Tax Filing Questions?

JVS Tax Services brings years of experience to ensure your taxes are handled accurately and efficiently. Whether you’re an individual or a business, we help maximize your returns and minimize liabilities. Our commitment to excellent service guarantees fast responses and clear communication every step of the way.

Each client’s situation varies, but generally you’ll need:

• Names, addresses, and SSNs or ITINs for you and dependents
• W2s, 1099s (NEC, DIV, INT, B), or self-employment income documents
• Records for deductions or credits such as childcare or education expenses

The federal tax filing deadline is typically April 15th each year. Extensions may be filed, but any taxes owed are still due by the original date to avoid penalties.

Employers must distribute Form W-2 to their employees by January 31st of each year. This form reports the wages earned by an employee and the taxes withheld from their paycheck during the previous year.

If the deadline falls on a weekend or holiday, the due date is extended to the next business day.

Employees should receive their W-2 forms by this date to ensure they can file their income taxes on time. You should contact your employer if you do not receive your W-2 by the end of January.

Take advantage of tax deductions and credits. Contribute to retirement accounts, example 401(k)s, 403(b), Roth IRAs Invest in tax-advantaged accounts, like municipal bonds, annuities, and 529 plans. Claim allowable business expenses if you're self-employed.

While selecting deductions randomly is not a common reason for an audit, it could trigger one if the deductions are inconsistent with income or unusually large. It’s essential to ensure that all deductions are legitimate and adequately documented.

The 1099NEC and 1099 MISC forms report various types of income other than wages, salaries, and tips. Freelancers, independent contractors, and non-employees typically receive 1099 forms to report their income to the IRS.

A refundable tax credit allows you to reduce your tax liability. If the credit exceeds the amount of tax you owe, you can receive the excess amount as a refund. Some examples of refundable tax credits are the earned income credit and the additional child tax credit.

A non-refundable tax credit is a type of tax credit that allows you to reduce your tax liability, but only to the amount of taxes you owe. If the credit exceeds the amount of tax you owe, you will lose the excess. In other words, you cannot receive a refund for the unused portion of a non-refundable tax credit.

Yes, in most cases, the IRS considers canceled debt taxable income, and you must report it on your tax return. When a creditor forgives or cancels a debt, the amount of the forgiven debt is usually treated as income and could be subject to taxation.