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

Schedule E Vs. LLC Return

Bad news, it seems like “tax preparers” across the country have been preparing LLC tax returns when the only owners of the LLC are a husband/wife or each as an individual. This is a grievous error. This type of ownership is known as a “sole owner” LLC and is not required and should not be filed as a separate return. It is to be shown on the owners’ personal tax return as a Schedule E. The only reason to file the LLC return would be for the “tax preparer” to generate more fees.

IRS Wants To Read You Your Rights (Albeit Symbolically)

The IRS has finally declared “A Taxpayers Bill of Rights” after years of prodding by taxpayer advocates and Congress. Nice gesture, but the IRS even acknowledged that they have no mechanism to make sure they are followed.

Only 46% of taxpayers believe they even have any rights. If you don’t know what your rights are, you will never avail yourself of them. The current IRS Commissioner admits that the bill of rights is intended to help restore battered taxpayer confidence in the tax system.

Extraordinary Tax Deductions

Okay, admit it: As you've struggled with your tax return, trying to come up with some extra deductions to pump up your refund or reduce what you owe, you've taken a few flights of fancy. "Can I claim a deduction for all those blood donations at the Red Cross?" Nope. "How about a charitable contribution for all the time I donate to the church?" No, again. "Can I count the wedding gift for my boss's daughter as an employee business expense?" Come on! On the other hand, your fellow taxpayers have successfully claimed write-offs for many things that most of us wouldn't even imagine, ranging from cat food to a casualty loss for a vehicle totaled by a drunk driver. Here are 15 of our favorites.

Get Credit for Child and Dependent Care This Summer

Many parents pay for childcare or day camps in the summer while they work. If this applies to you, your costs may qualify for a federal tax credit that can lower your taxes. Here are 10 facts that you should know about the Child and Dependent Care Credit:

1. Your expenses must be for the care of one or more qualifying persons. Your dependent child or children under age 13 usually qualify. For more about this rule see Publication 503, Child and Dependent Care Expenses.

14 IRS Audit Red Flags

Short on personnel and funding, the IRS audits less than 1% of all individual tax returns annually. We expect the audit rate to fall even lower as resources continue to shrink and even more employees are reassigned to identity theft cases. So the odds are pretty low that your return will be picked for review. And, of course, the only reason filers should worry about an audit is if they are fudging on their taxes. That said, your chances of being audited or otherwise hearing from the IRS increase with key factors, including your income level, the types of deductions or losses you claim, how you make your money and whether you own foreign assets. Math errors may draw IRS inquiry, but they will rarely lead to a fullblown exam. Although there's no sure way to avoid an IRS audit, these 14 red flags could increase your chances of unwanted attention from the IRS.

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