*** The IRS has extended the deadline to 7/15/20 within which to make 2019 contributions to IRAs, HSAs, and Archer MSAs. Also, the Secretary of the Treasury announced on Friday, March 20, 2020 that the IRS not only approved deferment for 90 days (until 7/15/20) for individual taxpayers on up to $1 million of tax payments, with penalties and interest being waived during that time, but, for uniformity’s sake, they extended the tax filing deadline for 2019 U.S. Individual Income Tax Returns to 7/15/20 as well. On Monday, June 29th, they announced that they would not extend the tax filing deadline for 2019 U.S. Individual Income Tax Returns past 7/15/20 without taxpayers filing an extension Form 4868 by July 15th (see this article). (See the next paragraph for where to get Form 4868.) The IRS is also extending the deadline to make Q1 2020 estimated tax payments to 7/15/20 penalty and interest free. Be aware, penalties and interest will accrue on unpaid balances beginning 7/16/20. And now Q2 2020 quarterly estimated tax payments normally due 6/15/20, as well as unclaimed refunds from 2016 tax returns, are extended until 7/15/20. See this article. ***
***** With the uncertainty that deferring the tax filing deadline has created in our business (in 29 years we have never before experienced this), Jeff The Tax Man has removed altogether our deadline to submit your 2019 tax data to us in order for him to prepare your return by the IRS’ new deadline of 7/15/20. (It’s probably going to be somewhere around 5/15/20, but we have NO experience in this new environment.) Instead, he recommends you submit your 2019 tax data to us ASAP, but that does not guarantee it will be finished by then. But have no fear; you now have until July 15, 2020 to get an extension of time to file your 2019 tax return – just like Jeff The Tax Man and most of his clients do – right here. Form 4868, and the simple instructions to complete the 3 lines of it, are now available at the “Extension Form” page of this website. *****
**** Jeff The Tax Man is currently working on tax return client #183 submitted on 3/12/20 (very involved) and #219 submitted on 4/5/20. This is a great time for him to amend new clients’ 2016, 2017, and 2018 tax returns to recover overpaid taxes from past years. ****
*** To become a client, go to the “Tax Worksheets” page of this website and follow the published instructions. Even though it is past the tax filing deadline for returns prior to 2019, go ahead and submit your tax data to us, because the IRS does NOT assess penalties when you file past the deadline AND ARE DUE A REFUND, if you filed an extension. We accept tax data via mail, email, fax, uploaded to our Secure Client Portal, 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. ****
* 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. *
* For those who are asking how to get their banking information to the IRS to have them direct deposit their Economic Impact Payment (stimulus) when they did not receive a refund in either 2018 or 2019, the answer is in FAQ #4 on the “COVID-19” page of this website. Moreover, the IRS made corrections over the April 25 & 26 weekend to its “Get My Payment” tool to allow these taxpayers to input their banking information. Also, FAQ #5 tells you that your Economic Impact Payment is not taxable. *
*** 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 1/27/20, 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 firstname.lastname@example.org 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.