Tax Preparation in Oxnard California Archives - Page 2 of 8

Can IRS Decisions Be Appealed?

June 15, 2023

As everyone knows, taxes are important as they help finance public service and infrastructure. However, does that mean that IRS decisions are set in stone? In today’s blog we explain whether IRS decisions can be appealed. Keep reading to learn more.

Can IRS Decisions Be Appealed?

If you disagree with a decision made by the IRS, you may be wondering whether you have the right to appeal. The answer is yes, taxpayers have the right to appeal decisions made by the IRS.

According to the IRS, appealing is an option when all the following conditions apply:

You received a letter from the IRS explaining your right to appeal the IRS’s decision
You do not agree with the IRS’s decision
You are not signing an agreement form sent to you

What To Expect When You Appeal a Decision by the IRS

If you want to appeal a decision made by the IRS, the first thing to do is to write a letter to request an appeal and mail it to the IRS address on the letter you received with your appeal rights.

It is important to use the address on the letter you received, not the general IRS address. By keeping this in mind, you’ll avoid unnecessary delays.

Once your request is with the Appeals section of the IRS, an Appeals officer will get in touch with you within 45 days by mail to schedule an informal conference to review the taxpayer’s situation. You may choose to attend the conference in person, by phone or by video.

If more than 120 days go by after filing your request and you don’t hear from the IRS, you can contact the agency and ask for a status update.

Once the conference takes place, the Appeals officer will discuss your case with you. They will also outline the reasons for their decision as well as your options. Any Appeals conference has three possible outcomes:

In the IRS’s favor
In the taxpayer’s favor (that is, in your favor)
Compromise (for example, the appeals officer may recommend a settlement when you pay only a portion of the taxes you owe)

Wrapping It Up

In conclusion, while it is possible to appeal an IRS decision, it is important to follow the proper procedures and seek professional guidance if necessary.

By taking the appropriate steps and knowing what the process looks like, you can protect your rights and ensure that your tax issues are resolved in a fair and efficient manner.

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!

How Long Will It Take for the IRS to Process My Amended Return?

By: UNIKO Media Group

June 1, 2023

If you had to amend your tax return, chances are that you are wondering how long it will take for the IRS to process it. Well, wonder no more, because in today’s post we give you the inside scoop on this useful tax topic.

What Is an Amended Return?

First, let’s understand what an amended return is and why you might need to amend your tax return in the first place.

Simply put, an amended return is a tax return you file to correct errors in a previously filed tax return.

Some common reasons to amend your return include mistakes in reporting your income, or inaccuracies in deductions, credits, or filing status.

How Long Will It Take for the IRS to Process My Amended Return?

The duration of time it takes for the IRS to process your amended return and issue depends on several factors.

For example, the previous estimated time to process an amended return was 16 weeks. However, under the current circumstances, the IRS estimates that it takes more than 20 weeks to process an amended return, regardless of whether you file electronically or on paper.

The reason is that, according to the agency’s information, the IRS has 1.43 million unprocessed 1040-X Forms which are being processed in the order they were received.

We know: 20 weeks is a long time. However, you can check the status of your amended return using the tool Where’s My Amended Return on the IRS website. Note that it can take up to three weeks after you mail or file your amended return electronically for it to show up on the system.

For more tax tips, be sure to check out our previous blogs: “Filing Status: What Is It And Why It Matters?” and “How To Organize Your Tax Records”

JT Tax Services: Taxes Made Easy

Tax Filing Tips for Small Businesses

By: UNIKO Media Group

March 27, 2023

For many small business owners, tax season may seem like a daunting task. The rules and regulations surrounding taxes can be overwhelming and intimidating. But with the right information and preparation, filing taxes doesn’t have to be a headache. Keep reading to learn some helpful tips for small business owners so you can file your taxes with confidence!

Start Early

When it comes to your taxes, it’s never too early to start preparing. By getting a head start on your taxes, you’ll have plenty of time to make sure you’re taking advantage of all available deductions and credits that could save you money. Plus, if there’s an issue or mistake on your return, you’ll have plenty of time to resolve it before the deadline.

Take Advantage of All Available Deductions

One of the most important things small business owners should do is take full advantage of all available deductions and credits. This means researching what types of expenses are deductible as well as which tax credits can help reduce your overall tax burden

There are also numerous tax credits available for businesses. Get in touch with a tax professional to discover how to best take advantage of all these opportunities.

Keep Accurate Records

Wait! Before you can take full advantage of the deductions available to you, it’s essential to keep accurate records throughout the year — not just during tax season!

This will ensure that you don’t miss out on any potential deductions when filing your return. Make sure you accurately track each expense throughout the year so that you don’t end up paying more than it’s necessary when filing your return.

Work With a Tax Pro

If you feel that taxes are just too tricky for you, consider hiring a professional accountant or tax preparer who can help make sense of all the paperwork and regulations associated with filing a business return correctly and on time each year – especially if you’re dealing with state-level taxation issues in addition to Federal ones!

A tax pro not only can help ensure that everything is filed correctly but they’ll also be able to provide helpful advice about how best to structure your finances going forward so that next year’s return isn’t nearly as painful!

JT Tax Services Is Here To Answer Your Tax Questions

Will Tax Refunds Be Bigger in 2023?

By: UNIKO Media Group

January 25, 2023

Tax season 2023 has officially started, and with it come all types of questions. For example, will tax refunds be bigger in 2023? In today’s blog post, we answer this question and provide some useful tips for the filing season.

Will Tax Refunds Be Bigger in 2023?

Unfortunately, the answer is no: it is unlikely that your tax return will be bigger in 2023 than in the last two years. One of the main reasons is that there were no Economic Impact Payments for 2022

Additionally, some tax credits (such as the child tax credit) that were extended to offer economic relief during the pandemic have reverted to their 2019 levels.

To sum it up, many of the tax incentives that were deployed over the last two years to help Americans deal with the impact of COVID-19 are being rolled back. For many taxpayers, this return to normal will translate into a smaller tax refund in 2023.

Regardless of the size of your return, there are some things you can do speed up the process:

File as early as possible (while making sure that all the information in your return is accurate)
File electronically
Choose direct deposit for your tax refund

What You Need To Keep in Mind

Federal tax season 2023 began on January 23. The deadline to file your federal taxes this year is April 18, 2023

However the IRS has given victims of the storms that hit California an extended May 15 deadline to file federal individual and business tax returns and make the related tax payments.

If you need help filing your tax return, contact JT Tax Services. Our team will answer all your questions and ensure that you get your maximum tax refund.

For more tips on how to navigate the 2023 tax season, check out our previous blog “Reminder: Tax Season Begins January 2023.”

Have Questions? at JT Tax Services, We Have Answers

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.

California Storms: IRS Extends Tax Deadline for Victims

By: UNIKO Media Group

January 10, 2023

In view of the relentless storms affecting California, the IRS has announced that it will offer tax relief to the victims by extending to May 15, 2023, the deadline to file federal individual and business tax returns and make the related tax payments.

IRS Extends Tax Deadline for California Storm Victims

The massive storms sweeping through California have caused the IRS to offer tax relief to the victims, who will now have until May 15, 2023, to file federal individual and business tax returns and make the related tax payments.

The original deadline for federal individual tax returns and payments was April 18, 2023.

The extended deadline will apply to all the individuals and households that live or have a business in any area designated by the Federal Emergency Management Agency (FEMA). The current list of counties that can take advantage of this tax relief include the following counties:

Colusa	San Diego
El Dorado	San Joaquin
Glenn	San Luis Obispo
Humboldt	San Mateo
Los Angeles	Santa Barbara
Marin	Santa Clara
Mariposa	Santa Cruz
Mendocino	Solano
Merced	Sonoma
Monterey	Stanislaus
Napa	Sutter
Orange	Tehama
Placer	Ventura
Riverside	Yolo
Sacramento	Yuba
San Bernardino

Other localities added later to the disaster area will also qualify for the same tax relief. You can check the updated list on the section Tax Relief in Disaster Situations on the IRS website.

It’s worth noting that farmers who choose to forgo making estimated tax payments and normally file their returns by March 1 will now have until May 15, 2023, to file their 2022 return and pay any tax due.

Additionally, The May 15, 2023, deadline also applies to the quarterly estimated tax payments, normally due on January 17, 2023, and April 18, 2023. This means that individual taxpayers can skip making the fourth quarter estimated tax payment, normally due January 17, 2023, and instead include it with the 2022 return they file, on or before May 15.

Have Questions? at JT Tax Services, We Have Answers

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.

Charitable Donations and Taxes: What You Need To Know

By: UNIKO Media Group

December 21, 2022

Christmas is a time of giving, so chances are good that you are considering making a donation to lighten up someone’s Christmas. If that’s the case, read on to discover some useful tax tips to keep in mind this holiday season.

Charitable Donations and Taxes: What You Need To Know

First things first: remember that in order to claim a deduction on your 2022 tax return, you must donate to a tax-exempt organization by December 31 2022.

Another important point to consider is that, in general, you can only deduct charitable contributions if you itemize deductions on schedule A (although an exception was made for 2021 returns).

While most charitable tax donations qualify for the deduction, there are some exceptions. For example, donations that are not tax deductible include those:

Made to a supporting organization
Intended to help establish or maintain a donor advised fund
Carried forward from prior years
Made to most private foundations
Made to charitable remainder trusts

A charity must have something known as 501(c)3 status if you want to deduct your donation on your federal tax return. You can check an organization’s 501(c)3 status by using the IRS’ Tax Exempt Organization Search tool.

For most people, making a donation means donating funds. However, If you donate property other than cash, you may generally deduct the fair market value of the property.

It’s also worth noting that the term “cash” doesn’t refer to physical money only. For tax purposes, cash contributions include those made by check, credit card or debit card as well as unreimbursed out-of-pocket expenses in connection with volunteer services to a qualifying charitable organization.

If you need help making sense of charitable donations and how to claim them on your tax return, feel free to contact our experts. We’ll be happy to offer assistance and answer all your questions.

Have Tax Questions? At JT Tax Services, We’ve Got Answers

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.

FBI Warns About New Strategy Used by Cybercriminals

By: UNIKO Media Group

December 5, 2022

More and more people are turning to the internet to seek tax advice or even make tax-related payments. However, the FBI is recommending users to stay cautious when they search for information online, as they may become the unsuspecting victims of cybercriminals.

FBI Warns About New Strategy Used by Cybercriminals

The internet is a vast place, and the most efficient way to make sense of it is by using a search engine. However, cybercriminals are aware of this fact and have found a way to lure unsuspecting victims using the advertising features of search engines.

According to a public service announcement released by the FBI, cybercriminals are using search engine advertisement services to impersonate brands and direct users to malicious sites that may steal their personal information.

As the name suggests, search engine advertising is a type of marketing that appears when a user looks for information on a search engine. While the vast majority of information displayed on search engines is legitimate and useful, criminals are paying for ads that appear alongside other results with the purpose of misleading users.

How To Protect Yourself

As the FBI points out, search engines “are not malicious in nature.” However, you should exercise caution when using them. Here are some tips to keep you safe:

If you know the internet address of the website you want to visit, use it instead of looking up the name of the company or institution on a search engine (a strategy some people use to save time)

Before clicking on a search engine result, check the address carefully for words misspelled with malicious intent (for example “yourbnak.com” instead of “yourbank.com”)

Use an ad blocking extension when performing internet searches. An ad blocking extension is a small piece of software that prevents ads from appearing on your browser. In most cases you can customize which websites are allowed to display ads.

Have Tax Questions? At JT Tax Services, We’ve Got Answers

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.

Are Car Expenses Tax Deductible?

By: UNIKO Media Group

August 24, 2022

When it comes to tax deductions, you want to take advantage of as many of them as possible. But are car expenses tax deductible? In today’s blog post, we answer this and other common questions about cars and tax deductions.

What Is a Tax Deduction?

Before we explain if car expenses are tax deductible, let’s take a closer look at what a tax deduction is.

Simply put, a deduction is an expense you can use to lower your taxable income. In other words, tax deductions help you save on taxes.

For example, donations to qualified charitable institutions are tax deductible.So if you earn $70,000 a year, and you make a $1,000 donation, then your taxable income for that year won’t be $70,000 but $69,000

Are Car Expenses Tax Deductible?

The simple answer is that car expenses are deductible — but only in some cases. Let’s see what this means.

First off, you can write off your car-related expenses only in certain cases. If you use your vehicle only for personal purposes or to commute to and from work, then you probably won’t be able to claim your car expenses as a deduction on your car return.

However, if you can prove that you use your car for business purposes, then you can deduct some car expenses.

Taxpayers who use their car for business have two options to deduct the expenses related to their vehicles:

Use the actual car expenses
Use the standard mileage rates set by the IRS

There are three categories of standard mileage rates: business, charitable, and medical/move. The rates are adjusted every year and you can check them on the IRS website (click here the 2022 standard mileage rates).

If you decide to use your actual car expenses, you have to keep an accurate records of expenses like:

Oil
Tires
Repairs
Maintenance
Insurance
Business-related garage fees

If you have questions about the car expenses you can deduct or want to discover which deductions you qualify for, contact the experts at JT Taxes. We’ll be glad to answer all your questions and make sure you pay only the tax you owe.

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.

Beware of Pandemic-Related Scams!

By: UNIKO Media Group

June 30, 2022

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

By: UNIKO Media Group

June 16, 2022

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.