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?
“Our business consists of multiple entities, in several states and industries. Jerry has helped minimize taxes, reporting and operational headaches by customizing our structure by state. Besides daily activities, Jerry has helped greatly in structuring large transactions with third parties. He’s great about planning for the future while addressing today’s operational needs”.
Richard B., Encore Partners, LLC

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).

Scroll down for 10 items that you can no longer deduct from your taxes. All but one of them will start to apply once you file a 1040 in 2019.

1. Personal exemptions

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.

2019 IRS Mileage Rates for Business, Charity, Medical and Moving

The Internal Revenue Service has issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

14 Nice-Try Tax Breaks Rejected by the IRS

Over the years, taxpayers have concocted a lot of zany arguments to justify their tax breaks. We’ve come up with 14 of the most creative ones that the courts decided did not quite work.

A Little Peace and Quiet

A busy tax preparer ran her business from her home. During tax season, she felt so harassed from clients calling her at all hours of the day and night that she occasionally booked a room at a local hotel for some peace and quiet. On her own return, she deducted the cost of this rest and relaxation as a business expense. Unfortunately for her, the Tax Court ruled that the cost of her good night’s sleep was a nondeductible personal expense.

Investigating Daddy’s Mysterious Death

A CPA paid millions of dollars to private investigators and other experts to help him find out whether his father, who died when the taxpayer was a child, was murdered or committed suicide. He deducted the payments on Schedule C as business expenses. He believed that if he gathered enough evidence, the story could become a book or even a movie. The Tax Court categorized his activity as a hobby and nixed the write-off.

My Little Princess

A couple’s daughter began competing in beauty pageants at age 9. She won between $1,000 and $2,000 in prize money each year that was deposited into her college savings account. The parents reported the income on their returns and also took large write-offs for the cost of travel, costumes and other expenses.

Because the prize winnings were compensation for the child’s services in the pageant, they are included in her income. And only she can deduct the costs, even though the expenditures were made by the parents. So the Tax Court denied the parents’ deductions.

Retirees who miss this tax deadline could owe the IRS thousands

Many retirees who turned 70½ years old prior to the start of 2018 are up against a potentially costly tax deadline.

Folks this age who own certain types of retirement accounts generally must withdraw what the IRS calls “required minimum distributions” — or “RMDs” — by Dec. 31. If they miss this deadline, they face a 50 percent tax penalty — which could translate to hundreds or thousands of dollars.

RMDs are a minimum amount of money the IRS requires you to withdraw from most types of retirement accounts each year starting the year in which you turn 70½.

Tool on IRS.gov helps taxpayers research charities before making donations

When people are done giving thanks at the dinner table, many start another kind of giving.

 

Taxpayers may be able to deduct donations to tax-exempt organizations on their tax return. As people are deciding where to make their donations, the IRS has a tool that may help. Tax Exempt Organization Search on IRS.gov is a tool that allows users to search for charities. It provides information about an organization’s federal tax status and filings.

Here are four facts about the Tax Exempt Organization Search tool:

  • Donors can use it to confirm an organization is tax exempt and eligible to receive tax-deductible charitable contributions.
  • Users can find out if an organization had its tax-exempt status revoked. A common reason for revocation is when an organization does not file its Form 990-series return for three consecutive years.
  • EO Select Check does not list certain organizations that may be eligible to receive tax-deductible donations, including churches, organizations in a group ruling, and governmental entities.
  • Organizations are listed under the legal name or a “doing business as” name on file with the IRS. No separate listing of common or popular names is searchable.

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