Kids Turning 17?

There are many milestones and life changes that can affect your tax returns.
For instance, if you have a dependent child turning 17 this year, the $2,000 child
tax credit you have received previously will end.
It’s always a good idea to review your tax situation well in advance of the end
of the year to determine if there are any changes that may affect your return.
Feel free to contact us for an appointment.

Unreimbursed expenses?

Get out your wallet. Did you know that employees can no
longer deduct unreimbursed work-related expenses?  There are a few
job category exceptions, but you might want to see what’s been
eliminated before you enroll in that professional development course.
See our Tax Tips & News post for more.

Head of Household or Single filing status?

Many single parents can claim Head of Household and receive a much better
tax benefit by having a dependent child. However, when your child is no
longer your dependent your filing status changes to Single. Unfortunately,
that translates to a smaller Standard Deduction and higher income tax rates.
Let us know if you’d like to review your personal situation.

The IRS didn't call you.

The truth is, the IRS will never call you to demand payment and threaten legal action, but this scam frightens people into giving their money to criminals.

Find out more about this and other IRS scams on our Tax Tips & News page.

Retirement Cash Strategy

Did you know an extra IRA distribution could reduce the amount of your Social Security benefit?

It’s surprising but true. We explain how it can happen on our Tax Tips & News page.

Have you checked out 360 yet?

We found this incredible website that we want to share with you!

360 Degrees of Financial Literacy features straightforward language and easy-to-use calculators for everything from student loans to retirement planning.

Excerpts from Our Tax Tips & News Pages

Why Raiding Your IRA Can Be a Costly Mistake

With the global pandemic causing record-breaking job losses and wreaking havoc on our economy, it can be tempting to withdraw large amounts of cash from your IRA to have on hand. But before you raid your IRA at any time, we encourage you to think carefully about how...

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Where Can I Find My AGI?

Our previous posts shared information about the stimulus timeline and how to calculate the amount you can expect to receive based on your Adjusted Gross Income (AGI). This has led to people wondering...Where can I find my AGI?The answer is simple. Your AGI is on your...

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Stimulus Check Distribution Timeline

Earlier this month Congressman Richard Neal, the Chairman of the House Committee on Ways & Means, issued a release detailing the timeline for economic stimulus payments.  This is the best information we have seen regarding the plan for distribution of money to US...

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How Much Stimulus Money Should You Be Getting?

We have created the charts below to show you how the payments are being calculated, and to help figure out how much you should expect. ≈​≈≈ Please note that payments are not being delayed if your 2019 taxes have yet to be filed. IRS will use information from 2018...

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BBS Office Remains Closed

We Remain Closed in Compliance with the Stay at Home Order Our office will remain closed until statewide restrictions are lifted. For those of you whose returns are still in process, we are working to set up one day a week for you to sign and retrieve your documents....

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