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Photo of woman holding paper using calculator illustrates blog: "Can Taxes Be Filed After the Official Deadline?"

Can Taxes Be Filed After the Official Deadline?

In case it passed you by, Tax Day this year was on April 18. If you said “Oops!” after reading that, you’ll be interested in today’s blog: can you file your taxes after the official deadline? Keep reading to find out. 

Can Taxes Be Filed After the Official Deadline?

The short and simple answer is yes, you can file your tax return even after the official deadline has passed.

Ideally, you should always file and pay your taxes by the due date. However, even though taxes are a priority for most people, it’s not uncommon to find yourself in a situation when you can’t file on time. 

Here are some good reasons to file your taxes even if you missed the original deadline:

  • Avoid interests and penalties. These can add up fast, so filing and paying even a part of what you owe can make a big difference.
  • Claim your refund. In addition to giving you peace of mind, filing a past due tax return is als an opportunity to claim a refund 
  • Protect your social security benefits. If you are self-employed and don’t file a federal tax return, any self-employment income will not be reported to the Social Security Administration.
  • Avoid issues with loans. When you apply for a loan, most financial institutions will require you to provide copies of filed tax returns.

Filing Back Tax Returns

If you didn’t file your taxes on time, seek the assistance of a tax professional to file and pay as soon as possible. This will save you headaches and will limit any failure-to-file and failure-to-pay penalties.

It’s worth keeping in mind that there are no penalties for late filing if you are owed a refund. 

As always, remember that all this information refers to federal taxes. Local taxes have different rules and deadlines. 

If you need help filing a past due return, contact the IRS or get in touch with JT Tax Services. We’ll be glad to offer assistance and answer all your questions. 

Have Tax Questions? JT Tax Services Is Here To Help!

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.

Photo of person organizing documents illustrates blog: "Can You File Your Taxes Without a Social Security Number?"

Can You File Your Taxes Without a Social Security Number?

Filing an income tax return is mandatory if you make more than a  certain amount for the year. But can you file your taxes without a social security number? Keep reading to discover the answer. 

Can You File Your Taxes Without a Social Security Number?

A Social Security Number (SSN) is a nine-digit number assigned to all United States citizens and other residents for identification purposes, including tracking their income information.

Now, although the Social Security Number is one of the most common ways to identify an individual in the U.S., not  every person living in the country is eligible for one.

In those cases, people who are not eligible for a Social Security Number can use an Individual Tax Identification Number or ITIN. 

So, in short, the answer is yes, you can file your taxes without a Social Security Number by using an ITIN instead.

What Is an ITIN?

As we mentioned earlier, the term ITIN stands for Individual Tax Identification Number. 

An ITIN is a tax processing number that the IRS issues to people who are required to file a tax return but don’t have a Social Security Number.

While you can have an ITIN regardless of your immigration status, you should keep in mind that an ITIN does NOT:

  • Authorize work in the U.S.
  • Provide eligibility for Social Security benefits
  • Qualify a dependent for Earned Income Tax Credit Purposes

How To Know if You Need an ITIN

You need an Individual Tax Identification Number if the following applies to you:

  1. You don’t have a Social Security Number (SSN)
  2. You have a requirement to file a tax return
  3. You belong to one of the following categories:
  • Nonresident alien who is required to file a U.S. tax return
  • U.S. resident alien who is (based on days present in the United States) filing a U.S. tax return
  • Dependent or spouse of a U.S. citizen/resident alien
  • Dependent or spouse of a nonresident alien visa holder
  • Nonresident alien claiming a tax treaty benefit
  • Nonresident alien student, professor or researcher filing a U.S. tax return or claiming an exception

Have Tax Questions? Contact the Experts at JT Tax Services

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.

Photo of grandparents smiling illustrates blog: "Taxes: Can I Claim My Parents as Dependents?"

Taxes: Can I Claim My Parents as Dependents?

A common question about taxes and the IRS is if a person can claim their parents as  dependents. In this post, we answer this question and provide some useful facts you need to know. 

What Is a Dependent?

A dependent is a person other than yourself or your spouse who depends on your income and qualifies you to claim a dependency exemption.  

This means that when you claim someone as a dependent on your tax return, you can get some deductions that lower your tax bill or may even entitle you to redeem a credit for a tax return. 

The basic rule for dependents is that you can only claim as a dependent a person who is either a qualifying child or a qualifying relative.

In the next section, we’ll see what this means if you want to claim your parents as dependents.

Can I Claim My Parents as Dependents?

With that being said, can you claim your parents as dependents?

The answer is yes. According to the IRS, some common examples of dependents include a child, stepchild, brother, sister, or parent.

If you are planning to claim your parents as dependents,there are some rules to remember. 

First off, the gross income of each parent must be less than $4,300 and you must provide half of the person’s total support for the year.

Finally, you can’t claim as dependent a person who can be claimed as a dependent on someone else’s tax return.

So for example, if one of your brothers or sisters has already claimed your parents as dependents, you cannot claim them as dependents on your tax return. 

If you’re still not sure if you can claim your parents as dependents, use the IRS online assistant Whom May I Claim as a Dependent? (just click on the link to open the assistant).

Have Tax Questions?Contact the Experts at JT Tax Services

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.

Photo of confused woman looking at her smartphone illustrates blog: "Beware of Pandemic-Related Scams!"

Beware of Pandemic-Related Scams!

Not even the pandemic can slow down criminals, who never cease to look for ways to lure unsuspecting victims. That’s why in today’s post, we talk about pandemic-related scams and give you tips on how to avoid them. 

Pandemic-Related Scams: What You Need To Know

Scammers are experts at taking advantage of confusing situations to rob people of their money or personal information. The pandemic is no exception to this perverse rule. That’s why we encourage you to be on the lookout for the scams described below. 

Economic Impact Payments Tax Refund Scams

Scammers use Economic Impact Payments (EIPs) as an excuse to try to trick you into sharing your personal information. Here’s what you need to keep in mind:

  • The IRS has already issued all Economic Impact Payments. If you didn’t get yours or received less than the full amount, you may be eligible to claim a Recovery Rebate Credit on your 2020 or 2021 tax return. 
  • The IRS will NEVER initiate contact by phone, email, text, or social media, asking you to provide personal information such as your Social Security number.

Fake Employment Offers

The pandemic has caused shifts in the labor market and some people are urgently looking for a job. Scammers take advantage of jobseekers by using social media to persuade them to share their personal information under the guise of a job offer.

  • Never share your personal information (such as social security number, passwords, or bank accounts) through social media messages.
  • Among other things, criminals can use your information to file a fraudulent tax return and get a fraudulent refund. 

Fake Charities

This is a classic scam, and criminals have been quick to adapt it to the pandemic. If you plan to make charitable donations, be sure to keep the following in mind:

  • If a person tries to pressure you into making a donation quickly, that’s a huge red flag and one of the hallmarks of a scam.
  • Before making a donation, ask the person for the exact name of the charity as well as the address of its website. Then verify all those details online. 
  • NEVER, under any circumstances, make a donation using gift cards or by wiring money. 

Need Help With Your Taxes? Contact JT Tax Services

At JT Taxes, we have made it our mission to take the stress of tax filing off your hands so you can focus on what matters most to you. 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 wide array of tax services.

Photo of smiling woman with laptop illustrates blog: "Delayed Refund? You Will Receive 5% Interest After July 1"

Delayed Refund? The IRS Will Pay 5% Interest After July 1

If you’re still waiting on your tax refund, we have some good news: the IRS will pay 5% interest to individuals after July 1. Here’s what you need to know. 

What You Need to Know

Typically, the IRS has 45 days after the filing deadline (in 2022 it was 2018) to process your tax return and send your refund. After those 45 days, the IRS starts paying interests to taxpayers.

However, there’s something you should keep in mind: Those interests are taxable.

While the IRS does its best to process returns in a timely fashion, some delays are inevitable due to the disruptions caused by the COVID-19 pandemic. 

If your return is part of the backlog the IRS is actually experiencing, keep reading —  in the next section we explain how to check the status of your refund. 

How to Check the Status of Your Refund

Checking the status of your refund is extremely easy thanks to an online tool created by the IRS. 

The tool is called Where’s My Refund (just click on the link to open the tool) and you can use it 24 hours after filing your 2021 return or four weeks after mailing a paper return. 

Before opening Where’s My Refund, make sure to have the following information ready:

  • Your Social Security Number (SSN) or ITIN
  • Your filing status (single, married filing jointly, married filing separately, etc)
  • Your exact refund amount

Where’s My Refund is updated daily, usually overnight. So if your refund information isn’t available yet, check again the next day. 

Need Help With Your Taxes? Contact JT Tax Services

If you need help with your taxes, you’ve come to the right place.  At JT Taxes, we have made it our mission to take the stress of tax filing off your hands so you can focus on what matters most to you.

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 wide array of tax services.

Photto of man with laptop illustrates blog: " "

How To Contact the IRS

From refunds to tax transcripts, there are many reasons why you may want to contact the IRS. In this post, we talk about how to contact the IRS and give you some tools to make things easier when dealing with some common tax needs.

How To Contact the IRS

How to contact the IRS by phone. If you are a taxpayer with questions about federal taxes, you can get answers at 1-800-829-1040. The help line is open Monday through Friday, from 8:00 am to 8:00 pm local time. 

To request a transcript by phone, call 800-908-9946.

For assistance in a language other than English or Spanish, call 833-553-9895.

Make sure to have the following ready when you call the IRS:

  • Social Security Number (SSN) and birth date
  • Individual Taxpayer Identification Number (ITIN) if you don’t have a Social Security Number
  • Filing status (single, married filing jointly, married filing separately, ec.)
  • Prior-year tax return
  • Tax return you’re calling about
  • Any letter you may have received

When to contact the IRS by email. The IRS encourages taxpayers to contact the agency through its electronic tools (see below). Calling by phone is recommended only in certain cases. But in the specific case of phishing emails, the IRS asks taxpayers to report suspicious emails at phishing@irs.gov (make sure to forward the email with full email headers included).

How To Get Information About Your Tax Refund

If you need information about the status of your tax return, you don’t have to call the IRS. 

Instead of waiting on the phone, use the online tool Where’s My Refund, which has information for the 2021, 2020, and 2019 tax years.

To open the tool, just click the link provided above and make sure to have the following ready:

  • Your Social Security number or ITIN
  • Your filing status
  •  Your exact refund amount

You should call the IRS (again, the number is 1-800-829-1040) only if:

  • It’s been 21 days or more since you e-filed
  • It’s been more than 6 weeks since you mailed your paper return
  • Where’s My Refund says the IRS can provide more information to you over the phone

How To Get a Tax Transcript

We covered this topic in a previous post, but here’s a summary of what you need to know:

  • You can request an IRS transcript online, but first you’ll need to create an online account here.
  • Once you have created an account, you can request your transcript here 
  • Alternatively, you can request to get your transcript by mail. All you have to do is to fill out this form.
  • As a third alternative, you can order your transcript by phone at 800-908-9946

How To Get an EIN

People looking to apply for an Employer Identification Number (EIN) can do it easily without calling the IRS by using this online assistant.

The system operates Monday through Friday, 7:00 am to 10:00 pm Eastern Standard Time. 

How to Contact the IRS in Languages Other Than English

The IRS makes it a point to offer information in different languages other than English to help as many taxpayers as possible. 

People who need assistance in other languages can get the support of a professional interpreter over the phone.

  • For assistance in Spanish, call 800-829-1040
  • For all other languages (including Chinese, Vietnamese, Russian, Farsi, and others), call 833-553-9895

Need Help With Your Taxes? Contact JT Tax Services

If you need help with your taxes, you’ve come to the right place.  At JT Taxes, we have made it our mission to take the stress of tax filing off your hands so you can focus on what matters most to you.

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 wide array of tax services.

Photo of girl looking at documents illustrates blog: "How to Get an IRS Transcript?"

How to Get an IRS Transcript?

Do you need an IRS Transcript? Then keep reading! In this article, we answer the most common questions about IRS transcripts, from a basic definition of IRS transcript, to who needs a transcript, and how to get a transcript from the IRS. 

What Is an IRS Transcript?

Simply put, an IRS transcript is a record of your previous tax returns that shows different kinds of information, depending on the type of transcript. 

There are five types of IRS transcripts:

  • Tax return transcript. Includes most line items from your original Form 1040 tax return, along with any forms and schedules. Note that it doesn’t include changes made after you filed the original return. This type of transcript is available for the current and three previous tax years. 
  • Tax account transcript. Provides basic information such as filing status, taxable income, and payment types. It shows changes made after you filed your original return. It’s available for the current and nine previous tax years (online) or the current and three previous tax years (by mail).
  • Record of account transcript. Combines the two previous transcripts into one. It’s available for the current and three previous tax years. 
  • Wage and income transcript. Shows data from forms such as Forms W-2, 1098, 1099, and 5498. It’s available for the current year and nine previous tax years.
  • Verification of non-filing letter. Shows that the IRS has no record of a processed Form 1040-series tax return as of the date of the request. It’s available for the current year and the three previous tax years.

It’s worth remembering that an IRS transcript isn’t the same as a photocopy of your return. If you need a photocopy, you’ll have to submit Form 4506, Request for Photocopy of Tax Return, and pay a fee of $50 per copy.

Who Needs an IRS Transcript?

The most common use of IRS transcripts is to provide information to lending institutions when you apply for a loan or mortgage. 

IRS transcripts are also helpful when it comes to retrieving information you may need to apply for housing assistance or federal programs. 

How to Get an IRS Transcript?

The IRS recommends taxpayers to request their transcripts online. 

To do this, you’ll have to visit or create your online account here. If you don’t have  an existing IRS username, have your photo identification ready. 

If you can’t request your transcript online, you can get your tax return or tax account transcript by mail by clicking on this link or by calling the IRS at 800-908-9946.

Have Tax Questions? Contact JT Tax Services

Need help getting a tax transcript? Want to learn more about the tax obligations of businesses? At JT Taxes, we have made it our mission to take the stress of tax filing off your hands so you can focus on what matters most to you.

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 wide array of tax services.

Photo of smiling woman behind laptop illustrates blog: "What You Need To Know About the Employer Identification Number (EIN)"

What You Need To Know About the Employer Identification Number (EIN)

If you are a business owner, sole proprietor, or run a non-profit, you are required to have an Employer Identification Number. In today’s post, we tell you everything you need to know about EINs, from a basic definition to how to get yours online. 

What Is an EIN?

The term “EIN” stands for Employer Identification Number, and as the name suggests, this is a unique number assigned to employers by the IRS. 

EINs are useful because they help the IRS identify taxpayers who have to file certain business tax returns.

Some of the organizations that usually must have an EIN include:

  • Employers
  • Sole proprietors
  • Corporations
  • Non-profit associations
  • Partnerships 
  • Trusts
  • Estates
  • Government agencies
  • Other business entities

How Do I Request My EIN?

While the IRS accepts requests by fax or email, the internet is the most popular option to get your Employer Identification Number.

To apply for your EIN online, just visit this website and provide all the information the system requests.

Before you get started, it’s important to remember that:

  • You may apply online for an EIN if your main business is located in the United States or its territories.
  • The person applying online must have a valid tax identification number (ITIN, EIN, SSN).
  • There’s a limit of one EIN per responsible party (the person who exercises effective control over the business entity) per day. 

Make Sure to Keep Your EIN Information Up to Date

As with any other form of identification, it’s important to ensure that the information associated with your EIN is always up to date. 

The IRS asks holders of EINs to report any new information within 60 days of the change taking place. 

Most changes (like changing the name of your business, for example) do NOT result in you having to get a new EIN. However, if the structure or the ownership of the business changes, then you’ll probably have to request a new number.

Have Tax Questions? Contact JT Tax Services

Need help with your EIN? Want to learn more about the tax obligations of businesses? At JT Taxes, we have made it our mission to take the stress of tax filing off your hands so you can focus on what matters most to you.

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 wide array of tax services.

Photo of puzzled man holding papers illustrates blog: "Couldn't File Your Taxes by April 18? Here's What You Need to Know"

Couldn’t File Your Taxes by April 18? Here’s What You Need to Know

With Tax Day 2022 already in the books, it make sense to ask, What if you couldn’t find your taxes by April 18? In today’s posts, we give you the answers you need.

What To Do If You Couldn’t File Your Taxes by April 18

If you owe taxes and couldn’t file your return on time, the answer is pretty straightforward: file as soon as possible and pay as much as you can to limit penalties and interests. 

Some people didn’t file a return because they didn’t earn enough money to be required to do so. Even in that case there are good reasons to file, because this may allow them to receive a refund. 

There are some tax credits that allow you to receive money beyond what you owe. Some examples include:

  • Earned Income Child Credit
  • Child and Dependent Care Credit
  • Child Tax Credit
  • 2021 Recovery Rebate Credit

Feel free to contact the tax experts at JT Taxes to learn more about these credits and discover how to claim them. 

Remember: there’s no penalty for filing a refund after April 18 2022 if you are owed a refund. 

What To Do if You Can’t Pay Your Taxes

If you can’t pay your taxes in full, don’t worry — you have options.

Some taxpayers qualify for an online payment plan, which can be short-term (120 days or less) or long-term (more than 120 days), depending on how much you owe. 

Another alternative is an Offer in Compromise, an agreement between you and the IRS that allows you to pay an agreed-upon reduced amount of tax.

The bottom line is that there are tools you can use when you can’t file or pay your taxes on time. 

The trick is to be proactive and to work with dependable, knowledgeable tax professionals who are committed to helping you make sense of the tax system. 

File Your Taxes With JT Tax Services

At JT Taxes, we have made it our mission to take the stress of tax filing off your hands so you can focus on what matters most to you.

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 wide array of tax services.

Photo of man smiling in office illustrates blog: "Did You File Your Tax Return Already? Here’s What To Do Next"

Did You File Your Tax Return Already? Here’s What To Do Next

Tax Day is only five days away! If you already filed your return, keep reading to discover the two things you should do next. 

Check the Status of Your Refund

If you are expecting a refund, use the online tool Where’s My Refund to track the status of your refund after filing your return.

You can use the tool 24 hours after filing electronically or four weeks after mailing your return. 

Keep in mind that the system is updated once a day, usually overnight. Avoid checking the status several times a day; this way you will limit the burden on the system, allowing other users to check the status of their refunds as well. 

Make Sure Your Withholding for 2022 Is Correct

All workers, self–employed individuals, and retirees who have wage income should check their tax withholding.

This is even more important if your tax refund was too big, too small, or if you received a surprise tax bill. All these situations mean that you need to adjust your withholding. 

The IRS also recommends taxpayers to check their withholding after an important life event such as marriage, divorce, the purchase of a house or the birth or adoption of a child. 

To check if the amount of tax withheld from your wages is correct, use the online tool Tax Withholding Estimator.

Here’s the information you need to use the Estimator:

  • Their most recent pay statements and if married, for their spouse,
  • Information for other sources of income and 
  • Their most recent income tax return, 2021, if possible

Of course, every taxpayer is different If your tax situation is particularly complex, or if you have specific questions, feel free to contact our experts at Delgado’s Insurance. 

We’ll be happy to offer assistance and help you find the best ways to maximize your refund while adhering to all applicable laws and regulations. 

JT Tax Services: Taxes Made Easy

At JT Taxes, we have made it our mission to take the stress of tax filing off your hands so you can focus on what matters most to you.

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 wide array of tax services.

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