This Year’s “Official” Tax Season Starts January 29, 2024

The IRS has announced that it will start accepting and processing Tax Year 2023 returns on January 29th, 2024. when the agency will begin accepting and processing 2023 tax returns. More than 128.7 million individual tax returns are expected to be filed by the April 15, 2024, tax deadline, so if you haven’t started gathering your information, now its a great time to get ahead of the crowd!

10 New Tax Filing Changes for Mass Residents

Tax Cuts passed by the Massachusetts legislature in 2023 are providing some important changes for taxpayers in the state. to Top 3 of importance for personal filers are:

  • Decrease of the Tax Rate Applicable to Short-term Capital Gains 
  • Increase to the Circuit Breaker Tax Credit
  • Increase to the Rental Deduction  

Please click this link to see the 10 new tax filing changes for Mass state residents filing personal returns.

The Latest Upates for RMDs

After putting money away for retirement throughout your working life, it’s easy to understand why you might not be in the mindset of knowing when and how much you are required to start taking back out of those accounts down the road. Here’s what you need to know about required minimum distribution (RMD) rules for 2023 and 2024. IRS Notice IR-2023-246 

New Phone Scam Targeting Bank of America Customers

Recently, two clients notified Business Bookkeeping Services of a Bank of America phone scam that included the caller requesting the last four numbers of the client’s Social Security (SS) number. One client shared the SS numbers, resulting in bank accounts being compromised. The frightening part is that the client’s caller ID came up as “Bank of America”. Click the article link to learn what you should do if you get a call, and how to avoid falling prey to phone scams. If You Get This Call From Bank of America, Hang Up Immediately 

Important Reminders When Gathering Your Tax Info

Here are a few things to remember as you are collecting the information you need to file your taxes.

Your Tax Preparer usually doesn't need individual receipts
    If so, you will receive Form 1099-G in the mail from The Commonwealth of Massachusetts. Make sure you open all mail from the State AND the IRS, even if it doesn’t look important!
  • IF YOU PAID ESTIMATED TAXES IN 2023 AND JANUARY 2024, please list the date of payment and the amount paid.
  • IF YOUR HEALTH INSURANCE IS THROUGH THE HEALTH CONNECTOR, you will receive a copy of Form 1095A in the mail.
  • PLEASE DO NOT PROVIDE US COPIES OF YOUR MEDICAL RECEIPTS. We need ONLY a summary of the total medical expenses you paid.

The best way to insure speedy processing is to make sure you provide your tax preparer with all the necessary information and totals, but keep your receipts handy at home!