Monthly Archives :

November 2021

Photo of couple in front of laptop illustrates blog: "How to Protect Yourself Against Holiday Scams"

How to Protect Yourself Against Holiday Scams

The holidays are here, and that means fun, delicious food, quality time with your family… and scam attempts. Here’s what you need to know to protect yourself. 

How to Protect Yourself Against Holiday Scams

According to the FBI, the two most common types of holiday scams are non-delivery and non-payment scams. A 2020 report shows that these two types of schemes cost people more than $265 million, with credit card fraud accounting for another $129 million.

The IRS, for his part, is sounding the alarm about fake charities. Criminals try to take advantage of the goodwill that the holiday season generates to steal funds and personal information. Regardless of the strategy, these easy tips will help you thwart scammers:

  • The most basic rules of cybersecurity also apply during the holidays. So don’t click on any links or download any attachments contained in suspicious emails. 
  • Consider it a huge red flag if a company sends an unrequested email asking you to change or verify your passport. Find the company’s official phone number and can call them to verify the email is legitimate.
  • Before making a purchase online, check the website URL (the website address) and make sure it includes the term “https.” If it doesn’t, don’t move forward with the transaction.
  • When shopping online, avoid using the public or unsecured WiFi available in places like malls or coffee shops. 
  • When it comes to donations, be wary of unrequested calls. Don’t let callers pressure you into making a donation (a huge red flag). Remember: no legitimate charity requests prepaid gift cards as donations.
  • NEVER wire money directly to a charity or online seller. 
  • When purchasing items online, always get a tracking number so you can monitor the shipping process

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.

christmas is the season of giving

What You Need to Know If You Are Making Donations This Christmas

As you know, Christmas is the season of giving. If you are planning to make donations to charities over the next few weeks, keep reading to learn about a special change that can help you claim a deduction for donations on your 2021 federal income tax return.  

An Exceptional Measure

The COVID-19 pandemic has wreaked havoc on the finances of a lot of people. As a response, the IRS has taken some extraordinary measures to offer relief to those who need it most. 

One of these measures is an exception that allows taxpayers to claim a limited deduction of up to $600 in donations to qualifying charities on their 2021 federal income tax return.

What You Need to Know

Usually, people who opt for the standard deduction cannot claim deductions for their charitable contributions.

However, a new temporary exception allows these taxpayers to claim a limited deduction on their 2021 tax return. 

This is important because, according to the IRS, nine out of 10 taxpayers choose the standard deduction, so a lot of people can benefit from this special rule.

The temporary exception allows individual taxpayers (including married taxpayers who file separately) to claim up to $300 for donations in cash made in 2021 to qualifying charities. The limit is increased to $600 for married taxpayers who file jointly.

Keep This In Mind

For the purposes of this rule, cash contributions include donations made by check, credit card, as well as amounts incurred by an individual for unreimbursed out-of-pocket expenses in connection with their volunteer services to a qualifying charitable organization. 

To verify the status of a charity, use the Tax Exempt Organization Tool on the IRS website. 

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 mother and child illustrates blog "If your Income Changed in 2021, don’t forget to Update Your Child Credit Payments"

If your Income Changed in 2021, don’t forget to Update Your Child Tax Credit Payments

If for any reason your income was substantially higher or lower in 2021 than in 2020, don’t forget to update your Child Tax Credit Payments information so that your payments increase or decrease accordingly.   

How to Update Your Information

The Child Tax Credit Payments are monthly payments issued by the United States government to help working families with the impact of the COVID-19 pandemic.  

The first payments were delivered on July 15 of this year. Since then, millions of families have received these payments every month. 

The amount of the payments people receive is based on information from previous years. If your income increased or decreased substantially, it’s a good idea to update your information so that your payments are adjusted accordingly. 

To update your income information, just visit the Child Tax Credit Update Portal on the IRS official website and follow the instructions. 

Any change you make will be reflected on the payment that will go out on December 15, which is also the last payment scheduled for 2021. 

About the Child Tax Credit Payments

The Child Tax Credit Payments are a measure included in the American Rescue Plan. 

Since last July, families all over the United States have received up to $300 for every child who’s five or younger and up to $250 for every child ages 6 to 17.

The full amount of the payments is for families that:

  • Make up to $150,000 for couples.
  • Make up to $112,500 for families with one parent.  

After those limits, the amount of the payments begins to phase off gradually. 

If you haven’t enrolled yet to receive the Child Tax Credit Payments, you still have until November 15 to do it. Don’t miss this opportunity! 

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.