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October 2021

What You Need to Keep in Mind About Amended Tax Returns

What You Need to Keep in Mind About Amended Tax Returns

Can you amend a tax return? All tax returns containing errors must be amended? Keep reading to discover the answers to these and other questions about amended tax returns.

What You Need to Keep in Mind About Amended Tax Returns

Although everyone tries to be as precise as possible when it comes to filing their taxes, mistakes happen.

Now, the fact that your tax return contains errors doesn’t automatically mean that you should file an amended return. The IRS catches many math or clerical errors and sends you a letter to notify you about any adjustment.

Similarly, the IRS may accept returns without certain required forms. If you forget to attach a form to your return, don’t file an amended return just yet; wait until the IRS sends you a letter requesting any missing documentation. 

On the other hand, these are some cases where you usually DO have to file an amended return:

  • You entered your income incorrectly
  • You didn’t claim credits for which you are eligible
  • You claimed deductions incorrectly

Some Useful Tools

To simplify things, the IRS has created some usuful online tools to help those who need to file an amended return or want to know if they have to file one.   

For example, this online assistant can help you determine whether you have to file an amended return. 

Those who already filed an amended return can check their status of their return using the online tool Where’s my amended return? To use the tool you will need some basic personal details such as date of birth, Social Security Number (SSN) and ZIP code.

If you have other questions about amended tax returns, or need to file one, don’t hesitate to contact us at JT Tax Services. We are here to answer your questions and provide you with high-quality tax assistance you can trust.  

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.

Photo of shocked man in front of computer illustrates blog "3 Scary Tax Situations to Avoid This Halloween"

3 Scary Tax Situations to Avoid This Halloween

Taxes are a complex topic that can be scary to some people. That’s why today we give you some tips to deal with three scary tax situations to avoid this Halloween. 

What to Do If You Get a Letter From the IRS

If you get a letter from the IRS, the first thing to do is not to panic. Read the letter carefully because it contains instructions about the next steps you should take.  

In many cases, the purpose of these letters is to inform you about a correction to your tax return. If you agree with the correction, don’t forget to make a note on your return. If you don’t agree with the change, you have to send a letter contesting the correction.  

Whatever the case, don’t worry: our experts are here to help you make sense of any letter or notice you receive. 

How to Handle Tax Debts

Tax debts are definitely stressful—more stressful than any haunted house or creepy urban legend. If you owe taxes and have been putting off addressing your situation, this is a good time to roll up your sleeves and get down to work. 

Again, the key is not to panic. Remember that in most cases, there are options to resolve your debt, and you may even reach a compromise that allows you to settle yur debt with the IRS paying a lower amount than what you owe.  

When it comes to tax debt, every case is unique. Get in touch with our team to talk about your situation and find a solution that meets your needs.  

How to Avoid Tax Scams

Scammers can be more annoying than any imaginary monster. Luckily, avoiding tax scams is easy by taking some basic precautions. We recommend to keep the following in mind:

  • The IRS will NEVER contact you using social media or text messages.
  • The IRS will NEVER ask you to settle a tax debt using gift cards. 
  • IRS agents will NEVER threaten you with jail or deportation to force you to settle a tax bill. 
  • NEVER send personal information such as Social Security Number or credit card numbers by email or social media. 
  • If you receive a suspicious email, DON’T click on any links, DON’T download any attachments, and DON’T respond to the message.  

Contact the Experts at JT Tax Services

Do you need help 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.

Families of Many Types Qualify for the Child Tax Credit Payments

Many Types of Families Qualify for the Child Tax Credit Payments

The monthly payments of the Tax Child Credit are an important form of financial relief for American families affected by the COVID-19 pandemic. What not everyone knows is that not only traditional families qualify for these payments. Keep reading to learn more.  

Families ofMany Types Qualify for the Child Tax Credit Payments

There are many types of families, from grandparents who take care of their grandsons to parents who have adopted one or more children. That’s why the payments of the Child Tax Credit apply to a wide variety of scenarios besides traditional families.

When it comes to the Child Tax Credit Payments, the child who qualifies can be a filer’s:

  • Son or daughter
  • Adopted child
  • Eligible foster child
  • Siblings, including stepsiblings or half-siblings
  • A descendent of any of the above (for example, a grandchild, niece or nephew)

What You Need to Know About the Child Tax Credit Payments

The Advance Child Tax Credit Payments are monthly payments whose goal is to offer financial relief to families affected by the COVID-19 pandemic. 

Since last July 15, families that qualify have been receiving each month payments of $250 or $300 for every qualifying child. 

Working families will get the full credit if they make up to $150,000 for couples or $112,500 for families with a single parent.

To know if you qualify for the Advance Child Tax Credit Payments, use the online Advance Child Tax Credit Eligibility Assistance.

If you need assistance or have questions about the Advance Child Tax Credit, don’t hesitate to contact our experts to get dependable, personalized assistance.  

Contact the Experts at JT Tax Services

Do you need help figuring out how the Advance Child Tax Credit Payments?  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.

What Parents Who Share Custody Should Know About the Advance Child Tax Credit Payments

What Parents Who Share Custody Should Know About the Advance Child Tax Credit Payments

The Advance Child Tax Credit Payments are a provision that offers financial relief to millions of American families. But what happens when parents share custody of one or more children? Keep reading to discover the answer.

What Are the Advance Child Tax Credit Payments?

The Advance Child Tax Credit Payments are a measure included in the American rescue plan to offer financial relief to American families affected by the COVID-19 pandemic. 

Since the last 15 of July, families have been receiving monthly payments of $250 or $300 for each qualifying child under the age of 17. The families that will receive the total amount are those who earn up to $150,000 for couples or $112,500 for families with a single parent. 

What Parents Who Share Custody Should Know About the Advance Child Tax Credit Payments

When it comes to parents who share custody, the most obvious question is: Who would receive the Advance Child Tax Credit Payments?

In that case, the parent who should receive the payments is the one who claimed the Child Tax Credit on their 2020 tax return, or on their 2019 return, if their 2020 return has not been processed yet.

If a non-eligible parent receives the Advance Child Tax Credit Payments, it’s advisable to unenroll to stop receiving the payments. To unenroll, just visit the Child Tax Credit Update Portal on the IRS website. 

If you receive the Advance Child Tax Credit Payments without being eligible, it’s important to unenroll because otherwise, you will have to return those payments when you file your tax return next year.

Contact the Experts at JT Tax Services

Do you need help figuring out how the Advance Child Tax Credit Payments?  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.