Posts by jnrllc

Jay Gibson, CPA – Manager 1. What year did you join JNR?   2014 2. Where did you go to college? Middle Georgia State University, Macon, GA 3. Why did you choose Jarrard, Nowell & Russell? JNR chose me. I met Bill Jarrard through a group that rode road bikes. I ask him for some career advice since I had an…

Gift tax returns generally do not need to be filed unless you give someone, other than your spouse (if he or she is a U.S. citizen), money or property worth more than the gift tax annual exclusion for that year. Here are four more tips regarding the tax treatment of gifts:  1. The annual exclusion…

If you’re looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home to reduce your taxable gain on the sale. The IRS home sale gain exclusion rule allows an exclusion of gain up to $250,000 for a single…

Summer is the wedding season and newlyweds should understand how tying the knot can affect their tax situation. Here are three things newly married couples should know: 1. Name and address changes Name. When a name changes through marriage, it is important to report that change to the Social Security Administration. The name on a person’s…

Taxpayers making certain energy-efficient updates to their homes are reminded that they could qualify for home energy tax credits. The credit amounts and types of qualifying expenses were expanded by the Inflation Reduction Act of 2022. Taxpayers who make energy improvements to a residence may be eligible for expanded home energy tax credits.  What Taxpayers…

Many businesses hire workers for only part of the year, especially in the summer. The IRS classifies these employees as seasonal workers, defined as employees performing labor or services on a seasonal basis (i.e., six months or less). Examples of this kind of work include retail workers employed exclusively during holiday seasons, food service and…

If you’re a savvy investor, you probably know that you must generally report any mutual fund distributions as income, whether you reinvest them or exchange shares in one fund for shares in another. In other words, you must report and pay any capital gains tax owed.  But if real estate’s your game, did you know…

If you’ve given money or property to someone as a gift, you may owe federal gift tax. Many gifts are not subject to the gift tax, but exceptions exist. Because gift tax laws can be confusing, here are seven tips you can use to figure out whether your gift is taxable.  1. Most gifts are…