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May 2021

What Is an Amended Tax Return?

What Is an Amended Tax Return?

If you filed your taxes by the May 17 deadline but just realized that your return has errors or is missing information, then you may need to file an amended return. Keep reading to learn everything about amended returns, from what they are to how to file one.

What Is an Amended Tax Return?

An amended tax return is a return you file to correct an error or omission included in the return you filed previously.

While the basic principle is simple, not all errors and omissions merit filing an amended return, as we’ll see in the next section.

When Should I File an Amended Return?

The IRS recommends filing an amended return only in certain situations. For example, you are NOT usually required to file an amended return to correct math errors or if you forgot to include a schedule or a form with your original return.

In the scenarios described above, the IRS usually corrects math errors and then notifies you by mail. When it comes to schedules and forms, the agency will send you a letter requesting any missing documents.

On the other hand, there are some cases where you are expected to file an amended tax return. This includes all the errors related to your filing status, income, deductions, and credits.

If you are still not sure whether you should file an amended tax return, you can use the free online tool Should I File an Amended Tax Return? provided by the IRS.

How to File an Amended Return?

If you need to file an amended tax return, you can submit Form 1040-X electronically. It’s worth keeping in mind that if you are expecting a refund, you should not file an amended return before the original return has been processed.

If you need assistance with this or any other tax topic, don’t hesitate to seek the assistance of a professional who can offer guidance and advice. This way you’ll save time and money!

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.

3 Basic Mistakes to Avoid When Filing Your Taxes

3 Basic Mistakes to Avoid When Filing Your Taxes

As the deadline to file your taxes approaches, it’s important to make sure to file a tax return free of errors. That’s why today we take a closer look at three basic mistakes to avoid when filing your taxes.

1. Sign and Date Your Tax Return

In taxes, as in many other things, getting the basics rights makes everything easier. Be sure to sign and date your tax return before filing it, and don’t forget that if you file your taxes jointly, both spouses must sign and date their tax return.

2. Double-Check Names and Social Security Numbers

Again, basic details are crucial. Remember that all Social Security Numbers (SSN) and names on your return must appear just as they are printed on the Social Security card. Your return must include the name and Social Security number of any person you claim as a depending. If a person you claim on your return is not eligible for a Social Security Number, then include the ITIN (Individual Taxpayer Identification Number).

3. Choose the Right Filing Status

Even though everyone knows the importance of accuracy in names and Social Security Numbers, fiiling statuses are les known but equally relevant. Your filing status is a category that determines how much you pay in taxes and your eligibility for certain tax credtis. Below is a list with the five filing statuses.

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

As you select your filing status, keep in mind that your marital status on December 31 determines your filing status for the rest of the year.  

As you can see, the five filing statuses are quite straightforward. However, don’t hesitate to seek the assistance of a tax professional should you have any questions about this or any other tax topic

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.

Can’t File Your Taxes by May 17? You Can Request an Extension to File

Can’t File Your Taxes by May 17? You Can Request an Extension to File

The deadline to file your tax return is approaching.  If you can’t file your tax return by May 17, don’t worry—you can request an extension file that will give you more time to prepare your return. Here’s everything you need to know about this useful alternative.  

What Is an Extension to File?

An extension to file allows you to file your tax return after the official deadline. In this case, an extension would give you until October 15, 2021, to file your taxes.

To request an extension to file, you must do one of two things:

  • File form 4868 (you can request assistance from a tax professional if you are not sure how to do it)
  • Send an electronic payment via Direct Pay, debit card, or credit card indicating Form 4868 or extension as the payment type. Also in this case, a tax professional can offer expert assistance if you need help.

Rmember: an Extension to File Is Not an Extension to Pay

If you want to request an extension to file, the key is to remember that an extension to file is not an extension to pay.

This means that even with an extension to file, you should pay your taxes by may 17 in order to avoid penalties and interests.

It’s worth keeping in mind that some people get more time to file and pay their taxes. This includes victims of distasters, as well as members of the military, and eligible support personnel serving in combat zones.  

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.