its lowest point in 14 years last year, the IRS knows that every $1 spent on audits brings in $4 to the Treasury Department. We spoke to several tax experts and found out just what the IRS is looking for when it's considering an audit and how you can trigger an audit through mistakes, oversights, and not-so-brilliant deductions.

DEVIATE FROM THE NORM

The IRS freely admits that it needs only a single anomaly to audit a return. Sometimes, audits are based solely on a statistical formula that your return had the misfortune of deviating from. The IRS develops those "norms" from audits of a statistically valid random sample of returns, as part of the National Research Program the IRS conducts. Basically, even some minor, unexplained glitch in your return can trigger an audit.

Steps Victims Can Take to Minimize Effect of Data Theft

steps-to-protect-victims-tax-law-IRSEvery day, the theft of personal and financial information puts people at risk of identity theft. Generally, thieves try to use the stolen data as quickly as possible to:

  • Sell the information to other criminals.
  • Withdraw money from a bank account.
  • Make credit card purchases.
  • File a fraudulent tax return for a refund using victims' names.

Victims of a data loss should follow these steps to minimize the effect of the theft:

  • Try to determine what information the thieves compromised. Compromised information may include emails and passwords, or more sensitive data, such as name and Social Security number.

  • Take advantage of credit monitoring services when offered by the affected organization.

  • Place a freeze on credit accounts to prevent access to credit records. It varies by state, but there may be a fee to place a freeze on an account. At a minimum, victims should place a fraud alert on their credit accounts by contacting one of the three major credit bureaus. A fraud alert isn't as secure as a freeze, but it's free.

  • Reset passwords on online accounts, especially those of financial sites and email and social media accounts. Use different passwords for each account. Some experts recommend at least 10-digit passwords, mixing letters, numbers and special characters. Victims may also wish to consider using a password manager or app.

National Tax Security Awareness Week: Data Protection Tips to Help Taxpayers, Businesses

shopping safe data safe CPA Jerry JonesThe IRS is partnering with state tax agencies, the tax industry and groups across the country to host the second annual National Tax Security Awareness Week. The goal is to encourage all taxpayers to take steps to protect their tax data and identities.

This week begins Monday, Nov. 27 and coincides with two annual events when criminals are especially active – the online holiday shopping season and the 2018 tax filing season.

With the number of data breaches at record levels, these are issues that pose a threat to individuals and businesses. The IRS will offer simple steps taxpayers can take to protect themselves from cybercriminals. This event is part of the Security Summit, part of ongoing collaborative effort to combat tax-related identity theft.

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