*** ALERT – Those clients whose tax returns were filed after June 13th, please bear with us. Though your return was filed and is being processed by the IRS and any state taxing authority, your copies may take longer in getting to you. My assistant, Joyce, who does all my copying, has injured her ankle and may not be coming into the office for a week or two. ***
* I apologize for being SOOO behind on preparing tax returns this year. During a Valentine weekend trip, my wife and I totaled her car. Thankfully, we were barely harmed, but I had to deal with our insurance company, an out of town towing company, and then car dealers, which was a time consuming process. Immediately following that, a frozen pipe burst in the wall and flooded our front bedroom, which meant I had to deal with cleaning up that mess, drying up the carpet, boiling snow to be able to have water to flush the toilets, and schedule a plumber. That was followed the next month with a security breach in our Secure Client Portal, which required immediate attention. I had to inform affected clients – fortunately, only 22, file a police report, contact the IRS and state filing authorities, search for a new portal provider, procure a password manager, employ multi-factor authentication on all our processes, apply for and receive a new electronic filing identification number (EFIN), and then inform, and be monitored by, a division of the IRS one business day before I intend to e-file that day’s finished returns. Nearly all of this additional work and non-work activity had to be done during vendors’ work hours. And then, of course, there is keeping up with and publishing for your information the (seemingly weekly) retroactive changes to the 2020 tax rules. Last year was bad enough, but I did not need this year to start out the way it has on the back of 2020. We truly are doing the best we can in a difficult year, and we hope that things will run more smoothly going forward. THANK YOU FOR YOUR FORBEARANCE DURING THIS DIFFICULT TIME! *
*** ON 3/18/21 WE DISCOVERED THAT THE SECURE CLIENT PORTAL AT THIS WEBSITE HAD BEEN COMPROMISED, ALTHOUGH FROM THE INFORMATION PROVIDED TO US, IT WAS ON A LIMITED SCALE. THE AFFECTED CLIENTS WERE CONTACTED, AND IF YOU DID NOT HEAR FROM US, BE REASSURED THAT YOU WERE NOT AFFECTED. WE HAVE DONE EVERYTHING IN OUR POWER TO LOCK DOWN THE CLIENT PORTAL, BUT OUT OF AN ABUNDANCE OF CAUTION WE ARE ASKING THAT YOU NO LONGER USE IT. WE ARE INVESTIGATING OTHER ALTERNATIVES AND WILL NOTIFY YOU WHEN AN ACCEPTABLE ONE HAS BEEN FOUND. THIS MAY TAKE A PERIOD OF TIME, SO FOR THOSE WHO WISH TO SEND THEIR DATA ELECTRONICALLY, PLEASE SEND IT TO ONLY THIS EMAIL ADDRESS, email@example.com, WHERE WE RUN DAILY (INCLUDING WEEKENDS) ANTIVIRUS AND MALWARE SCANS. (ALSO, WE DISCOVERED THAT A THIEF USED OUR OLD EMAIL ADDRESS TO LINK TO HIS/HER BANK ACCOUNT WITHIN THE PAYMENT PLATFORM, ZELLE. SO, IF YOU SEND PAYMENTS TO US VIA ZELLE, BE SURE TO SEND THEM TO firstname.lastname@example.org.) WE APOLOGIZE FOR ANY INCONVENIENCE THIS MAY CAUSE, BUT WE ARE WORKING DILIGENTLY TO FIND OTHER OPTIONS. REST ASSURED WE FIND THIS EXTREMELY UPSETTING AND WILL RIGOROUSLY VET ANY COMPANY THAT WE EMPLOY TO INSURE THAT THEY ARE USING STATE OF THE ART PROTOCOLS TO KEEP YOUR DATA SAFE, RECOGNIZING THAT NO SYSTEM IS 100% HACKPROOF. ***
* Now (as of 3/17/21) the IRS has extended the deadline to file, and pay any balance due on, 2020 individual income tax returns to Monday, May 17th. (Read this article.) For victims affected by the winter storms in Texas, Oklahoma, AND Louisiana the IRS has extended the tax filing deadline to June 15, 2021 for various personal and business returns normally due April 15th and March 15th, respectively. (Read this article.) NOTE: This only extends the deadline for your federal, not state (where appplicable), returns. Also, taxpayers in only those 3 states have until June 15th to make Q1 2021 quarterly estimated tax payments for tax year 2021 and IRA contributions for tax year 2020 normally due April 15th. At the same time, our tax data submissions are down considerably. For these reasons, we are NOW (This is new as of 3/18/21, after only 1 week ago announcing a different submission extended deadline.) extending our tax submission deadline from March 1st to April 15th for TX, OK, and LA residents, and to April 1st for everybody else. You should know that this is simply a guess as to when we will receive the number of tax returns that Jeff The Tax Man can prepare by the filing deadline, AND IS NOT A GUARANTEE THAT RETURNS RECEIVED BY THOSE DATES WILL BE COMPLETED BY THE FILING DEADLINE. In case you haven’t figured it out, you better keep watching this website for the most updated changes. (Ooy!) *
**** Jeff The Tax Man is currently working on tax return client #168, which we received in our office on 3/22/21. Keep watching this page for his progress toward your number in line. Now is a great time for him to amend new clients’ 2017, 2018, and 2019 tax returns to recover overpaid taxes from past years. ****
* The IRS has suspended the requirement to repay excess advance payments of the 2020 Premium Tax Credit. Conversely, those claiming a net Premium Tax Credit must file Form 8962 with their 2020 tax return to receive the credit. If you have already filed and repaid the excess advance payments, YOU DO NOT NEED TO DO ANYTHING; THE IRS WILL REIMBURSE YOU. Click here to read the news release. *
*** The American Rescue Plan Act of 2021 passed on March 11, 2021 provided that the first $10,200 per spouse of unemployment compensation received in 2020 is nontaxable. On 3/31/21 the IRS announced, “To help taxpayers, the Internal Revenue Service announced today that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan.” ***
*** Jeff The Tax Man requires that all new and existing clients read his 2020 Client Letter and Tax Notice to discover our NEW EMAIL ADDRESS, new required COVID-19 Questionnaire, and new tax laws. You can download it, plus instructions and required paperwork for all 4 types of clients, from both the “Tax Worksheets” and “For Directors” pages of this website. To become a client, go to the “Tax Worksheets” page of this website and follow the published instructions. We accept tax data via mail, email, fax, or physically placed in our lockable drop box on the north side of our house by the iron gate at the back of our driveway. Moreover, the IRS is alerting taxpayers who have not filed their prior year tax returns that they are in jeopardy of losing any potential refund if they do not file it within 3 years from its due date, including extensions. So, if you have not filed your back tax returns and especially if you think you are due a refund, get us the tax data for those years ASAP…before you lose the opportunity to claim that money! We are asking that during the COVID-19 pandemic do not send your tax data via certified mail that requires a signature, because the post office is not delivering them in person and is requiring me to drive to their branch to pick them up. ***
** All clients picking up their tax returns in person are requested to wear a mask when coming to the door. **
* DO NOT RESPOND TO EMAILS OR PHONE CALLS FROM SCAMMERS PRETENDING TO BE FROM THE IRS WANTING TO HELP YOU GET YOUR STIMULUS BY GIVING THEM YOUR S.S. # AND/OR BANKING INFORMATION. THE IRS DOES NOT CONTACT YOU VIA THESE METHODS. *
*** NOTICE: To clear up any misunderstanding, your dependents CANNOT file their own returns in order to claim the $1,200 individual stimulus vs. filing as a dependent on your return and you possibly receiving the $500 dependent stimulus, plus either a $500 other dependent credit (for those age 17 and over) or $2,000 dependent credit (under age 17). Per IRS Section 151, if you provide more than 1/2 of their support, then they are still your dependent, regardless of how you and they file returns. Please see the “COVID-19” page of this website for more information, including a comprehensive summary of the CARES Act published by my professional association that explains the various sources of relief. ***
***** We have a newly added “COVID-19” page of our website to answer your tax-related questions surrounding the ramifications of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Also, we have provided links to numerous resources on this page, the latest being a link to applying for a Paycheck Protection Program loan through American Express. *****
***** BIG NEWS! Jeff The Tax Man has developed an Excel spreadsheet onto which you can enter your daily M-K activity and it will flow that information onto a master spreadsheet that generates a total for each category by month, as well as totals for the entire year, which you can then put on our Cosmetics Business tax worksheet. Like our M-K tax workshop video, which is now reduced to $10.00 (see “Speaking Calendar” page), it is available for purchase at this website and delivered to you as a download from a dropbox folder to your email address. Click here for the announcement and purchase order form. Once you use it, give us your feedback. *****
** Get an extended version of our nationally famous M-K tax workshop on video f
or only $19.95 now reduced to $10.00 (plus tax for TX residents) to watch as often as you like. In this video you will learn 1) Jeff The Tax Man’s 1-minute per day record keeping system that empowers Consultants to get to Directorship faster, 2) how your life can make a difference through M-K, 3) how the M-K business is a good tax shelter, which makes this a GREAT recruiting tool, 4) how to maximize the deductions in your cosmetics business, and 5) how you can potentially recapture lost tax dollars by amending prior year tax returns. Click this link to Get the M-K Tax Workshop Video in digital format to watch whenever and wherever you want on any device that plays video. Then give us your feedback. **
** If you missed our M-K Tax Workshop conference call from 1/25/21, listen to the recording by dialing (515) 604-9660, entering the access code 440495#, and then entering #. **
** We have a new way to pay us – simply email your payment to our email@example.com email address via the Zelle app in your bank’s online bill pay option. If your bank does not have that, consider opening an account with Chase https://accounts.chase.com/raf/share/353535771 and use their QuickPay option. Or, download the Zelle app to your phone here and start sending and receiving money instantly. **
*** IF YOU ARE WONDERING IF THAT PHONE CALL OR EMAIL IS TRULY FROM THE IRS, CLICK HERE FOR THE DEFINITIVE RESOURCE, AS WELL AS INSTRUCTIONS ON HOW TO REPORT THE FRAUDSTERS TO THE PROPER AUTHORITIES. ***
*** ALERT!!! New tax scam using fake tax refunds. See the “News and Alerts” page for details. ***
Also, for the latest news and alerts regarding taxes or Tax Prep Financial Services, go to the “News and Alerts” page.
For reasons to use our services, go to the “Why Use Jeff” page.
To learn about our company and Jeff The Tax Man, go to the “About Us” page.
To see what services we provide and don’t provide, go to the “Services” page.
To read stories of what we have done for other clients, go to the “Testimonials” page.
For all our resources we provide for cosmetics Sales Directors, go to the “For Directors” page.
For all our tax education resources, go to the “Speaking Calendar” page.
To learn about making quarterly estimated tax payments, to get payment vouchers, or to make a federal tax payment go to the “Estimated Tax Pmts.” page.
For answers to frequently asked questions, go to the “FAQ” page.
*** For an alternative to expensive health insurance that is exempt from the Obamacare penalty, click here ***
To check on the status of your refund, click HERE, or see the “Where is my refund?” link in the green sidebar, or call the IRS at 1-800-829-4477.
To become a fan of Jeff The Tax Man Peterson and Tax Prep Financial Services on Facebook so you can receive alerts and updates instantly, click here.
Our motto is “Pay YOURSELF, not the IRS”
We specialize in preparing income tax returns for independent beauty consultants, Directors, Senior Directors, Executive Senior Directors, and National Sales Directors of a particular global cosmetics company. At last count, we have over 100 clients who are Directors and above, and that number is growing every year. In fact, over 90% of our clients have a home-based business and over 90% of those operate a cosmetics business. (These are not your normal, simple tax returns, and our business is not your typical storefront, prepare them while you wait, tax preparation firm.) Since our beginning in 1991, we have grown from 8 clients to nearly 500 today, virtually all by word of mouth referrals, probably like yourself. Moreover, we have expanded our influence into 25 states and several foreign countries. We understand home-based businesses and their unique tax deductions because we are one. So if you operate a home-based business, we know how to prepare your tax return. And if you operate a particular cosmetics sales and management business, we know how to prepare your business’ tax return probably better than anyone else in the country – because we make it our business to know that business. Jeff The Tax Man contends that there is not another single tax preparer in the country who prepares as many of these type of returns as he does, and that he prepares approximately 50-100 times as many of these type of returns as most preparers. That’s why we have saved thousands of people literally millions of dollars in tax and how we will help you “Pay YOURSELF, not the IRS. “You may ask if our expertise is worth the money you would pay us to prepare your tax return? Click on “Testimonials” to see where Jeff The Tax Man’s expertise got one National Sales Director over $20,000 more on the same federal and state tax returns than her previous CPA. Moreover, you may ask if having us prepare your tax return is worth the projected wait. Well one client on our “Testimonials” page wished they had not paid their former tax preparer his fee, only to have to pay us to prepare it all over again in order to find them an ADDITIONAL $6,964 IN TAX SAVINGS. The moral: pay us to do it right (and thus get you the most tax savings) the first time!
* We charge for our services, including telephone or email consultations lasting over 15 minutes. For our rates, refer to our Policy Statement/Engagement Letter. *
Please, feel free to browse our website to see the services we offer as well as the many helpful resources we provide. When you are ready to learn more about what we can do for you, we encourage you to contact us.