Criminals love to use fake information about taxes to lure unsuspecting victims into sharing their personal information. These nefarious schemes often come in the form of phishing or spear phishing. Keep reading to learn more about these two tactics employed by criminals.

Phishing and Spear Phishing

Phishing is a type of online scam where the attacker attempts to trick individuals into revealing their sensitive information, such as usernames, passwords, or credit card numbers by impersonating a legitimate institution (such as a bank, or even the IRS) through emails, messages, or websites. 

Spear phishing, on the other hand, is a type of phishing campaign that targets a specific person or group and often will include information known to be of interest to the target, such as current events or financial documents.

With so many people talking about taxes these days (due to the April 18 tax deadline and the extension for Californians affected by the storms of early 2023), the phishing season is in full swing. 

The good news is that there are some simple steps you can take to ward off phishing attempts:

• Be wary of unsolicited emails or messages

• Never provide personal or financial information over emails or links, and avoid clicking on suspicious links or attachments.

• Verify the identity of the sender by contacting the organization directly, to confirm the authenticity of the email or message.

• Stay informed and up-to-date about the latest phishing techniques, by researching, reading online resources, and attending webinars.

• Use strong and unique passwords, and enable multi-factor authentication wherever possible to protect your personal information3.

• Do not be intimidated by an email that appears to be threatening or urgent, and check for tell-tale signs of phishing, such as misspellings, generic greetings, or unfamiliar URLs. This is particularly important when it comes to taxes, as criminals impersonating the IRS often use threats to scare victims into providing their information.

• Be careful while using public Wi-Fi, as hackers can intercept your sensitive data through unsecured networks.

To learn more about taxes, check out our previous blogs, “Missed the April 18 Tax-Filing Deadline? Here’s What You Need To Do”

JT Tax Services: Taxes Made Easy

When it comes to taxes, knowledge is power. That’s why at At JT Tax Services, we give you the peace of mind that comes with knowing that you are working with experienced professionals with in-depth knowledge of all applicable tax laws and 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.

April 18 was the federal tax deadline for most people in the United States. And while everyone tries their best to be accurate with their taxes, things sometimes get In the way. So what to do if you missed the tax filing deadline? Keep reading to find out. 

What To Do if You Missed the Tax-Filing Deadline

If you live in California, the first thing to do if you missed the April 18 deadline is to check if you qualify for the extended deadline granted to the victims of the storm that hit California in early 2023.

If you live or have a business in any of the designated localities, you can take advantage of an extension that gives you until October 16, 2023 to file taxes and make the related payments. This includes things like: 

• Individual income tax returns, originally due on April 18
• Various business returns, normally due on March 15 and April 18
• Returns of tax-exempt organizations, normally due on May 15

For a full list of the localities that can take advantage of the extended deadline, check out the section Tax Relief in Disaster Situations on the IRS website.

Requesting a Filing Extension

If you missed the April 18 deadline to file your tax return, you can request a filing extension that will give you until October 16 to file your taxes.

Keep in mind that in order to do this you’ll need to pay all or part of your estimated income tax due indicating the payment is for an extension.

Also, remember that an extension to file is NOT an extension to pay. That’s why you are required to pay all or part of your taxes when requesting an extension. 

Need help? Our team of tax pros stand ready to assist you! Contact us today and get answers to all your tax questions. 

JT Tax Services: Taxes Made Easy

When it comes to taxes, knowledge is power. That’s why at At JT Tax Services, we give you the peace of mind that comes with knowing that you are working with experienced professionals with in-depth knowledge of all applicable tax laws and 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.

Tipping culture is prevalent across different industries and services, from restaurants and cafes to hotels and salons. However, when it comes to taxes, things can get a bit confusing. Are tips taxable? Do you need to declare them on your tax return? In this blog post, we’ll dive into the world of taxes and tips to answer all your questions.

Are Tips Taxable? 

The Internal Revenue Service (IRS) considers tips as income, just like your regular salary or wages. 

If you receive tips as part of your job, you are required to:

• Keep a daily tip record.
• Report your tips to your employer unless the total is less than $20 per month per employer
• Report all tips on an individual income tax return.

There’s no official form to report your tips to your employer. However, the document must include the following information:

• Employee signature,
• Employee’s name, address, and social security number,
• Employer’s name and address (establishment name if different),
• Month or period the report covers, and
• Total of tips received during the month or period.

Taxes and Tips: Some Practical Advice

You are required to report your tips to your employer by the 10th of the month after the month the tips are received. If the 10th falls on a Saturday, Sunday, or legal holiday, an employee may give the report to the employer by the next day that is not a Saturday, Sunday, or legal holiday.

Now, you may be wondering, how do I keep track of my tips? It’s a good idea to keep a daily log of your tips, including the date, the amount, and the source (e.g., cash or credit card). You can use a notebook, a spreadsheet, or a tip-tracking app to make it easier. By keeping an accurate record of your tips, you can ensure that you’re reporting the correct amount on your tax return.

Remember that you also need to keep a record of the date and value of any noncash tips you receive. This includes things like tickets, passes, or other items of value. Although you are not required to report these noncash tips to your employer, you must report them on your tax return.

For more tax tips check out our previous blogs, “Filing Status: What Is It and Why It Matters” and “How To Organize Your Tax Records.”

JT Tax Services: Taxes Made Easy

When it comes to taxes, knowledge is power. That’s why at At JT Tax Services, we give you the peace of mind that comes with knowing that you are working with experienced professionals with in-depth knowledge of all applicable tax laws and 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.

For most of the United States, the deadline to submit and pay federal tax returns is April 18, 2023. However, things are different if you live in California. Keep reading to learn more, and get some tips for a stress-free tax season. 

When Is the 2023 Tax Deadline?

This year’s tax deadline for most of the U.S. is Tuesday, April 18, 2023. However, the Internal Revenue Service (IRS) has offered an extended deadline of Monday, October 16, 2023 to tax payers in disaster areas located in most of California and parts of Alabama and Georgia. 

According to the IRS, the October 16 extension applies to

• Individual income tax returns, originally due on April 18
• Various business returns, normally due on March 15 and April 18
• Returns of tax-exempt organizations, normally due on May 15

Additionally, this means that eligible taxpayers will also have until October 16, 2023, to make 2022 contributions to their IRAs and health savings accounts.

Where Does It Apply?

So far this year, the IRS has issued three Tax relief bulletins concerning California. Each bulletin contains a list of counties that will receive tax relief in the form of an extension. If you reside or have a business in any of these localities, you can take advantage of the extended deadline.

The lists below are accurate as of publication, although new localities may be added. To check the most recent bulletins and updates, visit the Tax Relief in Disaster Situations section on the IRS website.

Victims of severe winter storms, flooding, and mudslides in California beginning January 8, 2023,  (issued January 10, 2023):

Alameda, Colusa, Contra Costa, El Dorado, Fresno, Glenn, Humboldt, Kings, Lake, Los Angeles, Madera, Marin, Mariposa, Mendocino, Merced, Mono, Monterey, Napa, Orange, Placer, Riverside, Sacramento, San Benito, San Bernardino, San Diego, San Francisco, San Joaquin, San Luis Obispo, San Mateo, Santa Barbara, Santa Clara, Santa Cruz, Solano, Sonoma, Stanislaus, Sutter, Tehama, Tulare, Ventura, Yolo, and Yuba counties.

Victims of severe winter storms, flooding, landslides, and mudslides beginning December 27, 2022 (issued January 24, 2023):

Alameda, Alpine, Amador, Butte, Calaveras, Colusa, Contra Costa, Del Norte, El Dorado, Fresno, Glenn, Humboldt, Inyo, Los Angeles, Madera, Marin, Mariposa, Mendocino, Merced, Monterey, Napa, Nevada, Placer, Sacramento, San Benito, San Joaquin, San Luis Obispo, San Mateo, Santa Barbara, Santa Clara, Santa Cruz, San Diego, San Francisco, Siskiyou, Solano, Sonoma, Stanislaus, Sutter, Tehama, Trinity, Tulare, Tuolumne, Ventura, and Yolo counties.

Victims of severe winter storms, flooding, landslides and mudslides in California beginning March 9, 2023. (issued March 17, 2023)

Alpine, Amador, Butte, Calaveras, Del Norte, El Dorado, Fresno, Glenn, Humboldt, Imperial, Inyo, Kern, Kings, Lake, Los Angeles, Madera, Mariposa, Mendocino, Merced, Mono, Monterey, Napa, Nevada, Orange, Placer, Plumas, Sacramento, San Benito, San Bernardino, San Francisco, San Joaquin, San Mateo, San Luis Obispo, Santa Barbara, Santa Clara, Santa Cruz, Sierra, Sonoma, Stanislaus, Trinity, Tulare, Tuolumne and Yuba counties

For more tax tips, check out our previous blogs, “2023 Tax Refund schedule: When Will I Get My Refund?” and “Will Tax Refunds Be Bigger in 2023?”

JT Tax Services Is Here To Answer Your Tax Questions

When it comes to taxes, knowledge is power. That’s why at At JT Tax Services, we give you the peace of mind that comes with knowing that you are working with experienced professionals with in-depth knowledge of all applicable tax laws and 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.