October 2023 - JT Tax Services

IRS Further Postpones tax-filing and tax-payment deadline for California Storm Victims

October 18, 2023

Individuals and businesses in 55 of California’s 58 counties will be able to take advantage of the new federal deadline. Keep reading to learn all the details.

What You Need To Know

The Internal Revenue Service (IRS) has announced that it will postpone for a second time the federal tax-filing and tax-payment deadline for victims of storms that hit California earlier this year.

Individuals and businesses in 55 of California’s 55 counties (the exceptions are Lassen, Modoc and Shasta counties) will have until Thursday, November 16 (instead of October 16), to file and pay their 2022 tax returns.

The eligible returns and payments include those listed below (keep in mind that this extension applies only to federal taxes):

2022 individual income tax returns and payments normally due on April 18.
For eligible taxpayers, 2022 contributions to IRAs and health savings accounts.
Quarterly estimated tax payments normally due on April 18, June 15 and Sept. 15.
Calendar-year 2022 partnership and S corporation returns normally due on March 15.
Calendar-year 2022 corporate and fiduciary income tax returns and payments normally due on April 18.
Quarterly payroll and excise tax returns normally due on May 1, July 31 and Oct. 31.
Calendar-year 2022 returns filed by tax-exempt organizations normally due on May 15.

Other returns and payments qualify. Visit the IRS Disaster Assistance and Emergency Relief page for more details.

Taxpayers in the affected areas don’t have to contact the IRS or take any other action to take advantage of the extended deadline. The IRS will automatically provide filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area.

Additional relief may be available to affected taxpayers who participate in a retirement plan or individual retirement arrangement (IRA). To learn more, contact the IRS or get in touch with our experts at JT Tax Services.

JT Tax Services: Taxes Made Easy

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. Feel free to contact us today!

5 Bookkeeping Terms You Need To Know

By: UNIKO Media Group

October 12, 2023

Bookkeeping can be a daunting task, especially if you are new to it. It involves recording financial transactions, organizing them, and ensuring that they are accurate. To do this effectively, you need to be familiar with some bookkeeping terms. In this blog post, we will discuss some of the essential bookkeeping terms that you need to know.

Assets

Assets are the valuable items that a company or a person possesses. They can be tangible or intangible, such as cash, land, buildings, and patents. In bookkeeping, assets are recorded on the balance sheet and are used to determine the net worth of a company or an individual.

Liabilities

Liabilities are the obligations that a company or an individual owes to others. They can include debts, loans, and accounts payable. Like assets, liabilities are also recorded on the balance sheet and can affect a company’s or individual’s financial health.

Expenses

Expenses refer to the costs incurred by a company or an individual in running their operations. They can include salaries, rent, utility bills, and other expenses that are necessary to keep the operation going. In bookkeeping, expenses are recorded on the income statement and are deducted from revenue to determine the net income.

Revenue

Revenue is the income generated by a company or an individual from their operations or investments. It can come from sales, rental income, interest on investments, and other sources. In bookkeeping, revenue is recorded on the income statement and used to calculate the net income.

Equity

Equity is the value that remains after all the liabilities are deducted from the assets. It represents the ownership of the company or the individual. In bookkeeping, equity is recorded on the balance sheet and can be affected by changes in assets or liabilities.

Wrapping It Up

Knowing these bookkeeping terms is essential for anyone who wants to keep their financial records accurate and up-to-date. By understanding the definitions and how they apply to your business or personal finances, you can make informed decisions that will keep you financially healthy. Keep these terms in mind when working with your bookkeeper or accountant and use them to track your financial activity. Remember, good bookkeeping practices lead to financial stability and success!

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. Feel free to contact us today!