January 2023 - JT Tax Services

Will Tax Refunds Be Bigger in 2023?

January 25, 2023

Tax season 2023 has officially started, and with it come all types of questions. For example, will tax refunds be bigger in 2023? In today’s blog post, we answer this question and provide some useful tips for the filing season.

Will Tax Refunds Be Bigger in 2023?

Unfortunately, the answer is no: it is unlikely that your tax return will be bigger in 2023 than in the last two years. One of the main reasons is that there were no Economic Impact Payments for 2022

Additionally, some tax credits (such as the child tax credit) that were extended to offer economic relief during the pandemic have reverted to their 2019 levels.

To sum it up, many of the tax incentives that were deployed over the last two years to help Americans deal with the impact of COVID-19 are being rolled back. For many taxpayers, this return to normal will translate into a smaller tax refund in 2023.

Regardless of the size of your return, there are some things you can do speed up the process:

File as early as possible (while making sure that all the information in your return is accurate)
File electronically
Choose direct deposit for your tax refund

What You Need To Keep in Mind

Federal tax season 2023 began on January 23. The deadline to file your federal taxes this year is April 18, 2023

However the IRS has given victims of the storms that hit California an extended May 15 deadline to file federal individual and business tax returns and make the related tax payments.

If you need help filing your tax return, contact JT Tax Services. Our team will answer all your questions and ensure that you get your maximum tax refund.

For more tips on how to navigate the 2023 tax season, check out our previous blog “Reminder: Tax Season Begins January 2023.”

Have Questions? at JT Tax Services, We Have Answers

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 Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our services.

Reminder: Tax Season Begins January 23

By: UNIKO Media Group

January 21, 2023

In just a few days, the IRS will start accepting and processing tax returns, marking the beginning of the 2023 tax filing season. In today’s post, we tell you everything you need to know, including information about the extended deadline for victims of the California storms.

Tax Season Begins January 23

The Internal Revenue Service (IRS) has informed that it will start accepting tax returns on January 23, 2023.

Taxpayers will have until April 18, 2023, to file their federal taxes and make the related payments.

The IRS expects to process more than 168 million individual tax returns, with the majority of them arriving before the April 18 deadline.

Here are some tips to ensure a smooth tax-filing season:

Gather all the information you need before filing your tax return (this includes Social Security Number or ITIN, supporting documents, information of dependents, among others)

Review your tax situation to make sure you don’t overlook tax credits you may be eligible for

If you have questions, contact the IRS, or get in touch with the tax pros at JT Tax Services. We’ll be happy to answer all your tax questions!

IRS Extended the Federal Tax Deadline for California Storm Victims

Remember that while the official deadline to file and pay federal taxes is April 18, 2023, the IRS announced an extended deadline for those affected by the storms that have been pummeling California.

If you live or have business in any of the localities listed below, you have until May 15, 2023 to file federal individual and business tax returns and make the related tax payments.

Colusa	San Diego
El Dorado	San Joaquin
Glenn	San Luis Obispo
Humboldt	San Mateo
Los Angeles	Santa Barbara
Marin	Santa Clara
Mariposa	Santa Cruz
Mendocino	Solano
Merced	Sonoma
Monterey	Stanislaus
Napa	Sutter
Orange	Tehama
Placer	Ventura
Riverside	Yolo
Sacramento	Yuba
San Bernardino

Other localities added later to the disaster area will also qualify for the same tax relief. You can check the updated list on the section Tax Relief in Disaster Situations on the IRS website.

Have Questions? at JT Tax Services, We Have Answers

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.

California Storms: IRS Extends Tax Deadline for Victims

By: UNIKO Media Group

January 10, 2023

In view of the relentless storms affecting California, the IRS has announced that it will offer tax relief to the victims by extending to May 15, 2023, the deadline to file federal individual and business tax returns and make the related tax payments.

IRS Extends Tax Deadline for California Storm Victims

The massive storms sweeping through California have caused the IRS to offer tax relief to the victims, who will now have until May 15, 2023, to file federal individual and business tax returns and make the related tax payments.

The original deadline for federal individual tax returns and payments was April 18, 2023.

The extended deadline will apply to all the individuals and households that live or have a business in any area designated by the Federal Emergency Management Agency (FEMA). The current list of counties that can take advantage of this tax relief include the following counties:

Colusa	San Diego
El Dorado	San Joaquin
Glenn	San Luis Obispo
Humboldt	San Mateo
Los Angeles	Santa Barbara
Marin	Santa Clara
Mariposa	Santa Cruz
Mendocino	Solano
Merced	Sonoma
Monterey	Stanislaus
Napa	Sutter
Orange	Tehama
Placer	Ventura
Riverside	Yolo
Sacramento	Yuba
San Bernardino

Other localities added later to the disaster area will also qualify for the same tax relief. You can check the updated list on the section Tax Relief in Disaster Situations on the IRS website.

It’s worth noting that farmers who choose to forgo making estimated tax payments and normally file their returns by March 1 will now have until May 15, 2023, to file their 2022 return and pay any tax due.

Additionally, The May 15, 2023, deadline also applies to the quarterly estimated tax payments, normally due on January 17, 2023, and April 18, 2023. This means that individual taxpayers can skip making the fourth quarter estimated tax payment, normally due January 17, 2023, and instead include it with the 2022 return they file, on or before May 15.

Have Questions? at JT Tax Services, We Have Answers

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.