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?
"I am a small business owner operating an equipment distribution business. I feel fortunate to have known Jerry personally and professionally for over 22 years. Jerry was tempted to walk away when he first saw the mess I had created in growing a small business, but he showed patience and persistence in getting our operation organized. Jerry has advised and assisted me with organizing our accounting system, business and personal planning, real estate acquisition, major supplier negotiations, credit facilities and tax returns. His current with knowledge of tax laws and requirements is reassuring. I would have to characterize Jerry’s approach to accounting and tax returns as very conservative. In short, I have known Jerry through good times and bad and he has proven to be a very valuable recourse to the company and myself. If anyone has any questions. I would be happy to elaborate further".
Will Morgan, WRM Inc

15 THINGS YOU SHOULD KNOW ABOUT THE DIFFERENT TAX BRACKETS

Tax-brackiet-advice-jerry-jonesThe 2017 Tax Cuts and Jobs Act went into effect on January 3. As part of the new legislation, all of the tax brackets have changed. For most Americans, the changes will offer some tax relief. However, the majority of the impact of the new legislation will be on businesses.

Both single filers and couples filing jointly will see differences in their tax liability. Let's take a look at 15 things you need to know about the new income brackets and tax rates and how they'll affect you.

1. 7 TAX BRACKETS REMAIN

The Act keeps the seven income tax brackets but lowers the tax rates for each. That means most Americans will see some relief when it's time to figure how to pay those taxes.

2. NEW PERCENTAGES FOR SINGLE AND JOINT FILERS

For both single filers and married couples filing jointly the tax rates will range from 10 percent for the lowest earners, and up to 37 percent for the highest earners.

3. YOU'RE ALREADY REAPING THE BENEFITS

Employees began seeing the changes — more money in their paychecks — in their February 2018 paychecks.

4. THE NEW TAX RATES AREN'T INDEFINITE

Because this legislation was passed with the intention of offering immediate tax cuts to Americans, it won't last forever. It's important to remember, however, that tax laws inevitably change depending on the administration. These new tax rates will revert to 2017 rates in 2026.

5. THE INCOME LEVELS WILL RISE EACH YEAR WITH INFLATION

Income levels in each bracket will rise, but they will rise more slowly than in the past because the Act uses the chained consumer price index. Over time, that will move more people into higher tax brackets.

6. THE OLD TAX BRACKETS

Once the tax rates revert back to 2017 levels, they will be 10 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent and 39.6 percent.

7. THE NEW BRACKETS

For both single and joint filers, the new tax rates are 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent, and 37 percent.

8. WHO PAYS 10 PERCENT?

In order to fall into the lowest tax rate bracket, a single filer can make up to just $9,525 before being bumped up to the next-highest rate. For those taxpayers filing jointly, they can only make a combined total of $19,050 to stay within the 10 percent tax liability bracket.

9. WHO PAYS 12 PERCENT?

The income range for single filers in the 12 percent tax bracket is between $9,525 and $38,700. For joint filers it is between $19,050 and $77,400.

10. WHO PAYS 22 PERCENT?

The third tax bracket is the most significant tax liability percentage jump — going from 12 to 22 percent. Single filers in this bracket can make between $38,700 and $82,500, while joint filers can make from $77,400 to $165,000.

11. WHO PAYS 24 PERCENT?

Single filers making $82,500 to $157,500 per year will pay 24 percent on their income, while joint filers making between $165,000 and $315,000 will pay this percentage.

12. WHO PAYS 32 PERCENT?

This tax rate will apply to single filers making $157,500 to $200,000 annually, and to joint filers making between $315,000 and $400,000.

13. WHO PAYS 35 PERCENT?

The income range in this tax bracket represents the biggest jump in terms of income ranges. Single filers can make anywhere between $200,000 and $500,000 and pay 35 percent. Joint filers, meanwhile have an income range of $400,000 to $600,000 in the 35 percent tax bracket.

14. WHO PAYS THE HIGHEST TAX RATE — 37 PERCENT?

The highest tax burden in the new legislation will be on single filers making $500,000 or more, and on joint filers making $600,000 and up.

15. INCOME AMOUNTS ARE DIFFERENT FOR HEAD OF HOUSEHOLD FILERS

For those filing head of household — specifically single filers with dependents, the amounts in each tax bracket differ. For example, a person filing head of household can make up to $13,600 and still fall into the 10 percent tax bracket.

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