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Tax preparer in Oxnard California

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.

Drawing that shows computer, calculator and sheet of paper that reads "Tax Day" illustrates blog: "Your Ultimate Guide to Tax Day 2022"

Your Ultimate Guide to Tax Day 2022

Federal Tax Day is just 11 days away! From useful checklists to how to check the status of your refund and tips on how to ward off tax scam, this is your definitive guide to Tax Day 2022.

1. When Is Tax Day?

This year, Tax Day will be on Monday, April 18, 2022.

As you probably know, Tax Day is traditionally held on April 15. However, the District of Columbia observes Emancipation Day on April 16, which this year falls on a Saturday. As a consequence, the holiday will be celebrated on April 15, pushing Tax Day to the 18.

2. Make Sure to Get These Details Right

Want to avoid delays with your return? Make sure to double-check these details before filing:

  • Name
  • Date of birth
  • Social Security Number (SNN)
  • Filing status (single, married filing jointly, married filed separately, head of household, qualifying widow(er) with dependent child)
  • Your return must be signed and dated

3. What Happens if I Can’t File My Taxes on Time?

If you can’t file on time, you can request an extension to get an extra six months to file.

Remember, however, that an extension to file is NOT an extension to pay.  You still have to pay all or at least part of your estimated taxes by April 18.

To learn more, check out our previous blog, “Can’t File Your Taxes on Time? Here’s What To Do.”

4. What Happens if I Can’t Pay My Taxes in Full?

If you can’t pay all the taxes you owe, file your rate and pay at least a portion by the April 18 deadline. This way you will avoid the failure-to-pay penalty and will reduce interests on the unpaid balance. 

Talk with  a tax expert you trust to determine if you qualify for an online payment plan or for an installment agreement.

5. Checking the Status of Your Refund

Once your return is filed and your payment is made, you can check the status of your refund using the online tool Where’s My Refund.

You can start checking the status of your refund 24 hours after filing electronically or four weeks after mailing a paper return. 

6. Beware of Tax Scams

Every year, scammers take advantage of tax season to deceive unsuspecting victims. Stay safe by watching out for these red flags:

  • Someone contacts you by text or social media.
  • You are asked to pay a supposed tax bill urgently.
  • Someone threatens you with calling the police or immigration authorities if you don’t pay. 
  • They ask you to pay your taxes by using a specific payment method.
  • They ask you to settle your tax bill with gift cards. 

JT Tax Services: Tax Filing 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.

Photo of couple in front of laptop illustrates blog: "How to Protect Yourself Against Holiday Scams"

How to Protect Yourself Against Holiday Scams

The holidays are here, and that means fun, delicious food, quality time with your family… and scam attempts. Here’s what you need to know to protect yourself. 

How to Protect Yourself Against Holiday Scams

According to the FBI, the two most common types of holiday scams are non-delivery and non-payment scams. A 2020 report shows that these two types of schemes cost people more than $265 million, with credit card fraud accounting for another $129 million.

The IRS, for his part, is sounding the alarm about fake charities. Criminals try to take advantage of the goodwill that the holiday season generates to steal funds and personal information. Regardless of the strategy, these easy tips will help you thwart scammers:

  • The most basic rules of cybersecurity also apply during the holidays. So don’t click on any links or download any attachments contained in suspicious emails. 
  • Consider it a huge red flag if a company sends an unrequested email asking you to change or verify your passport. Find the company’s official phone number and can call them to verify the email is legitimate.
  • Before making a purchase online, check the website URL (the website address) and make sure it includes the term “https.” If it doesn’t, don’t move forward with the transaction.
  • When shopping online, avoid using the public or unsecured WiFi available in places like malls or coffee shops. 
  • When it comes to donations, be wary of unrequested calls. Don’t let callers pressure you into making a donation (a huge red flag). Remember: no legitimate charity requests prepaid gift cards as donations.
  • NEVER wire money directly to a charity or online seller. 
  • When purchasing items online, always get a tracking number so you can monitor the shipping process

Contact the Experts at JT Tax Services

Do you need assistance 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.

Photo of brushes and palette ilustrates blog "Remember: You Must Also Pay Taxes on Income From Hobby Activities"

Remember: You Must Also Pay Taxes on Income From Hobby Activities

Whether it’s knitting, fishing, or reading books, we all need a hobby. However, if your hobby activity is a source of income, then you should make sure to report it on your tax return.

Paying Taxes on Income From Hobby Activities

Let’s begin with some basic definitions. A hobby is an activity you pursue for pure enjoyment, without intentions of making a profit.

While this seems like a clear-cut definition, things are not always so simple. For example, it happens often that people begin selling the products of their hobby. Do they have to report that income on their tax return?

The answer is yes. If you receive income from an activity you carry out with no intention of making a profit, then you should report it on your tax return, specifically on Schedule 1, Form 1040.

On the other hand, any income from for-profit activities should be reported on Schedule C.

When determining whether an activity is a hobby or a for-profit business, the following factors are taken into account:

  • Whether you carry out that activity like a business, and maintain complete and accurate books and records.  
  • Whether the time and effort you put into the activity shows you intend to make it profitable.  
  • Whether you depend on income from the activity for your livelihood.  
  • Whether any losses are due to circumstances beyond your control or are normal for the startup phase of their type of business.  
  • Whether you change the way you carry out that activity to improve profitability.  
  • Whether you have the knowledge needed to carry out the activity as a successful business.  
  • Whether you were successful in making a profit in similar activities in the past.  
  • Whether the activity makes a profit in some years and how much profit it makes.  
  • Whether you can expect to make a future profit from the appreciation of the assets used in the activity.

If you find it difficult to figure out whether an activity is a hobby or a business, don’t hesitate to contact a tax professional. They will help you figure out the tax strategy that better fits your unique situation.

Contact the Experts at JT Tax Services

Do you need help preparing your taxes? 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.

With tax season in full swing, some people are already thinking of their tax refund. That’s why today we debunk the most common myth about tax refunds and share some other important considerations you should keep in mind.

The Most Common Myth About Tax Refunds, Debunked

With tax season in full swing, some people are already thinking of their tax refund. That’s why today we debunk the most common myth about tax refunds and share some other important considerations you should keep in mind.  

The Most Common Myth About Tax Refunds, Debunked

One of the most common misconceptions about tax refunds is that if you receive a tax refund this year, that means you don’t have to adjust your withholding for 2021. This is false.

The truth is that it’s important to make adjustments now to avoid mistakes on your return next year.  

One of the most important things you should do from a tax standpoint is to adjust your tax withholding with your employer. You can do this easily using the Online Tax Withholding Estimator. This simple verification will help you determine whether your employer is withholding the right amount of tax.  

Other Important Considerations

Don’t forget to adjust your withholding if you get married, get a divorce, have a child, or adopt. All these life events impact your taxes.  

In some cases, your refund may be smaller than expected. This may happen for a variety of reasons. For example, you may have made a math errors, or you may owe taxes from past years o other federal non-tax obligations such as student loans and child support.

Contrary to what many people believe, actions like calling the IRS or ordering a tax transcript won’t help you get a more accurate date for your tax refund. If you want to check the status and date of your refund, the only reliable source is the online tool Where’s My Refund.

Need Help With Your Taxes? Contact the Experts at JT Tax Services

Do you need help filing your 2020 tax return? Do you want to learn more about Economic Impact Payments? 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.

The May 17 deadline to file your taxes is almost here, so it’s worth keeping in mind that even if you can’t pay your taxes in full, you still have to file on time. If you have difficulties paying your taxes in full this 2021, don't worry. Keep reading to learn more about your options.

File Your Taxes by May 17 Even if You Can’t Pay Your Tax Bill in Full

The May 17 deadline to file your taxes is almost here, so it’s worth keeping in mind that even if you can’t pay your taxes in full, you still have to file on time. If you have difficulties paying your taxes in full this 2021, don’t worry. Keep reading to learn more about your options.

Make Sure to File by May 17

First off, make sure to file by the May 17 deadline to avoid a failure-to-pay penalty. If you can’t file your return by the due date, you can request an extension that will give you until October 15, 2021, to file your return. If you do get an extension, remember that this is an extension to file, not an extension to pay, so you still have to pay at least a portion of your taxes by May 17.

Pay as Much as Possible by May 17

If you can’t pay your taxes in full, you should still file your return by the May deadline and pay as much as you can to avoid penalties and interest. In some cases, the IRS is able to waive penalties, but not the interest charges on unpaid tax bills. Throughout this process, you may find useful to seek the assistance of a tax professional who can offer guidance and advice.  

Set Up a Payment Plan

If you cannot pay your taxes in full by May 17, you can also set up a payment plan to pay your tax bill in more manageable installments. You can apply for a payment plan online or using Form 9465, Installment Agreement Request. Also in this case, the assistance of tax professional can prove invaluable to ensure that the process is agile, fast, and stress-free.

Need Help With Your Taxes? Contact the Experts at JT Tax Services

Do you need help filing your 2020 tax return? Do you want to learn more about Economic Impact Payments? 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.

Everything You Need to Know About Tax Refunds This 2021

Everything You Need to Know About Tax Refunds This 2021

If you already filed your tax return, chances are that you are already looking forward to your refund. That’s why today we bring you everything you need to know about tax refunds this 2021, from how to verify the status of your refund to how long could it take for your refund to arrive.

How Can I Verify the Status of My Refund?

Verifying the status of your refund has never been this easy. All you have to do is access the IRS online tool Where’s My Refund? with some basic information on hand:

  • Your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
  • The filing status on your tax return (single, married filing jointly, etc.)
  • The exact amount of your refund

You can start verifying the status of your refund 24 hours after the IRS acknowledges receipt of a return filed electronically or four weeks after mailing a paper return.

How Long Will It Take for My Refund to Arrive?

Generally speaking, refunds are issued within 21 days, but this is far from a hard-and-fast rule. There are some factors that may delay your refund, for example:

  • A return that includes errors or is incomplete.
  • A return affected by identity theft or fraud.
  • Some banks do not process payments on weekends or holidays.

Since it’s not possible to establish with certainty when your refund will arrive, it’s a Good idea to not count on receiving your refund by a certain date, especially if you plan to use that money to make payments.

Some Additional Notes

These are some pointers about tax refunds worth keeping in mind:

  • Where’s My Refund? is updated once a day, usually overnight, so it’s not necessary to check it more tan once every 254 hours.
  • Calling the IRS won’t speed up your refund. The information you get by phone is the same as in Where’s My Refund?
  • Should the IRS need more information to process your return, they will contact you by mail.  

Need Help With Your Taxes? Contact the Experts at JT Tax Services

Do you need help filing your 2020 tax return? Do you want to learn more about Economic Impact Payments? 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.

IRS Announces New Relief Options for Taxpayers Impacted by COVID-19

IRS Announces New Relief Options for Taxpayers Impacted by COVID-19

The IRS announced this week its Taxpayer Relief Initiative, a series of measures designed to help taxpayers impacted by the COVID-19 pandemic. The provisions include more flexible terms to resolve tax liabilities and make it easier for taxpayers to set up installment agreements.

  • If you qualify for a short-term payment plan you may now have up to 180 days to resolve your tax liabilities instead of 120.
  • The IRS may be flexible if you are temporarily unable to meet the terms of an accepted Offer in Compromise.
  • If you owe less than $250,000 you may be able to set up an installment agreement without providing a financial statement if your monthly payment proposal is sufficient.
  • Those taxpayers who owe only for the 2019 tax year and owe less than $250,000 may qualify to set up an Installment Agreement without a notice of federal tax lien filed by the IRS.
  • Qualified taxpayers with existing Direct Debit Installment Agreements may now be able to use the Online Payment Agreement system to propose lower monthly payment amounts and change their payment due dates.

These are other aspects of the Taxpayer Relief Initiative that are worth keeping in mind:

  • You can request to temporarily delay collection. If the IRS determines that you are unable to pay, it may delay the collection process.
  • You may settle your tax bill for less than the amount you owe by submitting an Offer in Compromise. To check if you are eligible, use this online tool: Offer in Compromise Pre-Qualifier.
  • Some taxpayers may get relief from penalties. You may qualify for reasonable cause assistance if you have failure to file, pay, and deposit penalties. Additionally, first-time penalty relief is available if you have never been subject to tax penalties before.

More Tips About Taxes

Learning more about the options available to you as a taxpayer is more important than ever. Check out these previous posts for more useful tax tips:

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. 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, telephone, or through our social media accounts on FacebookTwitter, and LinkedIn to learn more about our services.

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