JP Financial & Tax Services

10/23/2024

The 2025 Tax Brackets Are Now Released: Explore Which Bracket You Fall Into

IR-2024-273, Oct. 22, 2024 — The Internal Revenue Service announced today the annual inflation adjustments for tax year 2025.

01/29/2024

🎉 Exciting News for Self-Employed Professionals! 🎉

Hey everyone! I've got some amazing news that's especially relevant for all my self-employed friends out there – whether you're driving for Uber, offering massage therapy, or freelancing in your field. 🚗💆‍♂️💻

Introducing the Self-Employed Tax Credit (SETC) program – a fantastic opportunity that could make a big difference in your financial world. And the best part? It's a grant that you don't have to repay! Here’s what you need to know:

🌟 Grant Amounts: Receive up to $32,200 if you're applying individually, or up to $64,440 for family applications.

🌟 Eligibility is Simple: All you need is your 1099 tax form from 2020 and 2021.

🌟 More Income, Bigger Grant: The higher your income, the larger the grant you can receive – and it’s all yours to keep, no repayment!

🌟 What You Need to Apply: yours and family member's driver's license or ID, current address, and electronic copies of your tax returns for 2019-2021.

⏳ Don’t Miss the Deadlines:

April 15, 2024, for the 2020 SETC.
April 15, 2025, for the 2021 SETC.

Time is ticking, so make sure to take advantage of this amazing opportunity ASAP! 🏃‍♂️💨

Got questions or need to chat about it? 📞 Give us a call at 408-941-0363. Can't get through? No problem! Schedule your consultation online at www.calendly.com/jpfts.

Let’s grab this opportunity and secure our financial futures together! 🌈💸

01/23/2024

2024 Compliance Update: Beneficial Ownership Information (BOI) Reporting

1.What is BOI?
Starting January 1, 2024, the Financial Crimes Enforcement Network (FinCEN) requires qualified companies to provide personal information of owners and senior managers.

2.Companies that are Required to Report:
All U.S. and foreign companies established, registered, and operating in the U.S. must comply with this reporting requirement.

3.Who are Beneficial Owners?
Individuals with significant ownership (holding 25% or more shares) or substantial control, management, or direction responsibilities over the company.

4.Reporting Materials that are Required:
Company information including legal name, DBA, address, tax identification number.
Beneficial owner information: name, date of birth, address, valid ID (passport/driver’s license/foreign passport).

5.Reporting Deadlines:
For companies registered before January 1, 2024, reports are due by January 1, 2025. Companies registered after this date must report within 90 days of receiving their registration notification.

6.Penalties for Late Reporting:
Incomplete reports, failure to update beneficial owner information timely, or providing false information can lead to civil or criminal penalties, including a maximum daily fine of $500, up to two years imprisonment, and/or fines up to $10,000.

7.Amending Reports:
Errors must be corrected within 30 days of discovery.
Updates must be made within 30 days of any changes.

8.Reporting Website:
fincen.gov/boi

Feel free to reach out to us for any questions or assistance with reporting. We're committed to ensuring your compliance process is seamless and successful. Let us guide you confidently through every step!

01/15/2024

The last payment deadline for estimated taxes for the 2023 tax season is January 16, 2024. Those who have not yet made estimated payments can take this opportunity to do so.

IRS Estimated Tax Calculator
https://www.irs.gov/individuals/tax-withholding-estimator

IRS Estimated Tax Payment Site
https://www.irs.gov/payments

California Estimated Tax Calculator
https://webapp.ftb.ca.gov/taxcalc

California Estimated Tax Payment Website
https://www.ftb.ca.gov/pay/payment-options.html

01/01/2024

Happy new year 2024! 🎆

02/24/2023

The IRS just announced today that California taxpayers will automatically postpone until October 15th, and those who owe taxes can be extended until October to pay!

IR-2023-33, Feb. 24, 2023 — Disaster-area taxpayers in most of California and parts of Alabama and Georgia now have until Oct. 16, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today. Previously, the deadline had bee...

02/20/2022

Like many others, you may be taking care of your parents or older children, especially during COVID-19. The IRS credit for other dependents may get you up to $500 per dependent if you’re supporting relatives who don’t qualify for the Child Tax Credit. Learn more at: https://go.usa.gov/xtKXe

12/26/2020

Merry Christmas and happy holiday!

12/10/2020

11/26/2020

Happy thanksgiving! 🍁🦃 Some good news from the IRS this year 😊

IR-2020-264, November 25, 2020 – The Internal Revenue Service today reminded taxpayers of a special new provision that will allow more people to easily deduct up to $300 in donations to qualifying charities this year.

05/30/2020

A tip for taxpayers from the IRS: There’s a tool for anyone who has very little income to sign up for their Economic Impact Payment. This tool helps them sign up quickly and easily. Click here to get started: www.irs.gov/nonfilereip

Help us spread the word among Americans experiencing homelessness.

04/01/2020

San Mateo and Santa Clara County help renter to pay their rent during this period. Check it out if you need assistant and do contact us if you need help for application.

HIF COVID-19 Emergency Assistance HIF’s Emergency Housing Fund offers a lifeline after unforeseen and temporary financial setbacks, acting as a bridge between crisis and stability. An unstable housing situation can arise from any number of unexpected circumstances, such as medical bills, job loss,...