Taxes in Oxnard Archives - Page 2 of 5

Can Taxes Be Filed After the Official Deadline?

August 11, 2022

In case it passed you by, Tax Day this year was on April 18. If you said “Oops!” after reading that, you’ll be interested in today’s blog: can you file your taxes after the official deadline? Keep reading to find out.

Can Taxes Be Filed After the Official Deadline?

The short and simple answer is yes, you can file your tax return even after the official deadline has passed.

Ideally, you should always file and pay your taxes by the due date. However, even though taxes are a priority for most people, it’s not uncommon to find yourself in a situation when you can’t file on time.

Here are some good reasons to file your taxes even if you missed the original deadline:

Avoid interests and penalties. These can add up fast, so filing and paying even a part of what you owe can make a big difference.
Claim your refund. In addition to giving you peace of mind, filing a past due tax return is als an opportunity to claim a refund
Protect your social security benefits. If you are self-employed and don’t file a federal tax return, any self-employment income will not be reported to the Social Security Administration.
Avoid issues with loans. When you apply for a loan, most financial institutions will require you to provide copies of filed tax returns.

Filing Back Tax Returns

If you didn’t file your taxes on time, seek the assistance of a tax professional to file and pay as soon as possible. This will save you headaches and will limit any failure-to-file and failure-to-pay penalties.

It’s worth keeping in mind that there are no penalties for late filing if you are owed a refund.

As always, remember that all this information refers to federal taxes. Local taxes have different rules and deadlines.

If you need help filing a past due return, contact the IRS or get in touch with JT Tax Services. We’ll be glad to offer assistance and answer all your questions.

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.

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How To Contact the IRS

By: UNIKO Media Group

June 1, 2022

From refunds to tax transcripts, there are many reasons why you may want to contact the IRS. In this post, we talk about how to contact the IRS and give you some tools to make things easier when dealing with some common tax needs.

How To Contact the IRS

How to contact the IRS by phone. If you are a taxpayer with questions about federal taxes, you can get answers at 1-800-829-1040. The help line is open Monday through Friday, from 8:00 am to 8:00 pm local time.

To request a transcript by phone, call 800-908-9946.

For assistance in a language other than English or Spanish, call 833-553-9895.

Make sure to have the following ready when you call the IRS:

Social Security Number (SSN) and birth date
Individual Taxpayer Identification Number (ITIN) if you don’t have a Social Security Number
Filing status (single, married filing jointly, married filing separately, ec.)
Prior-year tax return
Tax return you’re calling about
Any letter you may have received

When to contact the IRS by email. The IRS encourages taxpayers to contact the agency through its electronic tools (see below). Calling by phone is recommended only in certain cases. But in the specific case of phishing emails, the IRS asks taxpayers to report suspicious emails at phishing@irs.gov (make sure to forward the email with full email headers included).

How To Get Information About Your Tax Refund

If you need information about the status of your tax return, you don’t have to call the IRS.

Instead of waiting on the phone, use the online tool Where’s My Refund, which has information for the 2021, 2020, and 2019 tax years.

To open the tool, just click the link provided above and make sure to have the following ready:

Your Social Security number or ITIN
Your filing status
Your exact refund amount

You should call the IRS (again, the number is 1-800-829-1040) only if:

It’s been 21 days or more since you e-filed
It’s been more than 6 weeks since you mailed your paper return
Where’s My Refund says the IRS can provide more information to you over the phone

How To Get a Tax Transcript

We covered this topic in a previous post, but here’s a summary of what you need to know:

You can request an IRS transcript online, but first you’ll need to create an online account here.

Once you have created an account, you can request your transcript here

Alternatively, you can request to get your transcript by mail. All you have to do is to fill out this form.
As a third alternative, you can order your transcript by phone at 800-908-9946

How To Get an EIN

People looking to apply for an Employer Identification Number (EIN) can do it easily without calling the IRS by using this online assistant.

The system operates Monday through Friday, 7:00 am to 10:00 pm Eastern Standard Time.

How to Contact the IRS in Languages Other Than English

The IRS makes it a point to offer information in different languages other than English to help as many taxpayers as possible.

People who need assistance in other languages can get the support of a professional interpreter over the phone.

For assistance in Spanish, call 800-829-1040
For all other languages (including Chinese, Vietnamese, Russian, Farsi, and others), call 833-553-9895

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.

How to Get an IRS Transcript?

By: UNIKO Media Group

May 19, 2022

Do you need an IRS Transcript? Then keep reading! In this article, we answer the most common questions about IRS transcripts, from a basic definition of IRS transcript, to who needs a transcript, and how to get a transcript from the IRS.

What Is an IRS Transcript?

Simply put, an IRS transcript is a record of your previous tax returns that shows different kinds of information, depending on the type of transcript.

There are five types of IRS transcripts:

Tax return transcript. Includes most line items from your original Form 1040 tax return, along with any forms and schedules. Note that it doesn’t include changes made after you filed the original return. This type of transcript is available for the current and three previous tax years.
Tax account transcript. Provides basic information such as filing status, taxable income, and payment types. It shows changes made after you filed your original return. It’s available for the current and nine previous tax years (online) or the current and three previous tax years (by mail).
Record of account transcript. Combines the two previous transcripts into one. It’s available for the current and three previous tax years.
Wage and income transcript. Shows data from forms such as Forms W-2, 1098, 1099, and 5498. It’s available for the current year and nine previous tax years.
Verification of non-filing letter. Shows that the IRS has no record of a processed Form 1040-series tax return as of the date of the request. It’s available for the current year and the three previous tax years.

It’s worth remembering that an IRS transcript isn’t the same as a photocopy of your return. If you need a photocopy, you’ll have to submit Form 4506, Request for Photocopy of Tax Return, and pay a fee of $50 per copy.

Who Needs an IRS Transcript?

The most common use of IRS transcripts is to provide information to lending institutions when you apply for a loan or mortgage.

IRS transcripts are also helpful when it comes to retrieving information you may need to apply for housing assistance or federal programs.

How to Get an IRS Transcript?

The IRS recommends taxpayers to request their transcripts online.

To do this, you’ll have to visit or create your online account here. If you don’t have an existing IRS username, have your photo identification ready.

If you can’t request your transcript online, you can get your tax return or tax account transcript by mail by clicking on this link or by calling the IRS at 800-908-9946.

Have Tax Questions? Contact JT Tax Services

Need help getting a tax transcript? Want to learn more about the tax obligations of businesses? 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.

What You Need To Know About the Employer Identification Number (EIN)

By: UNIKO Media Group

May 12, 2022

If you are a business owner, sole proprietor, or run a non-profit, you are required to have an Employer Identification Number. In today’s post, we tell you everything you need to know about EINs, from a basic definition to how to get yours online.

What Is an EIN?

The term “EIN” stands for Employer Identification Number, and as the name suggests, this is a unique number assigned to employers by the IRS.

EINs are useful because they help the IRS identify taxpayers who have to file certain business tax returns.

Some of the organizations that usually must have an EIN include:

Employers
Sole proprietors
Corporations
Non-profit associations
Partnerships
Trusts
Estates
Government agencies
Other business entities

How Do I Request My EIN?

While the IRS accepts requests by fax or email, the internet is the most popular option to get your Employer Identification Number.

To apply for your EIN online, just visit this website and provide all the information the system requests.

Before you get started, it’s important to remember that:

You may apply online for an EIN if your main business is located in the United States or its territories.

The person applying online must have a valid tax identification number (ITIN, EIN, SSN).

There’s a limit of one EIN per responsible party (the person who exercises effective control over the business entity) per day.

Make Sure to Keep Your EIN Information Up to Date

As with any other form of identification, it’s important to ensure that the information associated with your EIN is always up to date.

The IRS asks holders of EINs to report any new information within 60 days of the change taking place.

Most changes (like changing the name of your business, for example) do NOT result in you having to get a new EIN. However, if the structure or the ownership of the business changes, then you’ll probably have to request a new number.

Have Tax Questions? Contact JT Tax Services

Need help with your EIN? Want to learn more about the tax obligations of businesses? 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.

Can’t File Your Taxes on Time? Here’s What To Do

By: UNIKO Media Group

March 31, 2022

Tax Day, which this year falls on April 18, is just around the corner. Are you ready to file your taxes? If the answer is a panicked “No!” don’t worry: in today’s post we tell you everything you need to know about filing extensions.

What To Do if You Can’t File Your Taxes on Time

We live in a time when things move fast. Get distracted for a minute, and before you know it, Tax Day is less than one month away and you’re not ready to file your tax return.

Sound familiar? Then we have good news for you.

If you can’t file your taxes on time, you can request a filing extension that will give you a whopping six months (that is, until October 17, 2022) to file your return.

Needless to say, this is a great option for those who have fallen behind in preparing their taxes. However, there are a couple of caveats to consider.

What You Need To Know

First off, remember that an extension to file is NOT an extension to pay.

This means that even if you get an extension, you still have to pay your taxes by April 18. To do this, you have to estimate your taxes and make the payment before the due date.

The other important thing to keep in mind is that in order to get an extension, you have to request it no later than the original due date for your return.

One of the easiest ways to request a filing extension is by making an electronic payment to the IRS indicating that it’s for an extension.

If you need help filing your taxes or have questions about filing extensions, don’t hesitate to contact the experts at JT Tax Services.

We’ll be happy to offer the knowledgeable, efficient tax assistance you need.

File Your Taxes With 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.

Filing Your Taxes When You Have Missing or Incorrect Documents

By: UNIKO Media Group

March 23, 2022

In a perfect world, everyone would have the right documents on hand when filing their taxes. However, things can be different in real life. In today’s post, we tell you how to file your taxes when you have missing or incorrect documents.

Missing or Incorrect Forms W-2 or 1099

Taxpayers who haven’t received a W-2 or Form 1099, or if they are incorrect, should contact their employer or payer and request the missing document.

If for any reason you can’t get the right documents, don’t panic. You can estimate your wages or payments and then report them on Form 4852, which be used as a substitute for Forms W-2 or 1099.

Now, in this scenario, you may receive the corrected Form W-2 or 1099 after filing your return. If this happens and you discover that the correct information differs from the amounts you used on your return, you must file Form 1040-X, Amended U.S. Individual Income Tax Return.

Getting Answers to Your Tax Questions

Whether it’s missing documents or errors on your return, when it comes to taxes, there’s a solution for every situation. What matters is seeking the assistance of a tax professional with a proven track record of success in navigating the U.S. tax system.

With the deadline to file and pay your federal taxes fast approaching, this is more important than ever. At JT Tax Services, we offer assistance with even the toughest tax situations, including:

Missing or incorrect forms
Amended returns
Filing and paying taxes from previous years
Installment agreements
Failure to file and failure to pay penalties
Appeals

At JT Tax services, our dedicated team of tax professionals stands ready to help you. Get in touch today to talk with an expert.

File Your Taxes With 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.

Make Sure Not to Fall for These Christmas Scams

By: UNIKO Media Group

December 16, 2021

While Christmas is a magical season, it also creates the perfect conditions for scammers looking to take advantage of unsuspecting victims. From fake apps to package delivery scams, here’s what you need to know about Christmas scams.

Fake Apps

Cybercriminals go to great lengths in order to fool unsuspecting victims. This includes creating fake apps that look legitimate but are built with one purpose in mind: to steal your personal and financial information. To avoid this scam, download any shopping app directly from the website of the retailer. This way you can make sure that you are using a legitimate app.

Fake Charities

Criminals know that during Christmas people are more inclined to make donations and use this fact to their advantage. As you may imagine, in a charity scam, fraudsters impersonate a legitimate institution in order to get you to give them money.

Some ways to avoid this scheme include researching a charity before donating, and remembering that you should never donate to a charity by wiring money or by gift card. Some red flags, like a person trying to pressure you into donating, should put you instantly on high alert.

Non-Delivery and Non-Payment Scams

According to the FBI, these are the two most common holiday scams. A non-delivery scam occurs when you purchase products online that are never delivered. In non-payment scams, on the other hand, products are shipped or services are rendered but the provider is never paid.

To avoid these scams, use only reputable websites. Remember that criminals are very skilled at creating fake websites that look legitimate. To spot potentially dangerous websites, pay attention to details, such as typos, excessive use of exclamation or interrogation marks, and addresses that intend to emulate the name of an established institution (for example, “isr” instead of “irs”).

Package Delivery Scams

With a non-delivery scam, you never received a package you already paid for. In many ways, package delivery scams are the opposite.

In this type of scam, criminals warn you through a missed delivery tag, email, or text message, about a package they were supposedly unable to deliver. These messages usually include a telephone number you are urged to call or a link you are supposed to click on. Refrain from following these instructions: the links may direct you to a website built to steal your information (phishing), while the person answering the phone is a scammer eager to ask for your credit card details.

Need Help With Your Taxes? 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.

Advance Child Tax Credit Payments and your 2022 Tax Return

By: UNIKO Media Group

December 10, 2021

The Advance Child Tax Credit Payments were one of the most important tax provisions of 2021. These payments helped millions of families weather the economic impact of the COVID-19 pandemic. But what does it all mean for your 2022 tax return? Keep reading to learn more.

Advance Child Tax Credit Payments and your 2022 Tax Return

In short, the Advance Child Tax Credit Payments were monthly payments that American families received throughout 2021 (the last payment is scheduled to go out on December 15, 2021) as a form of financial relief.

Families received $300 per month for every child under the age of six and $250 per month for every child between the ages of six and 17. Now, what does this all mean for your 2022 tax return?

First, remember that these payments were technically a 50% cash advance on the child tax credit you were expected to qualify for on your 2022 return. This means that there are two basic scenarios:

You received less than the amount you were eligible for.
You received more that you were eligible for.

If you received LESS money than you were supposed to, you will be able to claim a credit for the remaining amount on your 2022 tax return.

On the other hand, if you received MORE than you were eligible for, you may need to repay a part of all the extra money when you file your taxes next year.

In January 2022, the IRS will send you a letter that states the total amount of Advance Child Tax Credit Payments you received in 2021. Make sure to keep this letter, along with any other letter about your Child Tax Credit.

If you need assistance with your Child Tax Credit or with your 2022 Tax return, get in touch with JT Taxes. Our team stands ready to answer your questions and offer the dependable, friendly assistance you need.

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

3 Things You Should Do Before the Tax Year Ends

By: UNIKO Media Group

December 1, 2021

Just like the calendar year, the tax year ends on December 31. Most people associate that date with parties and New Year’s resolutions. However, there are some other important things you should do by that date.

Donate to Charity

Remember that now you can claim a deduction of up to $300 (or $600 for couples filing jointly) for cash contributions to qualifying charities during 2021.

The term “cash” includes donations made by credit card, debit card, check, as well as unreimbursed out-of-pocket expenses in connection to volunteer services to a qualifying charity.

If you are planning do donate, use the Tax Exempt Organization Search, a tool created by the IRS to allow taxpayers to check an organization’s federal tax status and filings

Check Your ITIN

The term ITIN stands for Individual Taxpayer Identification Number. You should renew your ITIN if it has expired and you’ll need it for a U.S. federal tax return. Keep the following in mind:

Any ITIN not used on a U.S. federal tax return at least once for years 201, 2019, and 2020 will expire on December 31, 2021.

ITINs with middle digits 70 through 88 have expired.

ITINs with middle digits 90 through 99 have expired, if assigned before 2013.

Get Ready to File Your Return in 2022

This is the ideal time to get ready to file your return in 2022. Take a look at your tax records and make sure you have all the documents you need to support the deductions you intend to claim. Also, if you haven’t done it yet, you may consider choosing direct deposit to get your tax refund: it’s faster and eliminates the possibility that a refund check could be lost or stolen.

If you have any questions or need assistance preparing your return, contact JT Tax Services today. We’ll be happy to answer any questions you may have.

Contact the Experts at JT Tax Services

How to Protect Yourself Against Holiday Scams

By: UNIKO Media Group

November 26, 2021

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