Jeremy Wells, EA, CPA

Jeremy Wells, EA, CPA Contact information, map and directions, contact form, opening hours, services, ratings, photos, videos and announcements from Jeremy Wells, EA, CPA, Tax preparation service, 99 King Street Unit 592, Saint Augustine, FL.

09/04/2026

Every business has costs tied to generating revenue, but "cost of goods sold" is one of the most misunderstood lines on a tax return. What it means in financial accounting isn't necessarily what it means for tax purposes. If you've prepared small business returns, you've probably felt that tension.

In Episode 22 of Tax in Action, I break down what COGS actually means for tax purposes, which businesses have it (and which don't), and why getting it wrong can make a significant difference on the return.

This is one of those areas where the accounting treatment and the tax treatment don't line up the way people assume.

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😎 Summer is the perfect time to review your firm's processes and workflows!🧾 Sales💵 Pricing📈 Marketing⚙️ Workflows📨 Comm...
09/02/2026

😎 Summer is the perfect time to review your firm's processes and workflows!

🧾 Sales
💵 Pricing
📈 Marketing
⚙️ Workflows
📨 Communication

I cover how I integrate software, video, and templates to optimize workflows and strengthen client relationships.

Discover how to simplify your workflow to gain efficiencies with client engagement, project management, and collections.

🎥 Watch here: https://www.ignitionapp.com/webinars/tax-season-workflow-tips

💸 Tax-free employee benefits 👷🏽Employers can provide certain fringe benefits tax-free, but only if they follow specific ...
09/02/2026

💸 Tax-free employee benefits 👷🏽

Employers can provide certain fringe benefits tax-free, but only if they follow specific rules.

In this episode of Tax in Action, I break down no additional cost services, like airline employees flying on empty seats, and qualified employee discounts, explaining the 20% cap on services and the gross profit limitation on products.

I cover the critical "line of business" requirement, who qualifies as an employee beyond current workers, and why highly compensated employees face stricter rules.

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📢 CE available! 🎓The § 199A qualified business income deduction can put serious tax savings on the table for small busin...
08/31/2026

📢 CE available! 🎓

The § 199A qualified business income deduction can put serious tax savings on the table for small business owners, but only if you understand how it actually works.

I walk through who qualifies, how taxable income thresholds and specified service trade or business rules affect the deduction, and how wage and property limitations apply to higher earners.

I also cover the new $400 minimum QBI deduction introduced by the One Big Beautiful Bill Act, effective for tax year 2026.

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🛑 Not every firm needs to scale.We’re told to➡️ “Grow your firm.”➡️ “Add staff, double revenue, build an empire.”But wha...
08/31/2026

🛑 Not every firm needs to scale.

We’re told to
➡️ “Grow your firm.”
➡️ “Add staff, double revenue, build an empire.”

But what if that’s not why you became a tax advisor?

On a recent episode of Growing Your Firm with Jetpack Workflow, I shared how

📈 I doubled my firm during the pandemic by adding staff, tripling client load, and scaling fast.
🤨 I ended up spending more time managing people than helping clients.
✅ I intentionally scaled back to align with why I entered this profession.

The takeaway?

✨ Growth is not the same as success.
✨ Scaling requires systems, SOPs, and energy that not every practitioner has.
✨ A well-run, high-value, intentionally small firm can be more profitable and fulfilling than a bloated, busy one.

Your firm can fit your life, not the other way around.

I'd love to hear your take.

🎥 Click here to watch: https://www.youtube.com/watch?v=StWoFQqR8-I

🏢 Why do buyers push for asset sales instead of stock sales?Two words: stepped-up basis. Fresh depreciation + leaving li...
08/29/2026

🏢 Why do buyers push for asset sales instead of stock sales?

Two words: stepped-up basis. Fresh depreciation + leaving liabilities behind can make a huge difference.

In this article, I explain

- Why buyers push for asset sales (stepped-up basis and leaving liabilities behind) and why sellers often resist
- How the residual method allocates purchase price across all seven asset classes, from cash to goodwill
- Why goodwill is often the most valuable—and most misunderstood—asset in a service business sale, including the personal vs. corporate goodwill distinction from Martin Ice Cream Company v. Commissioner.

I also share where I draw the line as a practitioner: I won't prepare a return without a properly documented allocation both parties have agreed to. No exceptions.

If you work with clients on business sales, this one's worth your time:

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A taxpayer lost a $6,760 charitable deduction even though everyone—including the IRS and Tax Court—agreed the donation a...
08/28/2026

A taxpayer lost a $6,760 charitable deduction even though everyone—including the IRS and Tax Court—agreed the donation actually happened.

In the latest Tax in Action episode, I break down the 2025 Besaw v. Commissioner case to show why proper documentation matters more than you think when it comes to non-cash charitable contributions.

🧾 Why blank Goodwill receipts won't cut it (and what you actually need on them)
✍🏻 The real meaning of "contemporaneous written acknowledgement" under IRC §170
🏷️ Substantiation requirements that differ based on donation value: under $250, over $250, and over $5,000
📋 How to properly complete Form 8283 and what records must be kept separately
👕 Fair market value standards for donated household goods and clothing (hint: sentimental value doesn't count)

The Besaw case is a wake-up call for both practitioners and taxpayers. The deduction failed not because the donation was questioned, but because the paperwork was reconstructed after the fact instead of being maintained contemporaneously.

If you prepare returns with Schedule A or advise clients who donate to charity, this episode will help you avoid a similar outcome. The rules are strict, but they're manageable when you know what's required.

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💡 Business owner? Side hustler? Contractor? You might qualify for one of the most misunderstood tax breaks in the entire...
08/26/2026

💡 Business owner? Side hustler? Contractor? You might qualify for one of the most misunderstood tax breaks in the entire tax code: the Qualified Business Income Deduction (QBID).

I recently shared some thoughts with Bankrate about how this deduction works. Here’s what you should know in plain English:

✅ Who benefits most?
Owners of businesses that report income on their personal tax return: sole proprietors, partnerships, and S corporations.

✅ Do you lose it if you make “too much”?
Possibly. This deduction has income phaseouts that can reduce or wipe it out entirely. The more your taxable income grows, the more careful you need to be.

✅ What about certain professions?
Certain fields (law, accounting, consulting, medical, etc.) can be limited more quickly than others. But even if you don’t fall under those “specified service” rules, phaseouts still matter.

✅ It’s not always DIY-friendly.
The QBI is famous for complicated calculations. If you’re a small business owner, don’t assume TurboTax has your back. Sometimes a quick consult can save you thousands.

💡 Key takeaway:
The QBI isn’t automatic. It’s strategic.
Know the thresholds. Run the numbers. And don’t leave it on the table.

📰 Here’s the article where I break this down: https://www.bankrate.com/taxes/qualified-business-income-deduction-what-it-is-and-how-to-claim-it/

🏠 CE/CPE on §1031 🏢This course provides tax professionals with essential knowledge of IRC §1031 like-kind exchanges:✅ Qu...
08/26/2026

🏠 CE/CPE on §1031 🏢

This course provides tax professionals with essential knowledge of IRC §1031 like-kind exchanges:

✅ Qualification requirements
⏳ Timing rules
📋 Reporting obligations

The discussion covers deferred exchange procedures, disqualified person restrictions, Form 8824 reporting requirements, critical tax planning strategies, and compliance issues while exploring court cases illustrating investment intent determination.

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🎙️ Refundable Credits May Become a 'Federal Public Benefit' | JWellsTax Break 2026-08-24Treasury proposes treating the r...
08/25/2026

🎙️ Refundable Credits May Become a 'Federal Public Benefit' | JWellsTax Break 2026-08-24

Treasury proposes treating the refunded portion of the EITC, CTC, AOTC, and adoption credit as a federal public benefit under PRWORA, with a new penalty-of-perjury declaration on the return.

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99 King Street Unit 592
Saint Augustine, FL
32085

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