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

Only One Week Left! Tax Day is July 15th

Ordinarily, with extra staff during tax season we are able to reach out to clients personally during tax season to make sure we have everything we need. Unfortunately, we don't have the resources this year to contact clients individually, so we are asking everyone who...

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Filed in the Spring and Still Don’t Have Your Refund?

As we told you in our last update, IRS reports that it currently has more than 10 million pieces of unopened mail—many of which are paper returns—due to office shutdowns from COVID-19. In the meantime, on July 1st IRS Commissioner Charles Rettig said that he expects...

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The Final Countdown to Tax Day! July 15th

School is officially over, we just celebrated the longest day of the year, and (illegal) fireworks are flying off the shelves—all signs that July is almost here. This year, it also signals that the automatic three-month tax day extension for 2020 has been whittled...

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IRS Operations Update

Like businesses  all over the country, IRS is facing work backlogs and staffing challenges that are causing delays in communication and processing—and frustration among taxpayers.  Recently, we received a brief update from IRS with the good news that more than 11,000...

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New! BBS Summer Office Hours & Procedures

We remain hopeful that we will be able to welcome you back for in-person meetings before the end of the year, but for now, our small entry way and social distancing guidelines make that impossible. Below are some updates, as well as protocols we will be following...

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