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December 2021

When Is Tax Day 2022?

When Is Tax Day in 2022?

New Year’s is almost here! But before you turn the page on 2021, make sure to mark this important tax date on your calendar for 2022.

When Is Tax Day in 2022?

Tax Day is the deadline to submit your federal tax return. This day is usually April 15 or the Monday after if the 15 falls on Saturday, Sunday, or a Festivity. 

The Federal Tax Day next year will be April 18, 2022, because April 15 is Emancipation Day, a regional government holiday observed in Washington D.C.

In 2020 and 2021, Tax Day was moved due to the COVID-19 pandemic. The IRS deemed it necessary to give taxpayers more time to file their taxes given the disruptions caused by the COVID-19 pandemic. 

However, there are no official plans to push Tax Day to a different date in 2022, so it’s a good idea to begin gathering any supporting documents you may need and contact a tax expert if you have any questions. 

When Is the First Day to File Your Taxes?

Each year, during the first days of January, the IRS issues a statement announcing the first day to file taxes. Stay tuned to learn when you can begin filing, as well as other useful tips from our experts. 

Once you are ready to file, you can do it either by mail or using electronic filing (or e-file). E-file is usually the most convenient option, as it helps you get your tax refund faster. 

Finally, keep in mind that this information (including the April 18 deadline) applies only to federal taxes — the dates and processes for state taxes may be different. Contact your local tax agency or a tax expert you trust to ensure you file and pay all your taxes on time. 

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.

Photo of couple reading a letter.

Keep This in Mind if You Received the Third Round of Stimulus Payments or Advance Child Tax Credit Payments

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.

Make Sure Not to Fall for These Christmas Scams

Make Sure Not to Fall for These Christmas Scams

While Christmas is a magical season, it also creates the perfect conditions for scammers looking to take advantage of unsuspecting victims. From fake apps to package delivery scams, here’s what you need to know about Christmas scams.

Fake Apps

Cybercriminals go to great lengths in order to fool unsuspecting victims. This includes creating fake apps that look legitimate but are built with one purpose in mind: to steal your personal and financial information. To avoid this scam, download any shopping app directly from the website of the retailer. This way you can make sure that you are using a legitimate app.

Fake Charities

Criminals know that during Christmas people are more inclined to make donations and use this fact to their advantage. As you may imagine, in a charity scam, fraudsters impersonate a legitimate institution in order to get you to give them money.

Some ways to avoid this scheme include researching a charity before donating, and remembering that you should never donate to a charity by wiring money or by gift card. Some red flags, like a person trying to pressure you into donating, should put you instantly on high alert.

Non-Delivery and Non-Payment Scams

According to the FBI, these are the two most common holiday scams. A non-delivery scam occurs when you purchase products online that are never delivered. In non-payment scams, on the other hand, products are shipped or services are rendered but the provider is never paid.

To avoid these scams, use only reputable websites. Remember that criminals are very skilled at creating fake websites that look legitimate. To spot potentially dangerous websites, pay attention to details, such as typos, excessive use of exclamation or interrogation marks, and addresses that intend to emulate the name of an established institution (for example, “isr” instead of “irs”).

Package Delivery Scams

With a non-delivery scam, you never received a package you already paid for. In many ways, package delivery scams are the opposite. 

In this type of scam, criminals warn you through a missed delivery tag, email, or text message, about a package they were supposedly unable to deliver. These messages usually include a telephone number you are urged to call or a link you are supposed to click on. Refrain from following these instructions: the links may direct you to a website built to steal your information (phishing), while the person answering the phone is a scammer eager to ask for your credit card details.

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.

Photo of smiling family illustrates blog: "Advance Child Tax Credit Payments and your 2022 Tax Return"

Advance Child Tax Credit Payments and your 2022 Tax Return

The Advance Child Tax Credit Payments were one of the most important tax provisions of 2021. These payments helped millions of families weather the economic impact of the COVID-19 pandemic. But what does it all mean for your 2022 tax return? Keep reading to learn more.

Advance Child Tax Credit Payments and your 2022 Tax Return

In short, the Advance Child Tax Credit Payments were monthly payments that American families received throughout 2021 (the last payment is scheduled to go out on December 15, 2021) as a form of financial relief. 

Families received $300 per month for every child under the age of six and $250 per month for every child between the ages of six and 17. Now, what does this all mean for your 2022 tax return?

First, remember that these payments were technically a 50% cash advance on the child tax credit you were expected to qualify for on your 2022 return. This means that there are two basic scenarios:

  • You received less than the amount you were eligible for.
  • You received more that you were eligible for. 

If you received LESS money than you were supposed to, you will be able to claim a credit for the remaining amount on your 2022 tax return. 

On the other hand, if you received MORE than you were eligible for, you may need to repay a part of all the extra money when you file your taxes next year. 

In January 2022, the IRS will send you a letter that states the total amount of Advance Child Tax Credit Payments you received in 2021. Make sure to keep this letter, along with any other letter about your Child Tax Credit. 

If you need assistance with your Child Tax Credit or with your 2022 Tax return, get in touch with JT Taxes. Our team stands ready to answer your questions and offer the dependable, friendly assistance you need.

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.

3 Things You Should Do Before the Tax Year Ends

3 Things You Should Do Before the Tax Year Ends

Just like the calendar year, the tax year ends on December 31. Most people associate that date with parties and New Year’s resolutions. However, there are some other important things you should do by that date. 

Donate to Charity

Remember that now you can claim a deduction of up to $300 (or $600 for couples filing jointly) for cash contributions to qualifying charities during 2021. 

The term “cash” includes donations made by credit card, debit card, check, as well as unreimbursed out-of-pocket expenses in connection to volunteer services to a qualifying charity. 

If you are planning do donate, use the Tax Exempt Organization Search, a tool created by the IRS to allow taxpayers to check an organization’s federal tax status and filings 

Check Your ITIN 

The term ITIN stands for Individual Taxpayer Identification Number. You should renew your ITIN if it has expired and you’ll need it for a U.S. federal tax return. Keep the following in mind:

  • Any ITIN not used on a U.S. federal tax return at least once for years 201, 2019, and 2020 will expire on December 31, 2021.
  • ITINs with middle digits 70 through 88 have expired. 
  • ITINs with middle digits 90 through 99 have expired, if assigned before 2013.

Get Ready to File Your Return in 2022

This is the ideal time to get ready to file your return in 2022. Take a look at your tax records and make sure you have all the documents you need to support the deductions you intend to claim. Also, if you haven’t done it yet, you may consider choosing direct deposit to get your tax refund: it’s faster and eliminates the possibility that a refund check could be lost or stolen. 

If you have any questions or need assistance preparing your return, contact JT Tax Services today. We’ll be happy to answer any questions you may have.  

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.