April 18, the deadline to file and pay your federal taxes is drawing near! Filing an accurate tax return will help you avoid extra work and processing delays. With that in mind, today we bring you four tips to avoid mistakes on your tax return. 

1. File Electronically

We live in a time of automation, so why not take advantage of it to file your taxes? Electronic filing helps mitigate the risk of mistakes because many of the calculations are double checked automatically. Another compelling reason to choose electronic filing is that it ensures that you get your refund as soon as possible. 

2. Use the Correct Filing Status

Your filing status is a category that determines how much tax you pay. There are five filing statuses: 

• Single
• Married filing jointly
• Married filing separately
• Head of household
• Qualifying widow(er) with dependent child

If you are unsure about which filing status to use, the IRS offers a free tool called What is my filing status? Just click on the link and then on the button “Begin” to get started.

3. Report All Your Taxable Income

Remember, all your income is taxable, even if you are paid with goods or virtual currency. This includes workers in the gig economy such as Uber drivers. Reporting all taxable income will help you avoid penalties and processing delays, but it can also lead to finding overlooked deductions or credits. 

4. Double Check the Basics

Getting the basics right is always important, and taxes are no exception to this rule. Here’s a quick list of the details you have to double check before filing your return:

• Name
• Date of birth
• Social Security Number (SSN)
• Routing and account numbers
• The IRS address (if you are filing a paper return; to find the address you have to use, click here)
• Make sure to sign and date the return

File Your Taxes With JT Tax Services

At JT Taxes, our mission is to take the stress of tax filing off your hands. We maximize your refund and help you stay compliant with all applicable rules and laws. We are located in Oxnard, California. Contact us today by email (info@jttaxservices.com), telephone (805-984-8890), or through our social media accounts on Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our service

Tax season has begun! Some people have already filed their tax returns, and many are waiting for their refund. If you are one of them, here’s what you need to know to check the status of your refund.

How to Check the Status of Your Tax Refund

Before we dive into the details of checking the status of your refund, it’s worth remembering that tax day this year is April 18 instead of April 15. The reason is that this year the District of Columbia observes Emancipation Day on April 15, a Friday, so Tax Day is pushed to the next Monday.

Having explained that, chances are good that once you have filed your taxes, you will want to check on the status of your refund. 

Luckily, tracking your refund is easier than ever. Here’s what you need to keep in mind.

• The IRS has created the online tool Where’s My Refund to help taxpayers track their refund. You can open the tool by clicking on this link and then clicking on the button “Check My Refund Status.”

• You  can start using Where’s My Refund within 24 hours after an e-filed return is received, or four weeks after mailing a paper return.

• Keep in mind that most tax refunds are issued within 21 days, although this may take longer if your return requires additional review.

• Some factors that may cause your refund to take longer than expected include errors in your return, identity theft/fraud, or the fact that many banks don’t process payments during weekends or holidays. 

• The tool Where’s My Refund will display the progress of your refund in three phases: return received, refund approved, refund sent.

• According to the IRS, taxpayers who claimed the earned income tax credit or the additional child tax credit can expect to receive their refund March 1 so long as they file their return online, choose to get their refund by direct deposit, and the IRS finds no issues with their return. 

Finally, remember that refunds can be delayed for a variety of reasons, so don’t count on them for paying bills or for making other payments that have a rigorous deadline.

File Your Taxes With JT Tax Services

At JT Taxes, our mission is to take the stress of tax filing off your hands. We maximize your refund and help you stay compliant with all applicable rules and laws. We are located in Oxnard, California. Contact us today by email (info@jttaxservices.com), telephone (805-984-8890), or through our social media accounts on Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our service

Tax season is here, and that means one of the most common questions about taxes is making the rounds again: What to do if you can’t file or pay your taxes on time? In this post, we tell you everything you need to know.

Avoiding Penalties and Interests

In an ideal world, everyone would file and pay their taxes by the due date.

However, we don’t live in an ideal world. What happens when for some reason you can’t file on time? And what if you can’t pay all the taxes you owe? 

These are real-life situations taxpayers face every year. Luckily, in all these cases, there are things you can do to to limit or even avoid penalties. 

What to Do if You Can’t Pay Your Taxes in Full

If you can’t pay all the taxes you owe right now, you can file your return on time and pay as much as you can by the due date. 

By doing this, you will avoid the failure-to-file penalty and reduce the interest on the unpaid balance. 

According to the IRS, some payers may qualify for an online payment plan that allows them to pay off their unpaid balance over time. Contact the experts at Delgado’s Insurance if you are interested in learning more.

What to Do if You Can’t File Your Return On Time

Whether you forgot about the deadline or something else got in the way, there are many situations where you just can’t file your taxes on time.

When you can’t file by the due date, you can request an extension to file. This will give you extra time to complete your return, and it may reduce, or even eliminate the late-filing penalty.

What you have to keep in mind is that an extension to file is NOT an extension to pay.  This means that even if you get an extension, you still have to estimate and pay your taxes by the due date. 

JT Tax Services: We Make Tax Filing Easy 

At JT Taxes, our mission is to take the stress of tax filing off your hands. We maximize your refund and help you stay compliant with all applicable rules and laws. 

We are located in Oxnard, California. Contact us today by email (info@jttaxservices.com), telephone (805-984-8890), or through our social media accounts on Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our service

One of the most important things you have to keep in mind about your 2021 tax return is that you have to reconcile your Advance Child Tax Credit Payments. Here’s what you need to know.

What Are Advance Child Tax Credit Payments?

We covered Advance Child Tax Credit Payments in previous posts. If you can’t read through them, don’t worry: we’ll bring you up to speed in no time.

Simply put, the Advance Child Tax Credit Payments were automatic payments that the United States government issued to help American families deal with the economic impact of the COVID-19 pandemic.

Families received monthly payments of $250 to $300 per qualifying child from July through December 2021. Now, as is the case with most money you receive, these payments should be reported on your 2021 tax return. In the next section we’ll see how to do just that.

Reconciling Your Advance Child Tax Credit Payments on your 2021 Tax Return

If you received Advance Child Tax Credit Payments you have to reconcile them on your 2021 tax return. Here’s what to do in the two most common scenarios:

• The payments you received exceed the amount of your Child Tax Credit. If you received more money than what you can properly claim, then you may need to repay some of all of the exceeding amount.

• Your payments are LESS than your Child Tax Credit. If your Child Tax Credit is larger than the amount you received, then you can claim the difference on your 2021 tax return.

During January the IRS should have sent you a letter (official name, Letter 6419) showing the total amount of Advance Child Tax Credit Payments you received in 2021. Keep this letter with your records and reference it a you complete your return.

Whether you need to repay some of your Advance Child Tax Credit Payments, or reclaim a missing amount on your return, at JT Taxes we can help you. Contact us today if you have any questions or to learn more about our services. 

Tax Filing Is Easy With JT Tax Services

At JT Taxes, our mission is to take the stress of tax filing off your hands. We maximize your refund and help you stay compliant with all applicable rules and laws. 

We are located in Oxnard, California. Contact us today by email (info@jttaxservices.com), telephone (805-984-8890), or through our social media accounts on Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our services.

On January 24, the IRS began accepting and processing tax returns, marking the start of the tax season 2022. From the date of the Tax Day this year, to some filing tips, here’s what you need to keep in mind.

6 Fast Tips for a Smooth Tax Season

• Unlike most years, federal Tax Day this year will be on April 18, not April 15. This is due to the fact that the state of Washington celebrates Emancipation Day on April 15.
• Begin by gathering all the documents you will need, including W-2s, receipts, canceled checks, and any other element you may need to support items of income, deductions, or credits on your return.
• Filing electronically helps you avoid delays with your refund. This is particularly important considering that refunds may take longer than usual this year because the IRS is still dealing with a backlog of unprocessed 2020 tax returns (more on that later).
• If you received Advance Child Tax Credit Payments or the third Economic Impact Payment, remember to include in your records the letters from the IRS you should have received between December 2021 and January 2022.
• Also, if you received an Economic Impact Payment or Advance Child Tax Credit in 2021, put special emphasis on entering the amounts correctly. Inaccuracies will lead the IRS to further review your return, leading to delays .
• If the IRS is still processing your 2020 tax return, you can still file your return for 2021. This presents a problem because in order to file, you’ll need the Adjusted Gross Income (AGI) from your most recent tax return. To solve this, the IRS asks taxpayers still waiting for their 2020 tax return to be processed to enter $0 (zero dollars) as the AGI value for last year.

Need Help With Your Taxes? Contact the Experts at JT Tax Services

Do you need assistance with personal or business taxes?  JT Tax Services is here to help! We give you the peace of mind that comes with knowing that you are limiting your liability while staying compliant with all regulations.

We are located in Oxnard, California. Contact us today by email (info@jttaxservices.com), telephone (805-984-8890), or through our social media accounts on Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our services.

The first tax deadline of 2022 is already in sight! Keep reading to learn more about quarterly estimated tax payments, plus some useful tax tips. 

What are Quarterly Estimated Tax Payments?

As you may already know, income tax is paid throughout the year. This happens in two ways. Most people have this tax withhold from their paychecks, Social Security benefits, or unemployment compensation.

However, people like self-employed individuals and investors often pay their taxes by making quarterly estimated tax payments. The deadline for making payments for the fourth quarter of 2021 is Tuesday, January 18, 2022.

Paying your taxes on time is important because it allows you to avoid penalties and interests. If you failed to make other quarterly payments earlier in the year, take action now. This way you’ll avoid paying an even larger penalty. 

Some Things to Keep in Mind

Remember that all income is taxable. This includes investment income (even virtual currencies!) and income from the gig economy (for example, Uber drivers).

You should also keep in mind that, while this wasn’t the case in 2020 (as an exception due to the coronavirus pandemic), in 2021, unemployment compensation is fully taxable. 

If you have questions about estimated tax payments, or if you need to make one, contact the experts at JT Taxes. We’ll be happy to help you determine whether you need to make a payment. If you do, we’ll guide you through the process using our friendly and easy-to-understand approach. 

Finally, remember that filing season is approaching: Tax Day in 2022 is April 18. Regardless of how you pay your taxes, our experts stand ready to answer all your questions and help you file your taxes easily and without stress. 

Need Help With Your Taxes? Contact the Experts at JT Tax Services

Do you need assistance with personal or business taxes?  JT Tax Services is here to help! We give you the peace of mind that comes with knowing that you are limiting your liability while staying compliant with all regulations.

We are located in Oxnard, California. Contact us today by email (info@jttaxservices.com), telephone (805-984-8890), or through our social media accounts on Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our services.

If you received the third round of stimulus payments or advance child tax credit payments, you should keep an eye out for a letter from the IRS you should receive soon. Keep reading to learn more. 

What You Need to Know 

Stimulus payments and advance child tax credit payments were two measures designed to offer financial help to Americans affected by the COVID-19 pandemic.

American citizens and U.S. resident aliens received payments of $1,200 if they met the following conditions:

• They were not claimed as dependents of another taxpayer.
• They have a Social Security number valid for employment.
• Their adjusted gross income did not exceed the following thresholds: $150,000 if married filing a joint return, 112,500 if filing as head of household, $75,000 for eligible individuals with any other filing status.

Advance child tax credit payments, on the other hand, were monthly payments parents received starting July 15 through December 15, 2021. Parents were issued monthly payments of $250 or $300 per child, depending on the age of the children. 

Now, if you received any of these payments, you will soon get a letter from the IRS outlining details you’ll need to file your tax return more easily next year. 

The IRS said on Thursday that it will begin issuing letters in December for taxpayers who received advance child tax credit payments.

The letters for people who received the third round of economic impact payments will go out at the end of January.

When you receive these letters, make sure to hold on to them and place them in a safe place with any other supporting documents you may need to file your return. Remember: keeping good records takes a lot of the stress out of tax filing!

Need Help With Your Taxes? Contact the Experts at JT Tax Services

Do you need assistance with personal or business taxes?  JT Tax Services is here to help! We give you the peace of mind that comes with knowing that you are limiting your liability while staying compliant with all regulations.

We are located in Oxnard, California. Contact us today by email (info@jttaxservices.com), telephone (805-984-8890), or through our social media accounts on Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our services.