Valley Books & Tax

04/16/2026

Did you owe taxes this year at filing time?

Good news: The IRS has launched a new online tool to help Taxpayers resolve tax debt!

The Tax Debt Help tool provides individuals and businesses with a simple, accessible way to explore payment options and identify next steps based on their situation.

Visit the IRS webpage below to get started, and to learn more about the options available to you, in your specific situation. :)

If you owe a tax debt that you can't pay in full, we can help. You have options to resolve it.

06/24/2025

Save the Date for MA Residents:

August 9 and 10, Sales Tax Holiday

The Massachusetts sales tax holiday dates have been set for August 9 and 10 this year. During these two days, retail purchases of $2,500 or less in Massachusetts will be exempt from sales tax, with some exceptions. Review the FAQs to find out what is and isn’t covered by the sales tax holiday.

During a sales tax holiday most retail items of up to $2,500, purchased in Massachusetts for personal use on these two days are exempt from sales tax.

01/26/2025

2024 Income Tax Return Filing Season opens tomorrow!!! Other major deadlines relating to this filing season are listed below:

Monday, 1/27/25:
The IRS begins accepting e-filed returns

Friday, 1/31/25:
Issuers must postmark/issue W-2's, 1099's, and other tax documents by this date

Saturday, 2/15/25:
The IRS encourages Taxpayers to contact tax document Issuer(s) if tax document(s) are not received by this date

Monday, 3/17/25:
Filing deadline for Corporate returns with calendar-year fiscal year

Tuesday, 4/15/25:
Filing deadline for Individual returns

It's that time of year, IRS officially announced it will start accepting tax returns January 27. TAS Tax Tips are here to help you keep your return straight and avoid common filing errors. https://ow.ly/BNrg50UKsbJ

04/29/2024

April 28th - May 4th is National Small Business Week!

Monday 4/29/24: The Internal Revenue Service today urged small businesses to take advantage of the many tax resources available through the Small Business and Self-Employed Tax Center on IRS.gov.

As part of National Small Business Week, April 28 to May 4, the IRS is highlighting tax benefits and resources to help small businesses. Spearheaded by the Small Business Administration, National Small Business Week has been celebrating the contributions small businesses make to America’s economy for over 60 years. The theme of this year’s celebration is, “Building on America’s Small Business Boom.”

The best place to start:
Small businesses should make the Small Business and Self-Employed Tax Center their first stop for finding just about everything they need to meet their federal tax obligations. Whether they are self-employed, an independent contractor, a gig worker or a business with employees, the site provides in-depth information, tools and helpful educational resources.

A road map from start to finish:
The IRS.gov small business pages map out the entire life cycle of a business and its tax implications. Sections include:

Starting a business: Basic federal tax information for anyone starting a business, as well as a checklist to assist in making basic business decisions.

Business structures: Help in choosing a business entity because that choice determines which tax forms need to be filed.

Operating a business: Tools and tips on how to quickly get an Employer Identification Number (the tax ID number that most businesses need to file and pay their taxes), keep good records and file and pay taxes.

Closing a business: Help navigating the closure of a business from a federal tax perspective; how to take care of employees, which forms to file, which records to keep and what tax related moves need to happen before shutting down.

Stay on top of things and learn more:
The education and online learning products offered on IRS.gov ensure small businesses have the latest tax related information for their enterprise.

Webinars for small businesses: Topics vary from a general overview of taxes to more specific topics such as what constitutes business income and expenses.

Workshops, meetings and seminars: Scheduled events held throughout the country; on occasion, the IRS participates in these events virtually.

Keep up to date:
Stay informed on small business tax issues with these IRS.gov resources:

Subscribe: e-News for Small Businesses is a free e-mail service that features the latest news, upcoming tax date reminders and tips to help small businesses.

Standard mileage rates: Current information for the many business owners who use their car for business.

For more information, visit the Small Business Week page on IRS.gov. Direct link below:

https://www.irs.gov/newsroom/small-business-week

In celebration of National Small Business Week, April 28-May 4, 2024, the Internal Revenue Service is featuring useful tax-related tools and resources to help small business owners, employers and self-employed individuals succeed.

01/15/2024

FYI re: the 2024 filing season for 2023 taxes:

The Internal Revenue Service has announced Monday, Jan. 29, 2024 as the official start date of the nation's 2024 tax season when the agency will begin accepting and processing 2023 tax returns.

For most taxpayers, the deadline to file their personal federal tax return, pay any tax owed or request an extension to file is Monday, April 15, 2024.

Taxpayers living in Maine or Massachusetts have until April 17, 2024, due to the Patriot's Day and Emancipation Day holidays. If a taxpayer resides in a federally declared disaster area, they also may have additional time to file.

For more information about the 2024 tax filing season, visit the link below:

https://irs.gov/newsroom/2024-tax-filing-season-set-for-january-29-irs-continues-to-make-improvements-to-help-taxpayers

For tax assistance, feel free to contact Michelle at Valley Books & Tax via email or cell: [email protected] or (508) 331-3440.

IR-2024-04, Jan. 8, 2024 — The Internal Revenue Service today announced Monday, Jan. 29, 2024, as the official start date of the nation’s 2024 tax season when the agency will begin accepting and processing 2023 tax returns.

03/11/2023

Dependent-based FYI for 2023:

If your dependent is turning 17 in 2023, and they are not qualified as "permanently and totally disabled", please take note:

This dependent is aging out of child-based tax credits this year, and will no longer qualify for the Child Tax Credit or the Additional Child Tax Credit when 2023 income tax returns are filed *unless* they are qualified as "permanently and totally disabled". Instead, this dependent may qualify for the non-child specific "Dependent Credit" for 2023.

If you are currently withholding income taxes to include this dependent (i.e. Married w/2 dependents), adjusting your withholdings to *exclude* this dependent can help avoid an income tax liability at filing time, which can occur as a result of dependents aging out of child-based income tax credits.

To adjust income tax withholdings, use IRS Form W-4. A direct link is provided below.

Information about Form W-4, Employee's Withholding Certificate, including recent updates, related forms and instructions on how to file. Form W-4 is completed by employees and given to their employer so their employer can withhold the correct federal income tax from the employee's pay.

01/23/2023

Today is the official start date of the 2023 tax filing season! Below are some important dates and highlights for this season:

1/23/23: Official tax season start date
1/27/23: Earned Income Tax Credit Awareness Day
1/31/23: 2022 Tax document postmark deadline (Check your mail!)
2/15/23: Contact Payer(s) for 2022 tax documents not yet received
3/15/23: Corporate tax return and Extension filing deadline
4/18/23: Individual tax return and Extension filing deadline
9/16/23: Extended corporate tax return filing deadline
10/16/23: Extended individual tax return filing deadline

For more information about the 2023 filing season, visit the link below:

https://www.irs.gov/newsroom/irs-sets-january-23-as-official-start-to-2023-tax-filing-season-more-help-available-for-taxpayers-this-year

For tax assistance, feel free to contact Michelle by cell at (508) 331-3440, or via email to [email protected]. :)

IR-2023-05, January 12, 2023 — The Internal Revenue Service today announced Monday, January 23, 2023, as the beginning of the nation's 2023 tax season when the agency will begin accepting and processing 2022 tax year returns.

12/08/2022

Did you know? Today marks a "hat trick" of firsts in the history of U.S. legal tender:

The first time U.S. currency features the signatures of two women... the first time U.S. currency features the signature of a woman Treasury Secretary... and the first time U.S. currency includes the signature of a Native woman.

Keep an eye out for these new bills in the coming months. :)

New bills just dropped.

The The Bureau of Engraving and Printing has started producing the first dollars featuring signatures of Secretary Janet Yellen and Treasurer Chief Lynn Malerba. The banknotes mark the first time that U.S. currency features the signature of a woman Treasury Secretary. Treasurer Malerba is also lifetime chief of the Mohegan Tribe, and notably the first Native woman to have her signature on U.S. currency.

11/02/2022

MA Residents re: Chapter 62F Refunds:

In this past fiscal year, Fiscal Year 2022 (FY22), Massachusetts tax revenue collections exceeded the annual tax revenue cap set by Chapter 62F of the Massachusetts General Laws. In accordance with the statute, this excess revenue is being returned to taxpayers.

In general, eligible taxpayers will receive a credit in the form of a refund of 14.0312% of their Massachusetts personal income tax liability for Tax Year 2021. Please note that credits may be reduced due to refund intercepts, including for unpaid tax liability, unpaid child support, and certain other debts.

Distribution of refunds will begin on November 1, 2022 – eligible taxpayers will receive their refund automatically through direct deposit or as a check sent through the mail. If you have already filed your 2021 tax return and you had a tax liability, no action is needed, and you should receive your refund by mid-December of 2022. If you have not yet filed your 2021 return, you are still eligible if you file by September 15, 2023 and, if eligible for a refund, you should receive it approximately one month after you file.

The MA Department of Revenue provides an online Refund Estimator to estimate refund amount based on Tax Year 2021 income tax liability. For more information including FAQ and the Refund Estimator, please visit the link below:

https://www.mass.gov/info-details/chapter-62f-taxpayer-refunds #:~:text=Chapter%2062F%20requires%20distribution%20of,taxable%20year%20%E2%80%93%20Tax%20Year%202021.

Please feel free to share this status. :)

10/20/2022

FYI re: Federal Student Loan Debt Relief:

On Thursday October 20, 2022, the U.S. Dept. of Education launched the official application for Federal Student Loan Debt Relief.

The direct links below can be used to learn more about, and/or apply for, this relief. The application will remain available until Dec. 31, 2023. According to the U.S. Dept. of Education, debt discharge could take up to (6) weeks from application submission date.

Learn more:
https://studentaid.gov/manage-loans/forgiveness-cancellation/debt-relief-info

Apply:
https://studentaid.gov/debt-relief/application

FYI re: Taxation of Federal Student Loan Debt Relief/Forgiveness:

Federal Taxation:
The American Rescue Plan Act of 2021 modified the treatment of student loan forgiveness for discharges occurring in 2021 through 2025 to the amount forgiven does not count toward federal taxable income.

State Taxation:
Though a majority of states conform with the IRS definition of "taxable income", each State will decide how student loan forgiveness will be treated by their state for taxation purposes, non-income tax states excluded. Please check with your State Department of Taxation to learn more about tax treatment of federal student loan debt relief.

Please feel free to share this status. :)