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February 2022

Photo of smiling woman with tablet illustrates blog: {"How to Check the Status of Your Tax Refund"

How to Check the Status of Your Tax Refund

Tax season has begun! Some people have already filed their tax returns, and many are waiting for their refund. If you are one of them, here’s what you need to know to check the status of your refund.

How to Check the Status of Your Tax Refund

Before we dive into the details of checking the status of your refund, it’s worth remembering that tax day this year is April 18 instead of April 15. The reason is that this year the District of Columbia observes Emancipation Day on April 15, a Friday, so Tax Day is pushed to the next Monday.

Having explained that, chances are good that once you have filed your taxes, you will want to check on the status of your refund. 

Luckily, tracking your refund is easier than ever. Here’s what you need to keep in mind.

  • The IRS has created the online tool Where’s My Refund to help taxpayers track their refund. You can open the tool by clicking on this link and then clicking on the button “Check My Refund Status.”
  • You  can start using Where’s My Refund within 24 hours after an e-filed return is received, or four weeks after mailing a paper return.
  • Keep in mind that most tax refunds are issued within 21 days, although this may take longer if your return requires additional review.
  • Some factors that may cause your refund to take longer than expected include errors in your return, identity theft/fraud, or the fact that many banks don’t process payments during weekends or holidays. 
  • The tool Where’s My Refund will display the progress of your refund in three phases: return received, refund approved, refund sent.
  • According to the IRS, taxpayers who claimed the earned income tax credit or the additional child tax credit can expect to receive their refund March 1 so long as they file their return online, choose to get their refund by direct deposit, and the IRS finds no issues with their return. 

Finally, remember that refunds can be delayed for a variety of reasons, so don’t count on them for paying bills or for making other payments that have a rigorous deadline.

File Your Taxes With JT Tax Services

At JT Taxes, our mission is to take the stress of tax filing off your hands. We maximize your refund and help you stay compliant with all applicable rules and laws. 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 service

Photo of man smiling with laptop illustrates blog: "What to Do if You Can’t File or Pay Your Taxes on Time?"

What to Do if You Can’t File or Pay Your Taxes on Time?

Tax season is here, and that means one of the most common questions about taxes is making the rounds again: What to do if you can’t file or pay your taxes on time? In this post, we tell you everything you need to know.

Avoiding Penalties and Interests

In an ideal world, everyone would file and pay their taxes by the due date.

However, we don’t live in an ideal world. What happens when for some reason you can’t file on time? And what if you can’t pay all the taxes you owe? 

These are real-life situations taxpayers face every year. Luckily, in all these cases, there are things you can do to to limit or even avoid penalties. 

What to Do if You Can’t Pay Your Taxes in Full

If you can’t pay all the taxes you owe right now, you can file your return on time and pay as much as you can by the due date. 

By doing this, you will avoid the failure-to-file penalty and reduce the interest on the unpaid balance. 

According to the IRS, some payers may qualify for an online payment plan that allows them to pay off their unpaid balance over time. Contact the experts at Delgado’s Insurance if you are interested in learning more.

What to Do if You Can’t File Your Return On Time

Whether you forgot about the deadline or something else got in the way, there are many situations where you just can’t file your taxes on time.

When you can’t file by the due date, you can request an extension to file. This will give you extra time to complete your return, and it may reduce, or even eliminate the late-filing penalty.

What you have to keep in mind is that an extension to file is NOT an extension to pay.  This means that even if you get an extension, you still have to estimate and pay your taxes by the due date. 

JT Tax Services: We Make Tax Filing Easy 

At JT Taxes, our mission is to take the stress of tax filing off your hands. We maximize your refund and help you stay compliant with all applicable rules and laws. 

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 service

Photo of family in living room with laptop illustrates blog: "How to Reconcile Your Advance Child Tax Credit Payments on your 2021 Tax Return"

How to Reconcile Your Advance Child Tax Credit Payments on your 2021 Tax Return

One of the most important things you have to keep in mind about your 2021 tax return is that you have to reconcile your Advance Child Tax Credit Payments. Here’s what you need to know.

What Are Advance Child Tax Credit Payments?

We covered Advance Child Tax Credit Payments in previous posts. If you can’t read through them, don’t worry: we’ll bring you up to speed in no time.

Simply put, the Advance Child Tax Credit Payments were automatic payments that the United States government issued to help American families deal with the economic impact of the COVID-19 pandemic.

Families received monthly payments of $250 to $300 per qualifying child from July through December 2021. Now, as is the case with most money you receive, these payments should be reported on your 2021 tax return. In the next section we’ll see how to do just that.

Reconciling Your Advance Child Tax Credit Payments on your 2021 Tax Return

If you received Advance Child Tax Credit Payments you have to reconcile them on your 2021 tax return. Here’s what to do in the two most common scenarios:

  • The payments you received exceed the amount of your Child Tax Credit. If you received more money than what you can properly claim, then you may need to repay some of all of the exceeding amount.
  • Your payments are LESS than your Child Tax Credit. If your Child Tax Credit is larger than the amount you received, then you can claim the difference on your 2021 tax return.

During January the IRS should have sent you a letter (official name, Letter 6419) showing the total amount of Advance Child Tax Credit Payments you received in 2021. Keep this letter with your records and reference it a you complete your return.

Whether you need to repay some of your Advance Child Tax Credit Payments, or reclaim a missing amount on your return, at JT Taxes we can help you. Contact us today if you have any questions or to learn more about our services. 

Tax Filing Is Easy With JT Tax Services

At JT Taxes, our mission is to take the stress of tax filing off your hands. We maximize your refund and help you stay compliant with all applicable rules and laws. 

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.