Nexus Tax Services is a full service tax and accounting firm which strives to provide efficient and tailored solutions to individuals and businesses in the Bay Area. Our name says it all. Our mission is to be the connection that you need between you or your company and the taxing authorities by providing tax services within the limits of the Internal Revenue Code. Our goal is to become one the core pillars of your team to reach your goals.
We aim to partner with our clients to provide services in the areas of accounting, taxation, and consulting services. Our goal is to become your trusted adviser and develop a long term partnership by providing quality and proactive services.
Additionally, our firm strives to utilize today's latest technology to streamline processes to create the most efficient workflow between client information and our services. As part of this initiative, we have committed our services to a paperless workflow. The accounting industry has historically been known to use a lot of paper. However, we work virtually and paperless. This provides our team the ability to work with our clients whether or not we are in an office. Most importantly, we are driven to minimize our carbon footprint.
PO Box 3663
Fremont, CA 94539
Jay J. Lee
FOUNDER, Managing partner, CPA, MST
Jay is a well-rounded accountant with over a decade of tax preparation experience, eight of which in a public accounting environment in both audit and tax. He works with corporations, partnerships, and individuals specializing in providing clients with a wide range of accounting services. Over his career, he has worked with closely-held businesses and their owners to help them achieve business and personal goals.
Jay has extensive experience with clients in the technology, real estate, manufacturing, and professional service sectors. He is an expert in flow-through entities such as S-corporations, partnerships, and LLCs and is skilled in finding tax planning opportunities within the limits of the Internal Revenue Code. Jay offers quarterly tax planning and projections, and is also knowledgeable in tax research and audit representation.
Jay received his bachelor’s degree in Business Administration in 2007 from San Francisco State University with a focus in Accounting and minored in International Business and Asian American Studies. He earned his Master’s in Taxation from San Jose State University in 2012. He is a California licensed Certified Public Accountant (CPA) and notary public.
Outside of the office, Jay enjoys running, obstacle racing, playing hockey, aquascaping, and bowling.
Wan-Jung (Florra) Lee
partner, CPA, MSA
Wan-Jung(Florra) brings her strong expertise in accounting and tax services to clients in industries ranging from high-tech, startup, venture capital, real estate development and professional services. She also has solid knowledge and experiences on helping clients to conform with foreign reporting compliance such as FATCA reporting for individual who have worldwide assets and foreign compliance disclosures for multinational corporations or partnerships.
Wan-Jung(Florra) received her Master in Accountancy from University of Illinois at Urbana-Champaign. She is a licensed CPA(#120618) in the State of California. Wan-Jung(Florra) speaks multiple language and dialects including Mandarin and Taiwanese.
Outside of work, Wan-Jung(Florra) loves traveling and outdoor adventuring. Her favorite vacation destination is Glacier National Park in Montana. She also enjoys doing yoga, hiking, and spending time with her family.
Tax Cuts and Jobs Act
The President has signed the biggest tax reform law in over 30 years. When you file your 2018 tax returns — about a year from now — your tax return will look very different. And because most changes don’t happen until then, we have some time to learn about the changes and plan for next year. Here are a few of the biggest changes that may affect you.
Tax rate changes: Both individual and corporate rates have changed. The maximum individual rate is reduced to 37% and the corporate rate is now a flat 21%. The rate change could benefit you — or in some cases cause your tax liability to go up.
Standard deduction increases: However, there are no more personal exemption deductions allowed. So this may help you — or hurt you.
Increased Child Tax Credit and new Dependent Credit: The credit is increased for each child to $2,000 (up to $1,400 of which is refundable for each child) and each non-child dependent can now receive a new credit of $500. But you will have no exemption credit or deduction for yourself, your spouse, or your dependents.
The phaseout thresholds for these credits are drastically increased. Married taxpayers filing a joint return can claim the full credits if their adjusted gross income is $400,000 or less ($200,000 for all others). The credits are fully phased out for married taxpayers filing a joint return when their adjusted gross income reaches $440,000 ($240,000 for all others). This means that many more taxpayers will be able to claim these credits in 2018 and beyond.
Disappearing deductions: Beginning with the 2018 tax year, you will no longer be able to deduct:
· State income tax and property taxes above $10,000 per year in total;
· Moving expenses (with an exception for certain military);
· Employee business expenses such as mileage, travel, entertainment, home office expenses, union dues, tax preparation fees, and investment fees, among others;
· Mortgage interest beyond interest on $750,000 of acquisition debt, if you purchase a new home; and
· Mortgage interest paid on equity debt (this is no longer deductible for any taxpayers).
Some new benefits for individuals: These new benefits include:
· The medical expense AGI threshold will temporarily drop to 7.5% of AGI for 2017 and 2018;
· The AMT threshold is increased, so fewer middle-income taxpayers will be subject to AMT;
· The estate tax exclusion has nearly doubled, to $10 million (adjusted for inflation); and
· The annual gift tax exclusion remains the same ($14,000 for 2017 and $15,000 for 2018), but the maximum rate on gifts is 35%.
Small business benefit: Beginning in 2018, there will be up to a 20% deduction from net business income for a sole proprietorship, LLC (excluding those taxed as a C corporation), partnership, S corporation, and rental activity. The rules are incredibly complex but there is a lot of planning that we can do to maximize this deduction for you.
These are the most common changes, and at your tax interview this year we will discuss any other changes that might affect you. As these changes are not simple, we suggest a separate appointment to go over the changes that apply to your situation and to talk about how to maximize your tax benefit.
SANDY ACROSS AMERICA
We are a proud sponsor of Sandra Vallines world record run across America. As trusted accountants and advisors, we believe in being part of the journey and not just being a spectator from sideline.
Being a sponsor of this run, not only represented us as being a hands-on member of your team, but also the balanced lifestyle that we strive to provide for our team. Whether a Nexus Tax Accountant wants to spend more time with his or her family or travel the world, we want to support it and more importantly, support others in achieving their goals.
Information on the event can be found at:
Articles on the world record: