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3 Tools You Need After Filing Your Taxes

3 Tools You Need After Filing Your Taxes

The deadline to file and pay your taxes was July 15. If you filed on time, well done! You’ve taken care of what’s arguably the hardest part. However, there is still some work to do. Read on to discover three tools you may find useful after filing your taxes.

Check the Status of Your Refund After Filing Your Taxes

Checking on your refund is easy with the online resources provided by the IRS. The online tool Where’s My Refund is available both on the IRS website and in the mobile app IRS2GO. The information on the website and the app is updated once a day, usually overnight, so there’s no need to check more often than that. To get the status of your refund, you’ll need the following:

  • The first Social Security Number on your tax return.
  • Tax filing status (single, married, head of household).
  • Expected refund amount.

If you don’t have access to a computer or a mobile phone, you can contact the IRS by phone at 800-829-1954.

How to Do a Paycheck Checkup

Doing a paycheck checkup will help you ensure that your employer is withholding the right amount of taxes from your paycheck. This precaution is a smart way to avoid unexpected year-end tax bills or a penalty. To do your paycheck checkup, use the Tax Withholding Estimator provided by the IRS itself.

How to Determine if You Need to Amend a Tax Return

If after filing your taxes you realize that there’s a mistake or information you forgot to include, you can use the interactive assistant Should I File an Amendment Return? to determine whether you should correct and error or make other changes to the tax return you already filed.

As a rule of thumb, the errors that you have to correct are those related to filing status, income, deductions, and credits. Usually, you don’t need to file an amendment return for math errors or if you forgot to attach a form or schedule. In those cases, the IRS will either correct the math error and notify you by mail or request any missing schedule or form, also by mail.

More Tax Resources

Do you want to get more useful information to file your taxes? We’ve got you covered! These are some previous posts you may find useful:

And if you still haven’t filed your taxes, don’t worry! You still have alternatives. Contact our experts at JT Tax Services; they will help you determine what’s the best course of action.

Get Help From the Experts at JT Tax Services

The world of taxes is besieged by myths and other outdated or otherwise unreliable advice. That’s why is important to get help from a tax expert who can guide you with professionalism providing trustworthy information.

At JT Tax Services we have the experience, the knowledge, and the drive to assist you. With our advice, you can file your taxes with the peace of mind that comes with knowing that you are limiting your liability while staying compliant with federal and state tax regulations.

We are located in Oxnard, California. Contact us by email, telephone, or through our social media accounts on Facebook, Twitter, and LinkedIn to learn more about our services.

4 Ideas to Keep in Mind When You File Your Taxes

4 Ideas to Keep in Mind When You File Your Taxes

Remember: the deadline to pay and file your taxes is July 15. Although filing your tax return can be a complex process, there’s no reason to feel overwhelmed. Below you will find four tips that will help you take the stress out of Tax Day.

File Your Taxes Electronically

Filing your taxes electronically is your best option. The process is simple, fast, and secure. Furthermore, filing electronically reduces the risk of mistakes, since all calculations are verified by a tax program. Combining electronic filing with direct deposit is the best way to ensure that you get your tax refund as soon as possible (find more about tax refunds below).

If you don’t know how to file your taxes electronically yourself, or if you need assistance to make sure you stay compliant with all applicable regulations, contact the experts at JT Tax Services. They will be happy to help you take advantage of filing your taxes electronically.

How to Easily Check the Status of Your Refund

Checking the status of your refund is really easy. You have two main options to do this. You can use the online tool Where’s My Refund? provided by the IRS or you can download the IRS2GO mobile app in order to have the same information readily available on your smartphone. These are the most efficient ways to get information about the status of your refund. You can also contact the automated refund hotline at 800-829-1954, but as the IRS points out, there’s no need to call unless the online tool indicates you to do so.

Your Options if You Can’t File or Pay Your Taxes by July 15

Not everybody is ready to file and pay their taxes just yet. These are your options if you need more time in each case.

  • Request an extension to file: If you can’t file your tax return by July 15, you can request an extension to file that will give you time until October 15, 2020, to file your return. You can request an extension by making a payment using IRS Free File and selecting extension as the reason for the payment. Alternatively, you may also mail a Form 4868, Application for Automatic Extension for Time to File, by the July 15 filing deadline.
  • Set up an Installment Agreement: On the other hand, if you can’t pay by July 15, you may qualify for an Installment Agreement to spread out your payment over a set period of time. If you are interested in requesting an Installment Agreement, you can do so online, or by downloading and mailing  Form 9465 (Installment Agreement Request) to the IRS along with a tax return, IRS bill or notice.

Depending on your specific situation, you may have more options available to you if you can’t file or pay your taxes by July 15. You can check some of these additional options here. Contact a tax expert to learn more about the alternatives that best fit your personal situation.

Get Advice From the Experts at JT Tax Services

Equipped with these tips, you will be able to file your taxes easily and with no stress. However, it’s always important to get personalized advice.  Our knowledgeable experts at JT Tax Services will help you so you can take advantage of all the relief initiatives you are eligible for while staying compliant with all regulations that apply.

At JT Tax Services we have the experience, the knowledge and the drive to assist you. With our advice, you can file your taxes with the peace of mind that comes with knowing that you are limiting your liability while staying compliant with federal and state tax regulations.

We are located in Oxnard, California. Contact us by email, telephone (805-984-8890) or through our social media accounts on Facebook, Twitter and LinkedIn to learn more about our services.

The deadline to file and pay your taxes is July 15.

The Deadline to File and Pay your Taxes is July 15: Everything You Need to Know

July is here already, and that means that July 15, the deadline to file and pay your taxes, is approaching as well.

As you may remember, the original deadline was April 15, but it was extended to July 15 to help those affected by the outbreak of COVID-19. The Internal Revenue Service (IRS) has announced that the date won’t be moved again, so it’s important to take steps to file and pay your taxes if you haven’t done so yet.

Extensions to File

People who can’t file their taxes by July 15 can ask for an extension that allows them to file by October 15. It’s important to remember that an extension to file is not an extension to pay. That means that you still have to pay your taxes totally or partially before July 15. There are two ways to request an extension.

  • Filing form 4868, Automatic Extension of Time to File U.S. Individual Income Tax Return.
  • Paying all or part of their tax due indicating that the payment is for an extension.

In both cases, don’t hesitate to seek the assistance of a tax professional if you need help completing any of the steps involved.

The Options for People who Can’t Pay Their Taxes by July 15

On the other hand, people who can’t pay their taxes by July 15 also have several options available to them. These alternatives include:

  • Online payment agreement: They are available for individuals who owe $50,000 or less (including taxes and penalties).
  • Installment agreement: People who do not qualify for an online payment agreement, or decide not to use it, can take advantage of this option.
  • Temporarily delaying collection: If the IRS determines that a person can’t pay, they can decide to temporarily delay the collection process. However, keep in mind that penalties and interests continue to accrue until the full amount due is paid.
  • Offer in compromise: In some cases, the IRS may reach an agreement to allow a person settle their tax bill for less than the amount they owe. To know if you are eligible for an offer in compromise, use the official IRS tool Offer in Compromise Pre-Qualifier.

State Taxes

It’s important to keep in mind that the July 15 deadline refers to federal taxes. The dates for state taxes may differ, so be sure to get accurate information about your specific location. Here you can find links to the websites of the tax agencies of every state.

Get Help From the Tax Experts at JT Tax Services

Now that you have all the relevant information, you are ready to make better decisions before filing and paying your taxes. Our knowledgeable experts at JT Tax Services will help you so you can take advantage of all the relief initiatives you are eligible for.

At JT Tax Services we have the experience, the knowledge and the drive to assist you. With our advice, you can file your taxes with the peace of mind that comes with knowing that you are limiting your liability while staying compliant with federal and state tax regulations.

We are located in Oxnard, California. Contact us by email, telephone or through our social media accounts on Facebook, Twitter and LinkedIn to learn more about our services.

Economic Impact Payments are not Social Security Benefits.

Remember: Economic Impact Payments Belong to the Recipient, not to Nursing Homes

The Internal Revenue Service (IRS) issued an alert reminding people that Economic Impact Payments (EIP) generally belong to the recipients, not to nursing homes or the organizations providing care for them.

Economic Impact Payments Are for the Recipients

The IRS  believes that some people may be taking advantage of retirees who receive an Economic Impact Payment, a government measure that offers financial relief to those affected by the coronavirus outbreak.

It’s important to underline that payments are for the recipients. This applies even if a nursing home or facility or provider receives the person’s payment either directly or indirectly by direct deposit or check.

Benefit recipients don’t have to turn over their EIP because the payments they are considered and advance refund for 2020 taxes.  They also do not count as income in determining eligibility for Medicaid and other federal programs

Economic Impact Payments Are Not Social Security Benefits

According to the Social Security Administration (SSA), a representative payee is only responsible for managing Social Security or SSI benefits, but an EIP is not included in that category. If the beneficiary wants to use the EIP independently, the payee should provide the EIP to the beneficiary.

If the SSA receives an allegation that the EIP was not used on behalf of the beneficiary, it may decide to investigate the matter. The SSA may also determine that the representative payee is no longer suitable and appoint a new representative payee.

The IRS has processed about 159 million Economic Impact Payments, totaling almost $267 billion. Beneficiaries may receive up to $1,200 for individual taxpayers and $2,400 for couples filing jointly. Additionally, taxpayers may also receive an extra $500 for every qualifying child.

Get Help From the Experts

The government’s response to the coronavirus outbreak is fluid. Therefore, it’s important to know this and other initiatives to navigate the current circumstances.

Our experts at JT Tax Services will help you take advantage of all the relief initiatives you are eligible for.

At JT Tax Services we have the experience, the knowledge and the drive to assist you. With our advice, you can file your taxes with peace of mind. You will rest easy knowing that you are limiting your liability while staying compliant with all regulations.

We are located in Oxnard, California. Contact us by email, telephone or through our social media accounts on Facebook, Twitter and LinkedIn to learn more about our services.

The Amount of Your Economic Impact Payment Is Incorrect? Here's what to do.

What to Do if the Amount of Your Economic Impact Payment Is Incorrect?

The Internal Revenue Service has processed about 159 million Economic Impact Payments (EIP), a stimulus geared to help taxpayers affected by the coronavirus outbreak.

However, some people are surprised to discover that the amount of their Economic Impact Payment is smaller than they expected. What to do in this situation?

Some Basic Information

It’s worth remembering that eligible taxpayers may get up to $1,200 for individuals, and up to $2,400 for those married filing jointly. Additionally, they may receive $500 for every qualifying child (you can use this chart to check how much you should receive).

As we have seen in a previous post, there are three basic reasons why your Economic Impact Payment may be smaller than expected:

  • You haven’t filed your return for 2019, so your Economic Impact Payment is based on past information.
  • The qualifying child is under 17 years of age (considering how old they are at the end of the year for the tax return on which the IRS bases the payment amount).
  • Your payment was offset by past-due child support payments.

What to Do if the Amount of Your Economic Impact Payment Is Incorrect?

The IRS is not able at this moment to correct or issue additional payments. If you believe the amount of your Economic Impact Payment is incorrect, your option is claiming the additional amount when you file your 2020 tax return.

Keep the Notice 1444, Your Economic Impact Payment, you will receive regarding your Economic Stimulus Payment with your records. This notice is mailed to your last known mail address a couple of weeks after your payment is issued. You can refer to this notice when you file your 2020 tax return. This way you’ll be able to claim additional credits if you qualify for them.

Get Expert Advice

It’s important to know this and other initiatives to navigate the current circumstances. Our knowledgeable experts at JT Tax Services will help you take advantage of all the relief initiatives you are eligible for.

At JT Tax Services we have the experience, the knowledge and the drive to assist you. With our advice, you can file your taxes with the peace of mind that comes with knowing that you are limiting your liability while staying compliant with federal and state tax regulations.

We are located in Oxnard, California. Contact us by email, telephone or through our social media accounts on Facebook, Twitter and LinkedIn to learn more about our services.

Some people will receive their Economic Impact Payments by debit card.

The IRS Will Deliver Some Economic Impact Payments by Debit Card

The Internal Revenue Service will deliver the Economic Impact Payments of nearly four million people by by prepaid debit card instead of paper check.

According to the official website for the cards, this method will be used to deliver the payments of taxpayers whose bank details the IRS doesn’t have.

This Is What Your Debit Card Will Allow You to Do

If you receive your Economic Impact Payment by prepaid card, you will get some benefits that include:

  • Making purchases online or at any retail location where Visa payments are accepted
  • Getting cash from in-network ATMs
  • Transferring funds to your personal bank account.
  • Checking you balance card by mobile app or by phone.
  • Enjoying the same consumer protections available to traditional bank account owners, such as protection against fraud and loss.

The prepaid cards arrive in a plain envelope from Money Network Card Holder Services. The Visa name appears on the front of the card, while the back of the card has the name of the Issuing bank, MetaBank®, N.A. Information included with the card specifies that the card is an Economic Impact Payment.

Users who receive their Economic Impact Payments by prepaid card will have to activate their cards calling the number 1.800.240.8100 and validating their identity providing at least their name, address and social security number.

As of this moment you cannot request the IRS to send Economic Impact Payment as a debit card. For more information about the Economic Impact Payment prepaid cards, visit www.eipcard.com.

Get Advice From the Experts

As you can see, the IRS’ response to COVID-19 changes constantly, so it’s important to stay updated. You can check the IRS website or this blog. It’s also a good idea to get advice from a reliable, experienced source.

Our knowledgeable tax experts at JT Tax Services will help you so you can take advantage of all the government relief initiatives you are eligible for.

At JT Tax Services we have the experience, the knowledge and the drive to assist you. With our advice, you can file your taxes with the peace of mind that comes with knowing that you are limiting your liability while staying compliant with federal and state tax regulations.

We are located in Oxnard, California. Contact us by email, telephone or through our social media accounts on Facebook, Twitter and LinkedIn to learn more about our services.

3 Reasons Why Your Economic Impact Payment May be Different Than Expected

Economic Impact Payments, the stimulus unrolled by the Internal Revenue Service (IRS), have been successful for the most part. However,  some taxpayers may get a different amount that they expected.

It’s worth remembering that under normal circumstances the amounts are allotted as follows:

  • Up to $1,200 for eligible individuals
  • Up to $2,400 for eligible married couples
  • Up to $500 for each qualifying child for eligible individuals

Read on to discover three factors that may affect your payment and reduce these amounts.

You Haven’t Filed Your 2019 Tax Return

The amount of your Economic Impact Payment is based on your most recent tax return. So, if you haven’t filed a return for 2019, your payment will be based on information from 2018. Alternatively, it’s also possible that the IRS has not finished processing your 2019 return yet.

The Qualifying Child is 17 or Older

In order to qualify for the additional $500, the qualifying child must be under the age of 17 at the end of the year for the tax return on which the IRS bases the payment. If a dependent is 17 or older (including other relatives and college students), they don’t qualify for this additional amount.

Your Payment Was Offset by Past-Due Child Support

This is the only offset that can affect the amount of your payment, since federal law allows creditors to garnish a payment once it’s deposited into a bank account.

What to Do

If you receive an Economic Impact Payment for an amount that is smaller than expected, you can claim the additional credits you qualify for when you file your tax return for 2020.

It’s important to stay up to date with and other initiatives to navigate the current circumstances. Our knowledgeable experts at JT Tax Services will help you so you can take advantage of all the relief initiatives you are eligible for.

At JT Tax Services we have the experience, the knowledge and the drive to assist you. With our advice, you can file your taxes with the peace of mind that comes with knowing that you are limiting your liability while staying compliant with federal and state tax regulations.

We are located in Oxnard, California. Contact us by email, telephone or through our social media accounts on Facebook, Twitter and LinkedIn to learn more about our services.

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