J.R. Helms & Assoc.

J.R. Helms & Associates - A full service CPA firm providing a traditional and cutting edge array of Financial, Accounting and Income Tax Services Nationwide.

[J.R. Helms & Assoc. @JRHelmsCPA]

"Some" individuals will get underpayment penalty relief for 2018. But beware, it is not only a small group in a narrow range of underpayment (10 to 15%), but you have to check a box and write a note on the tax return in order to request the waiver. #TCJA #IncomeTax #TaxPenalty

[J.R. Helms & Assoc. @JRHelmsCPA]

Invested in Bitcoin? Be sure to keep good records. The trading of Bitcoin and other Cryptocurrency is treated like buying and selling stock. You may be subject to capital gains tax at the end of the year. #Bitcoin #CryptoCurrency

[J.R. Helms & Assoc. @JRHelmsCPA]

PARENTS, Chat with you college age children about taxes. If they run off to college and file their tax returns, bad advice or lack of knowledge may lead them to claim themselves. This can cost a family unnecessary taxes as you will lose them as a deduction. #Taxes #Dependent

[J.R. Helms & Assoc. @JRHelmsCPA]

Direct transfer some or all of your IRA RMD to a qualified charity and you could satisfy the RMD requirement AND keep the income out of your AGI. Be sure the transfer is a Direct ​Transfer to ensure tax-free transfer treatment #TaxFree #RMD

[J.R. Helms & Assoc. @JRHelmsCPA]

The time to act is now. There are less than 4 weeks left before the tax filing deadline. #TaxTime #Taxes

[J.R. Helms & Assoc. @JRHelmsCPA]

With the new Federal Tax Cut and Jobs Act you could see an increase in your Federal Adjusted Gross Income even if your actual tax decreases for 2018. If your State begins its tax calculations with the Federal AGI, you will likely see an increase in your State tax bill #Tax #TCJA

[J.R. Helms & Assoc. @JRHelmsCPA]

Owe the IRS money? Beware, effective April 1, the IRS interest rate on underpayment/late payment will increase 25% from 4 to 5 percent. Combine with related penalties and the dollars can add up quick. Avoid unnecessary expense with advance planning and action. #IRS #Tax #Money

[J.R. Helms & Assoc. @JRHelmsCPA]

Don't let time slip away. April 17th is rapidly approaching. We stand ready to help you be sure to take advantage of every credit or deduction to which you are legally entitled. #TaxRefund #Tax #TaxReturn #CPA

[J.R. Helms & Assoc. @JRHelmsCPA]

If your employer pays you through direct deposit, have a small portion of your net pay deposited to a 2nd account. Out of sight, out of mind. Effortlessly you can build a savings for Christmas gifts, a vacation or even retirement. #DirectDeposit #Money #Savings #Christmas

[J.R. Helms & Assoc. @JRHelmsCPA]

CPA means much more than just tax returns. Because we take the needs of our Client seriously, we strive to solve problems. Sometimes big, often small. #CPA #MostTrustedAdvisor #businessadvice

[J.R. Helms & Assoc. @JRHelmsCPA]

Do you qualify for an HSA? Try to deposit the annual maximum limit, even though you are healthy. The accumulated savings in the HSA are much like an IRA, but with their own annual contribution limits, separate from normal IRA limits. #IRA #HSA #RetirementPlanning

[J.R. Helms & Assoc. @JRHelmsCPA]

Retirement Planning - Give yourself a raise. If your employer matches your retirement withholdings, you may be able to increase that match by increasing your deferral. It is true, you cannot spend that money today, but it will be there for you when you retire. #Retirement

[J.R. Helms & Assoc. @JRHelmsCPA]

The IRS will NEVER contact you by phone to inform you of a tax due. If you get a call, share ONLY your CPA or Attorney's name and number then hang up. Better yet, share NOTHING and just hang up. #ScamAlert #TaxScam

[J.R. Helms & Assoc. @JRHelmsCPA]

Health Insurance premiums can qualify as deductible medical expenses. However, if you​ pay those premiums with pre-tax dollars, like through a pre-tax payroll withholding, they will not qualify. This is actually wise in that the deducted dollars avoid taxation entirely. #TaxTips

[J.R. Helms & Assoc. @JRHelmsCPA]

Do you ever participate in a group contribution to a charity? Be sure you write your check directly to the charity. If you write your check to someone else to be included as part of a larger contribution, your payment is NOT deductible as a charitable contribution. #contributions

[J.R. Helms & Assoc. @JRHelmsCPA]

If you routinely drive in connection with volunteering for a Charity or delivering goods to a Charity, keep track of the mileage as the year progresses. It could mean additional charitable deductions on your tax return. #Taxtips #Contributions #Mileage

[J.R. Helms & Assoc. @JRHelmsCPA]

Say goodbye to Meals & Entertainment. As of 2018, thanks to the 2017 #TaxReform (TCJA), Meals and Entertainment are now 100% Non-Deductible for tax purposes. A meal with a client or a social event will no longer provide any tax break for businesses or self-employed individuals.

[J.R. Helms & Assoc. @JRHelmsCPA]

Taxtips - Want your tax refund fast. efile was the first step. Add Direct Deposit to the mix and you should see your refund in 7 to 10 days. And ​there should be no cost to use this combination of technologies. #TaxRefund #IncomeTax #IncomeTaxRefund

[J.R. Helms & Assoc. @JRHelmsCPA]

Planning Point - HELOC Interest will no longer be deductible for 2018 and beyond. Home Equity Loans remain a valuable financial tool, but now without the benefit of a tax break. #TaxReform #TAXPLAN #TCJA