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March 2021

Remember: The Federal Tax Day for Individuals Is Now May 17

Remember: the Federal Tax Day for Individuals Is Now May 17

The COVID-19 pandemic has created many changes, and taxes are not an exception. Remember that, unlike other years, this 2021 the federal Tax Day for individuals has been extended to May 17.

Keep reading to learn more about this and other useful tax tips.

What You Need to Know

Although most years the Federal Tax Day is April 15, this year will be different.

The disruptions caused by the coronavirus pandemic have led the Internal Revenue Service (IRS) and the Treasury Department to move the federal Tax Day to Monday, May 17, 2021.

This extension applies automatically to all taxpayers, so you don’t have to take any action to take advantage of this measure.

What If I Need More Time to File My Tax Return?

If even with the new date you need more time to pay your federal taxes, you can request a filing extension using Form 4868. In this case, you would have until October 15, 2021, to file your tax return.

It’s worth remembering that an extension to file is not an extension to pay. This means that even if you request a filing extension you still have to pay your taxes by May 17 to avoid interests and penalties.

Also, keep in mind that the 17 May date applies only to federal taxes, so you should make sure to check with your local tax agency to learn more about the filing and payment deadlines for your state taxes.

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

Do you need help filing your 2020 tax return? Do you want to learn more about Economic Impact Payments? At JT Tax Services, 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 FacebookTwitter, and LinkedIn to schedule a consultation or to learn more about our services.

Photo of couple illustrates blog: Everything You Need to Know About the Third Stimulus Payment

Everything You Need to Know About the Third Stimulus Payment

The third stimulus payment is already being delivered to taxpayers all over the United States. That’s why today we bring you everything you need to know about your stimulus payment, from how to check the status of your payment to how much you would receive

What Do I Have to Do to Get My Payment?

The third round of Economic Impact Payments is delivered automatically, which means that in most cases you don’t have to take any action to get your payment. A lot of people will receive the third payment in the same way they received the previous two.

How Can I Check the Status of My Payment?

Knowing when and how the IRS will send your payment is quite easy thanks to the internet. All you have to do is access the online tool Get my Payment and enter all the necessary information. The IRS asks taxpayers not to call if they need to check the status of their payments. Use the online tool instead and keep in mind that it’s updated once a day, usually overnight, so there’s no need to check more than once a day.

How Much Will I Get?

Most people will receive $1,400 plus $1,400 for every qualifying dependent that they claim on their tax return.

Remember that the eligible income levels have changed for the third round of payments. This means that some people who qualified for the first and second payments won’t be eligible for the third one. Payments will begin to be reduced for people who earn $75,000 or more in Adjusted Gross Income (or $150,000 for married couples filing jointly).

At What Level of Income Do the Payments Stop?

Reduced payments stop at $80,000 Adjusted Gross Income for individuals ($160,000 for married couples). Taxpayers with income above those levels are not eligible for the third Economic Impact Payment.

Contact the Experts at JT Tax Services

Do you need help filing your 2020 tax return? Do you want to learn more about Economic Impact Payments? At JT Tax Services, 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 FacebookTwitter, and LinkedIn to schedule a consultation or to learn more about our services.

How to Avoid Scams This Tax Season

How to Avoid Scams This Tax Season

The tax season involves gathering and organizing documents, double-checking information, but also avoiding scammers because they never take a day off.

Below you will find the most common types of scams, along with tips on how to protect yourself against them.

“Phishing” Scams by Email

“Phishing” occurs when cybercriminals send emails impersonating the IRS or other trustworthy organization to lure you into providing them with your personal information.

Remember, in some special occasions the IRS may call you or come to your home or business. However, the agency does not initiate contact by email to request personal or financial information.

If you receive an email that you suspect is a “phishing” attempt, don’t reply, don’t open any attached file, and don’t click on any link. You should report “phishing” attempts related to the IRS, the Treasury Department, or taxes to the email address phishing@irs.gov.

Telephone Scams

It’s important to pay close attention to telephone scams because criminals can spoof numbers belonging to the IRS or local agencies in order to appear more convincing.

When criminals contact you by phone, they usually resort to threats to force you to pay a fake tax bill. These are some facts worth keeping in mind:

  • The IRS does not leave pre-recorderd messages with threats.
  • The agency does not threaten to deport you or to bring the police immediately if you don’t pay.  
  • The IRS will not call you to force you to pay a supposed tax bill with prepaid cards, gift cards, or wire transfers.
  • The IRS does not ask for checks to third parties.
  • With the IRS, you can question or appeal the amount you owe.

If you detect this type of scam, report it to the Treasury Inspector General for Tax Administration, to the  Federal Trade Commission, and to the IRS using the emal phishing@irs.gov, making sure to include in the subject line the words “IRS phone scam”.

More Tips About Taxes

Interested in learning more about taxes? Then you’ve come to the right place! Here are some previous posts you may find interesting.

Contact the Experts at JT Tax Services

At JT Tax Services, 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 FacebookTwitter, and LinkedIn to schedule a consultation or to learn more about our services.