• What is a 1040-X Form & When Do I Need It?

    Did you make a mistake on your 1040 tax return? Don’t worry – the IRS allows you to amend your tax returns with three years of the initial filing date! At JLW Tax & Bookkeeping Services in Springfield, IL we help clients amend their tax returns by filing a 1040-X form. Whether it’s a common mistake or you left out an entire section, our accountants are here to help you accurately and honestly file your taxes. Keep reading below to learn more about the 1040-X form and when you need it. Who Can File a 1040-X Form? A 1040-X form can be filed by any taxpayer that has already filed[...]

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    How Long Will it Take For Me to Get My Tax Refund?

    While everyone wants a definitive answer for when they are expected to receive their tax refund, unfortunately, it is different for every single person. There are a variety of documents that need to be reviewed by a professional accountant and approved by the IRS before any word of a refund is mentioned. Thankfully, our team at JLW Tax & Bookkeeping Services in Springfield, IL has broken down the things you should focus on before and after filing your taxes to speed up the process. Keep reading below to learn more! Before Filing Taxes Before filing your taxes in Springfield, IL, [...]

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    When Do I Need to File My Taxes?

    There’s no doubt that filing taxes can be intimidating. From gathering the right documents and accounting for a multitude of expenses, it can be hard to remember the simple things like when it is you need to file your taxes. Make sure that you have everything you need this filing season by reading our helpful tips and question answers below. Our accountants are JLW Tax & Bookkeeping Services in Springfield, IL are here to help make your filing experience quick and simple. When Can I File My 2021 Taxes? This is, fortunately, a very broad answer, meaning that there is a large time [...]

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    Tips on How to Secure Your Identity While Filing Taxes Online

    With important personal information being shared online every second, keeping your identity protected is now more pertinent than ever. Many individuals have taken a liking to file their taxes online through verified tax sites, and while that may be beneficial for some, it can be potentially harmful when trying to keep your information private. Thankfully, our professionals have come up with expert tips on how to keep you and your information safe when filing your taxes online this coming tax season. Keep reading below to learn more! Never Use Public Wi-Fi This may seem like an easy one, [...]

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    What to Know About Deducting Donations from Your Tax Returns

    One of the most rewarding benefits of tax season is your ability to claim deductions that reduce the amount of taxable income you pay to the IRS. While there are common deductions for home and business owners like property, children, and even education; donations are also types of deductions that can be taken into consideration when filing your taxes. Do you make regular donations to a nonprofit religious, educational, or charitable group? If so, that would qualify you for additional deductions on your tax return. For more information on how you can go about claiming your donations, [...]

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    What To Do When You Are A Victim of a Tax Scam

    Tax scams are a serious issue throughout the United States, and they are constantly being identified and stopped by the IRS every year. However, recognizing a tax scam before it can take place is something tax professionals are desperately trying to educate individuals on in order to protect their identity. Often times it can be difficult to spot a tax scam and when you do, it should be handled appropriately and reported immediately. But how to do that, you ask? We have come up with 4 ways to report a tax scammer once your personal information has been jeopardized. Keep reading below! IRS[...]

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    How to Spot A “Ghost” Tax Return Preparer

    Tax season can undoubtedly be stressful and a bit expensive for some individuals. Unfortunately, these emotions are what attract ghost tax preparers that perform illegal tax services at a cheap price. Tax scammers - also known as ghost preparers - are not part of the IRS and do not have the proper identification or training to file a tax return but come across to customers as completely reliable. It is only until the service is complete and you have paid the fraudulent preparer that they refuse to sign the document allowing you to get your refund. Now you will have no choice but to [...]

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    Tips for Filing Amended Tax Returns in Springfield, Illinois

    Tax season can be hectic and confusing as you rush to gather important documents from over a year ago. With all of the requirements and specifications that taxpayers need to remember, oftentimes confusion and mistakes happen, leading to an inaccurate claim on their tax return. If you notice a major issue on your tax return, chances are the IRS will notify you and request that you amend your recent return to make any necessary corrections. Whether you filed under the wrong status or forgot to claim a dependent, an amended tax return is here to fix the mistake! If you’re unsure of how to [...]

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    Springfield Illinois: How to Recognize Scams Targeting Tax Professionals

    As a tax professional, you may not think that identity thieves and scammers would try to steal sensitive information from you or your clients, however that unfortunately is not the case. In fact, tax professionals are targeted specifically with demands of information or false direction for refunds from individuals impersonating the IRS. While a majority of tax professionals are aware of what fraudulent emails look like, some are unfamiliar to the warning signs that present themselves. For tips on how to recognize scammers as a tax professional, continue reading below. Fake Emails Many [...]

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    Springfield, Illinois: Benefits of Using A Bookkeeping Service for Your Small Business

    Owning your own business comes with many rewards, however, there are always tasks that many business owners dread doing, and bookkeeping is one of them. Bookkeeping is the process of recording all your incoming and outgoing earnings that track what you are spending on certain products and what your overall revenue comes out to be. Instead of letting your bookkeeping duties slip past you, hire a professional bookkeeping expert to take care of the job for you! If you are interested in hiring a bookkeeper, here are a few benefits to their services that you should know first. Opportunity for [...]

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