Tax help in Oxnard California Archives - Page 3 of 3

Don’t Forget This Essential Step if You Are Starting a New Business

September 24, 2020

Starting a new business is a process that involves many steps, and one of the most important is getting an Employer Identification Number, or EIN.

Read on to learn more about this important step and to discover how to apply for an EIN.

What Is An Employer Identification Number?

An Employer Identification Number (EIN), also known as Federal Tax Identification Number, is used to identify employers for tax purposes, and most businesses need one. EINs have nine digits and are assigned by the Internal Revenue Service. If you already have an EIN and the organization or ownership of your business changes, then you may need a new number.

How to Know if I Need an EIN?

Finding out whether you need an EIN is a very simple process. Ask yourself the following six questions. If you answer “Yes” to any of them, then you need an EIN.

Does your company has employees?
Do you file any of these tax returns: Employment, Excise, or Alcohol, Tobacco and Firearms?
Does your business operate as a corporation or partnership?
Do you withhold taxes on income, other than wages, paid to a non-resident alien?
Do you have a Keogh plan?
Are you involved with any of the following types of organizations?

Trusts, except certain grantor-owned revocable trusts, IRAs, Exempt Organization Business Income Tax Returns
Estates
Real estate mortgage investment conduits
Non-profit organizations
Farmers’ cooperatives
Plan administrators

How to Apply for an EIN?

You can apply for an EIN in a variety of ways, including by fax, mail, telephone (for international applicants), and online. The IRS offers this service for free and issues only one EIN per responsible party per day.

Keep This in Mind About EINs

Above all, an important fact to keep in mind about EINs is that you must make sure to keep your business mailing address, location, and responsible party up to date. EIN holders must report changes in the responsible party within 60 days. Therefore you must be diligent when any of these modifications take place.

Contact the Experts at JT Tax Services

If you are starting a new business and need help choosing the right structure, contact the experts at JT Tax Services today. 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.

Does Your ITIN Expire This Year? Renew It to Avoid Refund Delays

By: UNIKO Media Group

September 5, 2020

If your ITIN expires this year, or if it already expired, you should renew it as soon as possible to avoid unnecessary refund delays when you file your tax return next year.

Read on to discover what ITIN stands for, what ITINs expire this year, and how to renew this important identification number.

What Is an ITIN?

It’s worth remembering that ITIN stands for Individual Taxpayer Identification Number. This is a 9-digit number that the Internal Revenue Service (IRS) assigns to those taxpayers who don’t qualify for a Social Security Number (SSN) but need an identification number for tax purposes.

What ITINs Expire in 2020?

The following ITINs expire on December 31, 2020. They must be renewed to avoid delays in your tax refund next year:

ITINs with middle digits 88
Those with middle digits 90, 91, 92, 94, 95, 96, 97, 98 or 99, if assigned before 2013 and if not already renewed

How to Renew an ITIN

To renew your ITIN, fill out Form W-7 and submit all required documentation. When you submit the form you are not required to attach a tax return, but you must indicate the reason why you need an ITIN.

Later this summer the IRS will send notices to people whose ITIN expires this year. The notices include instructions about how to renew the ITIN. If your ITIN expired already and you expect to file a tax return in 2021, you can renew your ITIN any time.

If you receive a renewal letter, you have the option of renewing ITINs for your entire family at the same time. This includes the tax filer, spouse, and any dependents claimed on the tax return.

Avoid These Common Mistakes When Renewing Your ITIN

These are some common mistakes people make when they renew their ITIN. Avoid them to ensure that the process is as agile and fast as possible.

Mailing identification documentation without a Form W-7
Missing information on the Form W-7
Insufficient supporting documentation, such as proof of U.S. residency or documents that support name changes.

Contact the Experts at JT Tax Services

Looking for expert, dependable advice on taxes? 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 today by email, telephone, or through our social media accounts on Facebook, Twitter, and LinkedIn to learn more about our services.

These Are Some Expenses That Educators Can Deduct From Their Taxes

By: UNIKO Media Group

August 5, 2020

Even during a pandemic, educators are currently preparing for what will be a school year like no other. That’s why today we would like to talk about some expenses that teachers and educators can deduct on their tax return next year.

What Educators Are Eligible?

In order to be eligible for these deductions, educators must meet the following requirements:

Be a kindergarten through grade 12 teacher, instructor, counselor, principal, or aide.
work at least 900 hours a school year in a school that provides elementary or secondary education as determined under state law.

Information to Keep in Mind

The educators who meet the conditions outlined above can deduct up to $250 of trade or business expenses that were not reimbursed. So, it’s advisable that educators who are preparing now for the school year keep their receipts to used them to support their claims for these deductions.

If two educators who are eligible to file their taxes together with the status married filing jointly, the deduction will be $500. However, keep in mind that hese taxpayers cannot deduct more than $250 each.

What Expenses Can Educators Deduct?

There are many expenses that educators can deduct, ranging from courses to services related to computer equipment.

Fees for professional development courses
Books
Supplies
Computer equipment including software (programs) and other related services
Other equipment and materials used in the classroom

As you can see, there are many opportunities for tax deductions. If you are an educator, talk today to one of our experts at JT Taxes. They can guide you and provide you with detailed information about all the deductions you may qualify for.

More Tax Resources

Getting more information about taxes is a smart move that help you save money and time. These are some previous posts you may find interesting:

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.