BYM Accounting, Inc

03/16/2024

Credits and Deductions Changes This Filing Season – Did You Know?
As the April 15th filing deadline approaches, the IRS recently reminded taxpayers of several key tax law changes that took effect in 2023. Taxpayers should review these changes to avoid making errors on their returns.
Standard deduction amounts increased significantly from 2022 to 2023, up to $13,850 for single and married filing separately status, $20,800 for heads of household, and $27,700 for joint filers and qualifying surviving spouses. The maximum Additional Child Tax Credit, which is the refundable part of the Child Tax Credit (CTC), also increased to $1,600 for 2023.
Congress is considering legislation that would retroactively enhance the CTC itself. However, there is no need to wait for the result of those discussions to file your return. If a law change entitles you to a larger 2023 CTC than you have claimed, the IRS will automatically adjust your return, and send you a refund for the added credit amount.
A tax professional can help you determine how the 2023 credit and deduction rules affect your taxes, and file your return electronically to get your refund as rapidly as possible.

03/18/2021

Taxpayers who received unemployment benefits in 2020, and whose modified adjusted gross income was less than $150,000, don’t have to pay tax on the first $10,200 in unemployment compensation.

Los contribuyentes que recibieron beneficios por desempleo en el 2020 no tienen que pagar impuestos en los primeros $10,200 recibidos si ganaron menos de $150,000.

The Internal Revenue Service posted information about how to correctly compute the new exclusion on a portion of unemployment income as Congress pushes the IRS for further tax-filing relief.

01/15/2021

PPP second round.

12/25/2020

11/26/2020

With gratitude at Thanksgiving we thank you for your business.

04/16/2020

You can now check the status of your Economic Impact Payment. Ya puedes rastrear tu cheque de estimulo en linea.
https://www.irs.gov/es/coronavirus/get-my-payment

03/30/2020

Stimulus Checks. Cheques de pago de estímulo.

03/20/2020

Fecha limite para declaracion de impuestos se extiende a Julio 15.

12/24/2019

From us at BYM Accounting to you!

11/27/2019

From the BYM Accounting Family to yours!

10/22/2019

Millions fewer people got tax refunds this year under the tax law overhaul that altered rates and paycheck withholding starting in 2018, according to new figures from the IRS.