Category: 2011 Tax Savings

How to avoid being taxed on the sale of your residence when you have used your residence for office in home and as a rental property!

 By Jeff Brooks CPA, CFP, MBA for JBrooks Wealth Advisors PC, a CPA and Certified Financial Planning firm. jeff@jbrookswa.com  Although house prices have declined, many people have had many prior years of depreciation tax write-offs by using their principal residence for home office or as a rental property.   Example: John and Mary sell their […]

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FICA TIP CREDIT FOR RESTAURANTS

From: Jeff Brooks, CPA Dear Restaurateur client , here is my understanding:  Although the IRS only says there are two requirements for the credit, they also go on to explain that the credit is only on amounts above the minimum wage requirement.  The federal minimum wage for 2011 is $7.25/hr.  If you are paying your […]

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RESTAURATEURS AND INVESTORS K-1 MISTAKES AND WARNINGS by Jeff Brooks, CPA, CFP, MBA for JBrooks Wealth Advisors, PC

Dear restaurateur client:  Most restaurant investments offer A and B shares. A shares are issued to investors who put the capital into the LLC Partnership.  B Shares are paid for the expertise of the restaurateurs and his or her management team as a motivational tool.   Once A Share investors get their money back, B […]

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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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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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How do I get a useful theft tax loss for embezzlement and Ponzi scheme instead of useless capital loss in Scottsdale, Phoenix, and Paradise Valley

How do I get a useful theft tax loss for embezzlement and Ponzi scheme instead of useless capital loss in Scottsdale, Phoenix, and Paradise Valley The huge losses of the Madoff embezzlement and Ponzi scheme resulted in victims inability to get tax relief.  The IRS acted to help these victims (per below). The stock and […]

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Last Minute SECRETS to get you tax savings for 2011.

“Jeff was able to reduce our taxes by over $18,000 by using secrets that we did not know about.” — John W. John, thank you for the nice compliment! The reason I am working is solely for the joy of feeling appreciated. Shari and I invested in the stock market every dollar we could save […]

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What is the standard mileage rates autos, vehicles, trucks for 2012? By Jeffrey Brooks, CPA, CFP, MBA

If you have been taking the “actual cost method”, you will have to continue using this method. The advantage of the actual expenses or cost method is that you can get a significant tax depreciation deduction or write off. However if you buy a car with a lower cost, you need to have your CPA […]

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Tax reduction focus should never be once a year. But throughout the year.

And…Draws are NOT tax deductible! Did you know that draws reduce cash in the bank accounts but  are NOT a tax deduction? Draws are not deductible salary? I frequently find that dentists, doctors, lawyers and restaurateurs do not understand the importance of taking payroll and paying in tax withholdings during the year INSTEAD of waiting […]

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You still have time to write off that SUV or Truck

If you buy and start using your new SUV or truck that is over 6000 pounds by the end of the year that you purchased on December 31st for $40,000 and only use it for business, for that one day, you can write off 100% of the depreciation. You can write off the full $40,000 […]

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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