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J.T. Pells | CPA

@pellscpa

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CPA for Home Services Businesses
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@thenotoriousmma is one of the most well known UFC fighters alive. I've always thought he should be put up there in the tax-savings HoF as well!

Regular "tax guys" won't go the extra step to help you SAVE! Book a consultation with me today if you know you're giving too much to Uncle Sam!

FOLLOW ME HERE!
https://linktr.ee/pellscpa

🪙 FOLLOW FOR DAILY TAX TEACHINGS 🪙

#cpa #taxes #certifiedpublicaccountant #jtpells #taxadvice #taxsavings #smallbusiness #businessadvice #smallbusinessadvice #taxwriteoff #connormcgregor #ufc #mma by @pellscpa

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4 years ago

There’s a simple formula for calculating your deductible expenses and turning your living space into a tax-saving asset. by @pellscpa

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3 years ago

Have you ever wondered how athletes go broke? One of the reasons is because they bought a house for their parents that their parents can’t afford. by @pellscpa

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3 years ago

Should you move from California to Texas to pay less in taxes?

The answer is yes from a tax perspective.

California has some of the highest tax rates whereas Texas doesn't have any income taxes.

If you make $300,000 and live in texas, you'll save $20k in taxes just by having a non CA zip code.

But there is more to it than just taxes.

For more practical tax advice, make sure to follow. by @pellscpa

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3 months ago

Business owners are quietly missing thousands in tax deductions and aren't realizing it.

As a business, you are legally allowed to deduct all ordinary and neccesary expneses in your business.

So if if you are spending money on supplies, advertising, and software, make sure you are deducting them on your taxes.

If you aren't sure you're getting every deduction possible, DM the word tax. by @pellscpa

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3 months ago

Business owners are missing thousands in tax deductions because they aren't sure what is a tax deduction and what isn't a tax deduction.

I break down an easy way to figure out what is deductible and what isn't deductible.

Looking at a business tax return gives you a list of things that the IRS allows for a deduction. Like advertising, insurance, wages, etc.

Now if you still aren't sure if you are missing any deductions, comment the word tax and I'll send you a tool to see what is mising. by @pellscpa

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3 months ago

Can you deduct a rolex on your taxes?

Yes, but with a lot of caveats.

In this video, the host is correct that someone who is renting rolexes to customers can depreciate the watches on their return because they are in the business of renting watches.

But what the video leaves out is that if you are renting watches but also wearing the watches personally, then the rolex becomes personal and losses a lot of its deductibility.

And you don't have to believe me. Tax court has ruled on this.

In 1980 Sandra Pevsnar was required to buy YSL clothing for her job as a YSL manager. Sandra bought the clothes for work and only wore them at her job. But since the clothing was suitable for personal use, the clothes were non deductible.

It would be the same for rolexes. You have to be in the business of buying or renting rolexes. If you are buying a rolex and wearing it to attract cusomters, then it's personal and not deductible.

For more practical advice, make sure to follow. by @pellscpa

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4 months ago

Can your wedding save you thousands in taxes?

Yes. But with lots of caveats.

There is a trend on social media saying that you can deduct your dress, flowers and even the venue if you donate them.

You can deduct all three of those, but it's not the bang for your buck that the internet would make it seem.

You can deduct your wedding dress and flowers, but only for what the used value is. So if you bought a wedding dress for $4,000 and you donate it after the ceremony, your deduction would maybe be $1,000 because that is what someone would pay for a used dress. NOT the original price tag you paid.

Same with the flowers. Once they are used, they are only deducted at the used value.

The venue is deductible if you have it at a non profit like a church. But only if you pay extra. In this example, a church charges you $10k for the wedding and reception. You'd have to pay $11,000 and only get a $1,000 deduction. For a donation to be deductible, you can't receive anything in return. You'd get $10,000 of value for a wedding and then got nothing in return for the $1,000 extra donation.

So the moral of the story is to work with your accountant before following something like this. by @pellscpa

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4 months ago

Owning a home helps you pay less in taxes and here's why.

When you own a home, you are legally allowed to deduct the mortgage interest and property taxes.

However when you rent, you are not allowed to deduct any portion of your payment.

This is one reason why two people making the same amount of money can pay different amounts in taxes.

If you follow what is in the tax code, it can lead to lower taxes.

We help our clients navigate the tax code to make sure they are paying the least amount possible.

If you are looking for this type of guidance, DM the word tax to get on the calendar. by @pellscpa

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4 months ago

Moving Puerto Rico can give save you in taxes.

But social media makes it look like you just need a PO Box in Puerto Rico.

That isn't the case. You actually have to move there and be there 6 months per year.

Now if you want to move there and have been wanting to visit, go for it.

But to uproot your life just to escape taxes is a heavy burden.

Try to look to the tax code to take advantage of the laws given to you.

For more practical tax advice, make sure to follow. by @pellscpa

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4 months ago

Business owners pay less in taxes than regular employees.

And the reason is in the tax code.

President Trump passed the Tax Cuts and Jobs Act in 2017 and changed the way business owners pay federal taxes on their profits.

Now whether you agree with this or not, if you want to pay less in taxes, you should be following the incentives in the tax code.

If you want to see what your taxes look like as a business owner, dm the word tax. by @pellscpa

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4 months ago

If you get audited by the IRS, do this.

Sometimes we panic over nothing and it's actually not an audit.

For more practical tax advice, make sure to follow. by @pellscpa

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4 months ago