BBS Voted #1 for Accounting/Financial Planning in Weymouth

We are thrilled to have been voted #1 for Accounting/Financial Planning in Weymouth by Wicked Local Readers. Business Bookkeeping Services earned #1 rankings for both the firm as a whole, and for Jospeh Dicienzo individually.
The Readers Choice awards are especially important because the voters are our clients and members of our local community. We are proud to continue our tradition of client service and commitment to the area that has kept us in business here for nearly five decades.
Thank you, Weymouth, for your support!

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The 2017 GOP Tax Bill: Should you Pre-Pay?

We have received many calls regarding prepaying real estate taxes for 2018 prior to December 31, 2017 based on the recently passed Tax Cuts and Jobs Act (TCJA). We apologize for the short notice, but like most tax laws, it is a complicated piece of legislation that will affect individual taxpayers differently based on a number of varying factors. Further, the most recent notice issued by the IRS (12/27/2017) has caused additional confusion by making the benefit of prepayment dependent on individual towns’ property tax assessment schedules and discretion.  Here is the long and short of it:

  1.   State, local, sales, and property tax deduction changes: The deduction for state and local income tax, sales tax, and property taxes (“SALT deduction”) will be capped at $10,000.
  2.   If you do not escrow your real estate tax payments you may benefit from prepaying the February 1, 2018 payment.
  3.   If you escrow your real estate tax payments and prepay the February 1, 2018 payment you will be overpaid with your city or town. It will then be up to you to work with the town to receive your refund. You are not able to reduce your escrow account due to the overpayment with your city or town.
  4.   You may also benefit from prepaying your January 15, 2018 Massachusetts estimated tax payment on or before December 31, 2017.

Additional information regarding the GOP Tax Bill and how it may affect you can be found here: https://en.wikipedia.org/wiki/Tax_Cuts_and_Jobs_Act_of_2017

IRS Tax Fraud Prevention Efforts Will Delay Refunds

Will Your Refund Be Delayed?

You may recently have heard that millions of refunds for the 2016 tax year are expected to be delayed.

The anticipated delay is largely driven by a new law aimed at giving the IRS more time to screen returns claiming both the earned income tax credit and additional child credit(s). This is in tandem with a broader prevention effort that includes zeroing in on fraudulent returns resulting from identity theft.

Though not everyone is affected, for those who are, it is, unfortunately, both inconvenient and unavoidable. On the other hand, the upside for all taxpayers is that the expansion of IRS scrutiny into vulnerable line items has ultimately proven to save the country billions of dollars every year.

For more complete details, check out this article…

And as always, feel free to contact us with any questions.

2018 Filing Season Start Date

The IRS has announced that the official start date of the 2018 filing season will be January 29, 2018.

 

Once the IRS begins processing tax returns, they will then begin releasing tax refunds. In past years, the IRS typically released most refunds within 21 days from the date the tax return was processed. You have the ability to track your refund once the tax return has been filed. You will need the following information: your filing status, your refund amount, and your social security number. Visit this link to track your refund http://www.irs.gov/Refunds/Where’s-My-Refund-It’s-Quick,-Easy,-and-Secure.

 

Tax deductions that could lead to an audit

We found this interesting article about certain deduction that might lead to an audit. Check it out by clicking on the link below!

http://www.fool.com/investing/general/2014/12/31/3-tax-deductions-that-could-lead-to-an-audit.aspx

 

Find out if you have any unclaimed property!

What is Unclaimed Property?

  • Unclaimed property is any financial asset with no activity by its owner for an extended period of time. This includes savings accounts, checking accounts, unpaid wages or commissions, stocks, underlying shares, uncashed dividends, customer deposits or overpayments, certificates of deposit, credit balances, refunds, money orders, paid-up life insurance policies, safe deposit boxes, and uncashed benefit checks, gift certificates, etc. Unclaimed Property does not pertain to land, houses or real estate of any kind.

It is very simple to find out if you have any unclaimed property. Just follow the link below and fill in your information in the search box with all the different towns you’ve lived in. Its worth a shot!

To find out if you have any unclaimed property click here!

 

 

IRS Warns of Telephone Scam

We would like to bring your attention a warning from the Internal Revenue Service regarding a pervasive telephone scam targeting taxpayers.

Victims of this scam are told that they owe money to the IRS and that it must be paid promptly though a pre-loaded debit card or wire transfer. If the victim refuses to cooperate, they are then threatened with arrest, deportation, or suspension of a business of driver’s license. Callers are frequently insulting or hostile to scare their potential victims.

The IRS will NEVER ask for credit card, debit card or prepaid card information over the phone. They will always send taxpayers a written notification of any tax due via the U.S mail.

Click here for more information regarding this scam and what you should do if you get a call from someone claiming to be the IRS

 

Special Tax Benefits for Armed Forces Personnel

As members of our armed forces, you are entitled to special tax benefits. Click on the link below for details.

http://www.irs.gov/uac/Special-Tax-Benefits-for-Armed-Forces-Personnel

A COMMON QUESTION WE ALWAYS HEAR

We are always asked “How many years should I keep my tax returns?” The link below is from an article I found that addresses this question:

 http://money.msn.com/tax-tips/post.aspx?post=cad3364a-93e6-40e7-862c-a787185d7ae6