Category: Tips for Individuals (page 1 of 3)

Taxes are Due April 18th!

The filing deadline to submit 2016 tax returns is Tuesday, April 18, 2017 (due to the 15th falling on the weekend and Patriots Day holiday on Monday).

If you need more time to file, you can apply for an extension. An extension gives you time to file but does not extend the deadline to pay back taxes if you usually owe. 

For more information click the link below!


The IRS and state governments are combating identity theft and tax fraud this tax year. Beginning this filing season all tax payers are required to have identity verification. Please include with your tax documents a copy of your state driver’s license or other state ID. If you’re married, both individuals must meet the requirement. 



Charitable Contributions

This holiday season, if you’re in the spirit of giving, charitable contributions can be the gift that gives back!

Charitable contributions made to qualified organizations can help lower your tax bill. Record keeping of donations and contributions must be maintained no matter the amount. To properly back up your contributions please keep bank records, receipts, or payroll deductions reflecting the amount.

If you are receiving a benefit for your contribution, you can only deduct the amount that exceeds the fair market value (ex. gala tickets). Non-cash donations such as household items and clothing, must be in good used condition and valued at fair market price.

For more information, read these eight tips the IRS provides here!



Do you have an ITIN?

The ITIN is an Individual Taxpayer Identification Number issued to an individual by the IRS for tax processing. This is used in cases where an individual does not have, and cannot obtain a Social Security Number. A Nonresident alien who is required to file a U.S tax return will be required to obtain a ITIN.

“As announced in August 2016, all ITINs not used on a federal income tax return at least once in the last three consecutive tax years will expire at the end of the year, based on the 2015 PATH Act. Additionally, ITINs issued before 2013 will need to be renewed, starting with those with middle digits of 78 and 79.”

In order to renew an ITIN, a W-7 form (Application for IRS Individual Taxpayer Identification Number) must be filled by following the instructions and including all information and documentation required. This could be mailed with original identification documents or make an appointment with a IRS certified Acceptance Agent.

For more information on ITIN Click Here!

For ITIN Renewal Click Here!

Still Haven’t Filed Your 2015 Taxes?

As a courtesy, BYB automatically places current clients on an extension after missing the Tax deadline on April 15th (April 18th deadline in 2016). The extension allows for you to file after the deadline up until October 15th (October 17th deadline in 2016).

An extension allows you six months to accurately file your returns, but if you owe taxes the IRS does not give you an extension to pay what you owe. The IRS requires you to pay what you owe by the original deadline to avoid penalties and interest charges.

If you still haven’t filed your 2015 Tax returns, you need to take action NOW!

Below you will find more information regarding late filings.

Things You should Know about Filing Late and Paying Penalties

Have you filed your 2015 Taxes?

As a courtesy, BYB has placed all current clients on an extension. If you are on an extension, the IRS gives you up until October 15th to file tax returns. Please drop off your tax information as soon as possible any day Mon – Fri before 5:00 PM. We would like to get these returns completed as soon as possible to avoid any penalties.



How Divorce or Separation Effects your Taxes

If divorcing or recently divorced, there’s much to consider:

  • Name Changes
  • Spousal IRA
  • Child Support
  • Alimony (Paid and Received)

Through changes in circumstances, be prepared to pull out your check book and negotiate with your former spouse. There are many more challenges to finalizing the divorce.

For more information click here!

Moving Expenses can be Deductible

If you are moving due to Job relocation, you can deduct moving expenses.

In order to deduct moving expenses, your move must meet three requirements:

  • The move must closely relate to the start of work
  • Your move must meet the distance test
  • You must meet the time test

After meeting these requirements, the #IRS has plenty of tips to show you what expenses are deductible.

For more information click here. Be sure to update your address with the IRS and Post Office.

Summer Interns visit The BYB

Town of Greenburgh Attorney, Tim Lewis, annually visits The BYB with Summer Interns.

These students are from local colleges and high schools looking to prepare themselves for the next step.

The Summer Interns asked Wiley various questions as he answers to the best of his ability.

The video touches base on interpersonal skills, career paths, and much more.

Watch the video to hear what Wiley has to say…

Dont forget to share the knowledge!


Miscellaneous Income should be reported. Payments for services performed for your trade or business is reflected on form 1099-Misc.

If the following four conditions are met, you must generally report a payment as nonemployee compensation.

1. You made the payment to someone who is not your employee;
2. You made the payment for services in the course of your trade or business (including government agencies and nonprofit organizations);
3. You made the payment to an individual, partnership, estate, or in some cases, a corporation; and
4. You made payments to the payee of at least $600 during the year.

For more information, click the link below to read more!

Reporting Payments to Independent Contractors

Older posts