JT Tax Services, Inc

Knowing your correct tax filing status is essential because it determines the amount of tax you should pay, the credits you can claim, and your standard deduction amount, among other things. Generally speaking, your status depends on whether you are married or single on December 31. That fact determines your status for the whole year. In some cases, more than one filing status may apply (for example, married filing separately or jointly). [ 390 more words ] https://jttaxservices.com/do-you-know-your-correct-tax-fil/

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. [ 366 more words ] https://jttaxservices.com/dont-forget-this-essential-step-/

If you filed an extension to file your taxes you should keep in mind that the October 15 due date is less than one month away. If you didn’t request an extension and haven’t filed a tax return yet, then you should take action as soon as possible. This is important, as it will help you avoid additional interests and penalties. [ 349 more words ] https://jttaxservices.com/did-you-request-an-extension-to-/

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. [ 367 more words ] https://jttaxservices.com/does-your-itin-expire-this-year-/

Over the last several months many Americans received unemployment compensation for the first time as part of the stimulus package the Federal Government has deployed to offset the effects of the COVID-19 pandemic. That’s why today we’d like to remind you that unemployment compensation is taxable. Therefore, it’s advisable to retain those taxes now to avoid owing them when you file your return next year. [ 346 more words ] https://jttaxservices.com/avoid-surprises-remember-that-un/

We are living months of uncertainty and stress, but that doesn’t deter fraudsters. On the contrary: they try to take advantage of unsuspecting victims using tax-related scams. Don’t fall for these schemes. Read on to discover how you can protect yourself against these threats. Phishing, One of the Most Common Tax-Related Scams Be on the lookout for fake emails or websites that request personal information. [ 388 more words ] https://jttaxservices.com/dont-fall-for-these-tax-related-/

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. [ 382 more words ] https://jttaxservices.com/these-are-some-expenses-that-edu/

3 Tools You Need After Filing Your Taxes https://jttaxservices.com/3-tools-you-need-after-filing-yo/

Yesterday, July 15, was the final day to file and pay your taxes. This means that there is a lot of people already eager to know when they’ll get their tax refund. If that’s your situation, keep reading to learn more about five tax refunds myths you should be aware of. 1. Getting a Refund Means You Don’t Need to Adjust Your Withholding for 2020 [ 404 more words ] https://jttaxservices.com/4-common-myths-about-tax-refunds/

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. [ 570 more words ] https://jttaxservices.com/4-ideas-to-keep-in-mind-when-you/

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. [ 457 more words ] https://jttaxservices.com/the-deadline-to-file-and-pay-you/

The Internal Revenue Service (IRS) has processed over 159 million Economic Impact Payments (EIP) to help taxpayers affected by the coronavirus outbreak. About four million of those payments will be delivered by prepaid credit card. This feature can be very convenient for some people. But what happens if you misplace or accidentally destroy your EIP prepaid card? Read on to discover the answer. [ 556 more words ] https://jttaxservices.com/did-you-misplace-your-economic-i/

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. [ 329 more words ] https://jttaxservices.com/remember-economic-impact-payment/