JT Tax Services

Tax Services
Photo of shocked man in front of computer illustrates blog "3 Scary Tax Situations to Avoid This Halloween"

3 Scary Tax Situations to Avoid This Halloween

Taxes are a complex topic that can be scary to some people. That’s why today we give you some tips to deal with three scary tax situations to avoid this Halloween. 

What to Do If You Get a Letter From the IRS

If you get a letter from the IRS, the first thing to do is not to panic. Read the letter carefully because it contains instructions about the next steps you should take.  

In many cases, the purpose of these letters is to inform you about a correction to your tax return. If you agree with the correction, don’t forget to make a note on your return. If you don’t agree with the change, you have to send a letter contesting the correction.  

Whatever the case, don’t worry: our experts are here to help you make sense of any letter or notice you receive. 

How to Handle Tax Debts

Tax debts are definitely stressful—more stressful than any haunted house or creepy urban legend. If you owe taxes and have been putting off addressing your situation, this is a good time to roll up your sleeves and get down to work. 

Again, the key is not to panic. Remember that in most cases, there are options to resolve your debt, and you may even reach a compromise that allows you to settle yur debt with the IRS paying a lower amount than what you owe.  

When it comes to tax debt, every case is unique. Get in touch with our team to talk about your situation and find a solution that meets your needs.  

How to Avoid Tax Scams

Scammers can be more annoying than any imaginary monster. Luckily, avoiding tax scams is easy by taking some basic precautions. We recommend to keep the following in mind:

  • The IRS will NEVER contact you using social media or text messages.
  • The IRS will NEVER ask you to settle a tax debt using gift cards. 
  • IRS agents will NEVER threaten you with jail or deportation to force you to settle a tax bill. 
  • NEVER send personal information such as Social Security Number or credit card numbers by email or social media. 
  • If you receive a suspicious email, DON’T click on any links, DON’T download any attachments, and DON’T respond to the message.  

Contact the Experts at JT Tax Services

Do you need help with personal or business taxes?  JT Tax Services is here to help! 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.

Families of Many Types Qualify for the Child Tax Credit Payments

Many Types of Families Qualify for the Child Tax Credit Payments

The monthly payments of the Tax Child Credit are an important form of financial relief for American families affected by the COVID-19 pandemic. What not everyone knows is that not only traditional families qualify for these payments. Keep reading to learn more.  

Families ofMany Types Qualify for the Child Tax Credit Payments

There are many types of families, from grandparents who take care of their grandsons to parents who have adopted one or more children. That’s why the payments of the Child Tax Credit apply to a wide variety of scenarios besides traditional families.

When it comes to the Child Tax Credit Payments, the child who qualifies can be a filer’s:

  • Son or daughter
  • Adopted child
  • Eligible foster child
  • Siblings, including stepsiblings or half-siblings
  • A descendent of any of the above (for example, a grandchild, niece or nephew)

What You Need to Know About the Child Tax Credit Payments

The Advance Child Tax Credit Payments are monthly payments whose goal is to offer financial relief to families affected by the COVID-19 pandemic. 

Since last July 15, families that qualify have been receiving each month payments of $250 or $300 for every qualifying child. 

Working families will get the full credit if they make up to $150,000 for couples or $112,500 for families with a single parent.

To know if you qualify for the Advance Child Tax Credit Payments, use the online Advance Child Tax Credit Eligibility Assistance.

If you need assistance or have questions about the Advance Child Tax Credit, don’t hesitate to contact our experts to get dependable, personalized assistance.  

Contact the Experts at JT Tax Services

Do you need help figuring out how the Advance Child Tax Credit Payments?  JT Tax Services is here to help! 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.

What Parents Who Share Custody Should Know About the Advance Child Tax Credit Payments

What Parents Who Share Custody Should Know About the Advance Child Tax Credit Payments

The Advance Child Tax Credit Payments are a provision that offers financial relief to millions of American families. But what happens when parents share custody of one or more children? Keep reading to discover the answer.

What Are the Advance Child Tax Credit Payments?

The Advance Child Tax Credit Payments are a measure included in the American rescue plan to offer financial relief to American families affected by the COVID-19 pandemic. 

Since the last 15 of July, families have been receiving monthly payments of $250 or $300 for each qualifying child under the age of 17. The families that will receive the total amount are those who earn up to $150,000 for couples or $112,500 for families with a single parent. 

What Parents Who Share Custody Should Know About the Advance Child Tax Credit Payments

When it comes to parents who share custody, the most obvious question is: Who would receive the Advance Child Tax Credit Payments?

In that case, the parent who should receive the payments is the one who claimed the Child Tax Credit on their 2020 tax return, or on their 2019 return, if their 2020 return has not been processed yet.

If a non-eligible parent receives the Advance Child Tax Credit Payments, it’s advisable to unenroll to stop receiving the payments. To unenroll, just visit the Child Tax Credit Update Portal on the IRS website. 

If you receive the Advance Child Tax Credit Payments without being eligible, it’s important to unenroll because otherwise, you will have to return those payments when you file your tax return next year.

Contact the Experts at JT Tax Services

Do you need help figuring out how the Advance Child Tax Credit Payments?  JT Tax Services is here to help! 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.

4 Tax Tips for Small Business Owners

4 Tax Tips for Small Business Owners

If you are a small-business owner, don’t miss these four useful tax tips that can make a big difference for you and your employees. 

Encourage Your Employees to Learn More About the Tax Child Credit

The child tax credit represents a much-needed relief measure geared toward working families, who can receive monthly payments between $250 or $300 dollars per child. The American Rescue Plan includes provisions to deliver these payments to families who make up to  $150,000 for a couple or $112,500 for families with a single parent. Encourage your employees to learn more about this credit that can make a big difference for the financial well-being of their families.

Check if You Qualify for the Home Office Deduction

This measure allows taxpayers to deduct certain home expenses if they work from home. If you are interested in this deduction, keep the following in mind:

  • Employees are not eligible to claim this deduction.
  • There are two basic requirements to claim this deduction: There must be exclusive use of a portion of the home for conducting business on a regular basis and the home must be the taxpayer’s principal place of business.
  • Even if you meet these requirements, be sure to talk with a tax professional to check whether you qualify for this deduction.  

Learn More About the Renewed Work Opportunity Tax Credit

This tax credit is designed to help certified companies that hire people who belong to any of the following ten categories:

  • Temporary Assistance for Needy Families (TANF) recipients,
  • Unemployed veterans, including disabled veterans,
  • Formerly incarcerated individuals,
  • Designated community residents living in Empowerment Zones or Rural Renewal Counties,
  • Vocational rehabilitation referrals,
  • Summer youth employees living in Empowerment Zones,
  • Supplemental Nutrition Assistance Program (SNAP) recipients,
  • Supplemental Security Income (SSI) recipients,
  • Long-term family assistance recipients,
  • Long-term unemployment recipients.

A tax professional can help you certify your company and make sure you meet all the necessary requirements to claim this credit.  

Seek the Assistance of a Tax Professional

The tax framework for small businesses changes constantly. New opportunities for credits and deductions arise every year, but in order to take advantage of them, it is necessary to work with reliable tax professionals who are up to date with the most recent developments in tax legislation. At JT Tax Experts we have the experience and the know-how to limit your liabilities and ensure that you stay compliant with all relevant regulations.

Contact the Experts at JT Tax Services

Do you need help figuring out how to classify your workers or with any other matter related to taxes?  JT Tax Services is here to help! 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 different types of workers illustrates blog: "Are You a Business Owner? Don’t Forget to Correctly Classify Your Workers"

Are You a Business Owner? Don’t Forget to Correctly Classify Your Workers

If you are a business owner, it’s very important that you learn to tell the difference between an employee and an independent contractor. This will help you avoid problems and ensure that your accounting is clear and precise. Keep reading to learn more about this important topic.  

Employees or Independent Contractors?

When it comes to classifying your workers for tax purposes, there are two basic options: employees and independent contractors.

To determine whether a worker is an employee or a contractor, you should consider three main factors:

  • Does the business control, or has the right to control, what the worker does and how they do it?
  • Does the company control the financial aspects of the worker’s job? (For example, how are they paid, or how are their expenses refunded)
  • Are there any written contracts or employee-type benefits such as pension plan and vacation pay?

If you answered these questions with“Yes,” then the worker is an employee. By contrast, if the answer is “No,” then the person is an independent contractor.

What Happens if You Misclassify a Worker?

Misclassifying workers adversely affects workers themselves in the first place. For example, if a worker is classified as an independent worker when they are really employees, this means that the employer isn’t retaining and paying income taxes, as well as Social Security and Medicare taxes.

Also, if a company misclassifies a worker without a reasonable basis, then it might be held liable for employment taxes for that worker.

If you have workers whom you are currently treating as contractors, but would like to reclassify as employees for future tax periods, then the Voluntary Classification Settlement Program (VCSP) may interest you.  

If you want to learn more about this program or determine whether your company qualifies to participate in it, contact JT Tax Services for more details.   

Contact the Experts at JT Tax Services

Do you need help figuring out how to classify your workers or with any other matter related to taxes?  JT Tax Services is here to help! 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 FacebookTwitter, and LinkedIn to schedule a consultation or to learn more about our services.

The Filing Extension Deadline Is Almost Here!

The Filing Extension Deadline Is Almost Here!

The filing extension deadline for most 2020 federal tax returns is fast approaching, so don’t let it sneak up on you! Here’s what you need to know.

Tax Filing Extension Deadline in 2021

The tax filing extension deadline for most 2020 tax returns is October 15, 2021.

Originally, taxpayers were supposed to file their taxes by May 17. However, those who weren’t able to file on time could request an extension that gives them more time to file.

Rember: an extension to file is not an extension to pay. If you didn’t pay your taxes by May 17 2021, you may face penalties and interests. Talk with a tax expert you trust if you need help understanding your situation.  

Some Useful Information

  • If you are an extended filer, the most important concept you should keep in mind is the Mailbox Rule. According to this rule, your return must be postmarked and sent by October 15 in order to comply with the filing extension deadline.
  • As with any tax return, you can make things a lot easier by gathering your Forms W-2 s and all the documents you need to support the tax credits and deductions you want to claim.  
  • While the filing extension deadline is just around the corner, you still have time to find a dependable tax professional to help you prepare your return. At JT Taxes we offer assistance in all matters related to taxes delivered with friendliness, efficiency, and professionalism.
  • Remember that this deadline refers to federal taxes. Filing dates for state taxes vary depending on the state, so check with your local tax agency to find out which deadlines you must adhere to when it comes to local taxes.
  • Finally, keep in mind that the tax filing extension deadline won’t be extended, so this is your last chance to file your taxes without facing interests and penalties.

Contact the Experts at JT Tax Services

Do you need help preparing your taxes? Did you receive a letter from the IRS?  JT Tax Services is here to help! 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 FacebookTwitter, and LinkedIn to schedule a consultation or to learn more about our services.

4 Tax Tips for Labor Day Weekend

4 Tax Tips for Labor Day Weekend

With Labor Day weekend just around the corner, this is the perfect time to put your taxes in order. Today we show you four simple things you can do over the long weekend to save time and money down the line.

4 Tax Tips for Labor Day Weekend

As the old saying goes, forewarned is forearmed. This long weekend, find the time to put into practice these four simple tips that will help you avoid a lot of headaches.

Take a Look at Your Tax Records

This is a good time to take a look at your tax records. If you don’t have one, then take advantage of the long weekend to create one.

Remember that, as a general rule, the IRS recommends keeping tax records for three years after filing the corresponding tax return. Once your tax records are complete, make sure to keep the documents in a safe place.

Make Copies of Important Documents

Another way you can take advantage o the long weekend is by making copies of any important tax document. The documents you may want to photocopy include tax returns, letters from the IRS, and any document related to your wages/salary, among others.

As with your tax records, you should store these copies in a dry, safe place.

Check Your Withholding

Simply put, checking your withholding means making sure that your employee is retaining the right amount of tax from your paycheck.  

This is an easy way to ward off surprises, because if your employer is withholding less money than they are supposed to, you may have a big tax bill next year, or you may even have to pay a penalty.

Luckily, you can check your withholdings without even leaving your home. Just open the official Tax Withholding Estimator, and follow the instructions as they appear on your screen.

Contact a Tax Pro

From IRS debts to relief measures related to the coronavirus pandemic, most people have questions about taxes, but they feel they never have the time to contact a tax professional and get answers.  

If that’s your case too, the long weekend is the perfect time to finally pick up the phone or send that email and contact a tax expert who can give you the assistance you need.   

Contact the Experts at JT Tax Services

Do you need help preparing your taxes? Did you receive a letter from the IRS?  JT Tax Services is here to help! 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 FacebookTwitter, and LinkedIn to schedule a consultation or to learn more about our services.

Scammers are always on the lookout for new victims. Luckily, when it comes to tax scams, there’s a simple step that will help you avoid most of them. Keep reading to learn more.

The Simple Step That Will Help You Avoid Most Tax Scams

Scammers are always on the lookout for new victims. Luckily, when it comes to tax scams, there’s a simple step that will help you avoid most of them. Keep reading to learn more.

How to Avoid Most Tax Scams

As the old saying goes, knowledge is power. So it’s no coincidence that knowledge is the best way to prevent falling prey to a tax scam.

Knowing how the IRS interacts with taxpayers will help you notice more easily the odd behaviors that are the hallmark of scammers. Remember:

  • The IRS doesn’t normally initiate contact with taxpayers by email. Don’t reply to emails from people claiming to represent the IRS. And remember oficial IRS email addresses end with “irs.gov”
  • The IRS will never get in touch with you by text message or social media. If you receive this tye of message, don’t respond; someone is trying to scam you.
  • Private debt collectos may contact taxpayers for the collection of certain tax liablities, but only after the taxpayer has received a written notice.  
  • IRS officers and agents may visit the home or place of business to discuss tax liabilities or delinquent tax returns. However, remember that payments will never be requested to a source other that the Treasury Department.
  • If you are visited by an IRS representative, don’t forget to ask for credentials. IRS officers and agents can provide two types of credentials: a pocket commission and a Personal Identity Verification Credential.   

Knowing this information will help you avoid most tax scams. In case you have further questions, or need assistance navigating any process related to tax collection or tax liabilities, don’t hesitate to contact a tax expert for more information.

Contact the Experts at JT Tax Services

Do you need help preparing your taxes? Did you receive a letter from the IRS?  JT Tax Services is here to help! 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 FacebookTwitter, and LinkedIn to schedule a consultation or to learn more about our services.

Scammers Are Targeting Immigrants: Here's How to Protect Yourself and Others

Scammers Are Targeting Immigrants: Here’s How to Protect Yourself and Others

Scammers are always looking for ways to take advantage of vulnerable people, including senior citizens and immigrants. Keep reading to learn how to protect yourself or other people you know from this malicious strategy.

What You Need to Know

The IRS has warned that scammers have chosen immigrants as some of their favorite victims.

According to the agency, this type of scam usually occurs with a phone call from the criminals. In these calls, scammers threaten immigrants with deportation, revocation of their driver’s license, or jail if they don’t pay a bogus tax bill.

Ignore these intimidation tactics. Don’t engage the scammers in any way, as they may try to get you to reveal personal information. Remember that the IRS will never make threats over the phone or request that a specific payment method (such as gift cards) be used to pay your taxes.

It’s worth remembering that in most occasions, when the IRS wants to contact you, they will do it by mail and not by phone.

How to Protect Yourself and Others

It bears repeating: the IRS will never make threats in their communications with you. By keeping in mind this simple rule, you will be able to prevent scammers from intimidating you and parting you with your money.

Another way to protect you is to take advantage of the multilingual resources that the IRS keeps constantly updated. The agency offers content in many languages other than English, including Spanish, Chinese simplified and traditional, Vietnamese, Korean, and Russian.

If you know someone who might be a potential victim of scammers, don’t hesitate to share this information with them. You could sabe them money and many future headaches.

Additionally, you can always turn to a tax profesional you trust when you have questions. The tax experts at JT Taxes stand ready to offer the knowledgeable assistance you need to file and pay your taxes with confidence.  

Contact the Experts at JT Tax Services

Do you need help preparing your taxes? Do you have questions about the Child Tax Credit? 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 FacebookTwitter, and LinkedIn to schedule a consultation or to learn more about our services.

Child Tax Credit Payments: What You Need to Know

Child Tax Credit Payments: What You Need to Know

Last week, American families began receiving the Child Tax Credit Payments. Have you received yours? Are you familiar with the tools you can use to manage your payments? Keep reading to learn more.

Child Tax Credit Payments: What You Need to Know

The Child Tax Credit Payments are part of the American Rescue Plan, a package of measures geared toward providing financial relief to American families affected by the coronavirus pandemic.

These are monthly payments of $250 or $300 for per qualifying child since July 15 through December 2021.

The dates of the payments are July 15, August 13, September 15, October 15, November 15 and December 15.

Working families will receive these payments if they make up to $150,00 for a couple or $112,500 for families with a single family.

Some Useful Tools

The IRS has created some useful tools to help people get more information about the Child Tax Credit Payments.

For example, if you are not sure whether you qualify for the payments, you can use this online assistant to determine if your family qualifies. All you have to do is to answer the questions that the assistant will show you automatically.  

On the other hand, if you need to update your deposit information, or unenroll to stop getting the payments, then use the  Child Tax Credit Update Portal.

Taxpayers who qualify for the payments but weren’t required to file a 2020 tax return should use the Child Tax Credit Non-Filer Sign-up Tool to report their qualifying children born before 2021.

If you have questions even after using these tools, don’t hesitate to contact our experts. We’ll be happy to answer your questions about this and any other topic related to taxes.  

Contact the Experts at JT Tax Services

Do you need help preparing your taxes? Do you have questions about the Child Tax Credit? 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 FacebookTwitter, and LinkedIn to schedule a consultation or to learn more about our services.