Tax Filing Questions?
Learn More with JVS Tax Services FAQs

JVS Tax Services brings years of experience to the table, ensuring that all aspects of your taxes are handled by professionals who are well-versed in current tax laws and regulations. Whether you're an individual or a business, their knowledge helps maximize returns and minimize liabilities.

Also, customer satisfaction is a core value at JVS Tax Services. Their commitment to providing reliable and effective service ensures that clients receive prompt responses, clear communication, and quick resolutions to any tax concerns.

Everyone's situation when filing their tax returns is very different, and it can vary depending on the person’s tax situation. Below is a summary of what you should bring to file your tax returns:

Your personal and dependent's tax information such as Names, addresses, social security and ITIN numbers, as well as your date of birth.

W2's from all your employees, 1099 NEC for all self-employed taxpayers, 1099 interest forms, 1099 DIV, 1099B stocks and bonds

The deadline to file individual income tax returns in the United States is typically April 15th each year. If you cannot meet this deadline, you can request an extension, but any taxes owed are still due by the original date.

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.