Debt is not always a bad 4 letter word! by Jeffrey Brooks, CPA (c)2012 Jeffrey Brooks

Debt can be good! I have many clients who see “red” when they think about being stressed by having to pay back debt each month. A client who I will call Joe (Joe is not the real client’s first name), had some stressful financial setbacks and now has the money to pay off his personal […]

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Simplify your business and your life with fewer “In Boxes” (c) 2012 The Perfect Brain by Jeffrey Brooks

What is my definition of an “In Box”? Instead of writing a definition of “In Box”, I have decided to give you first a visual list of “In Boxes” 1. Voice Mail on your office phone 2. Voice mail on your cell phone 3. Voice mail on your home phone 4. Post it note on […]

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Why would you want to take social security benefits at age 62?

I just sent this email to a client today. Dear Carol (not real name), here is a special information for social security that will be good to know!  Did you know that you can take social security at age 62, then when you reach age 66, you can pay back the amount you took  from […]

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My warning and prediction to S corporation clients is proving to be correct! Unreasonably low wages issue by Jeff Brooks

When you have received emails from JBrooks Wealth Advisor PC, I have warned about the danger of not taking enought salary from your S cporporation. Now a court case proves that my prediction of IRS action was correct.  Please read and let me know if you have any question. Jeffrey Brooks CPA S corporation underpaid […]

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Proposal to Reduce corporate income taxes

Treasury Department released “The President’s Frame Work for Business Tax Reform” Released on 2-22-12, It carries a rough blueprint for the President’s plan to cut corporate tax rates, simplify corporate tax rules, and reform the international tax rules. It also carries some proposals for simplifying and reducing the tax burden for small businesses. Arguments for […]

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Where does the Retirement Plan Contribution SEP-IRA or Profit Sharing Plan get deducted by Self-Employed person?

Self-employed worker could only take pension plan deduction on Form 1040, not on Schedule C LaFlamme, TC Memo 2012-36 The Tax Court has held that a self-employed real estate agent was entitled to deduct her pension plan contribution on Form 1040 when calculating her income tax liability, but not on Schedule C when calculating her […]

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Form 8949 is New for 2011 for sales of investments

Update on 2-28-2012: IRS publishes tips regarding capital gains and losses [IRS Tax Tip-2012-35]: IRS has published a list of 10 things taxpayers should know about capital gains and losses. The list includes the basics, such as definitions, the time periods involved in classifying a capital gain or loss as long-term or short-term, and various […]

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How to find out when you will receive your refund from IRS

Where is your refund?  How to find out immediately? Go to IRS website www.irs.gov You will see a link to seeing when you will get  your refund. Where’s My Refund – It’s Quick, Easy, and Secure.     Update: We are aware that some taxpayers who have filed electronically and received an acknowledgement from the […]

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IRS audits and raising more tax revenues is very likely!!

I expected that the IRS will definitely get more dollars to increase tax revenues from all of us!!  The ROI (return on investment) is high!  For every $1 spent on increasing IRS correspondence audits, the pay off is around $5 in additional tax raised!!  President Obama wants to boost IRS budget by $950 million [FS-2012-10]:  […]

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Inherited IRAs bankruptcy protection

Good news for people going through bankrupty who have anInherited IRAs! Reversing a bankruptcy court, a district court has concluded that a debtor’s inherited IRA met the requirements for a bankruptcy exemption under 11 USC 522(b)(3)(C). (Clark, Brandon C., In re , (2012, DC WI)109 AFTR 2d 2012-405) Bankruptcy exemption requirements. A bankruptcy exemption under […]

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About Jeffrey Brooks

Jeffrey Brooks, CPA, CFP, MBA since 1976 has specialized in helping clients save significant taxes, help businesses increase their cash flow, revenues and profits while increasing their control and satisfaction. Jeff and his accounting firm sincerely cares about the happiness of his clients.

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JBrooks Wealth Advisors, PC.

Certified Public Accountant
Address: 4647 N 32nd Street, Suite B245
Phoenix, Arizona 85018
Phone: 602-292-2009
Email: jeff@jbrookswa.com