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Plan Ahead for 2026! Contribution limits for retirement plans are increasing—don’t miss out. The IRS has announced new contribution limits for retirement plans for the 2026 tax year, giving employees more opportunities to save for the future.

Effective for tax years 2025–2028, qualified tips earned by individuals may be claimed as a federal income tax deduction of up to $25,000. Tips include money received from customers in cash, by credit card, or through a tip-sharing arrangement—provided they are given voluntarily.

We’ve officially launched our new logo and redesigned website, marking an exciting new chapter for BYB!

Starting with your 2025 federal tax return, the Child Tax Credit will increase to a maximum of $2,200 per qualifying child - up from $2,000 in 2024. This credit is applicable to children under age 17 and taxpayers must meet income and dependency requirements.

Starting September 30, 2025, the Social Security Administration will officially stop issuing physical paper checks for benefit payments. This marks a significant shift in how beneficiaries receive their funds.

If you live in a high-tax state like New York, California, or Connecticut, the federal SALT (State and Local Tax) deduction has long been a hot topic. With the passage of the One Big Beautiful Bill Act (OBBBA) on July 4, 2025, taxpayers in these states may finally see some relief—at least temporarily.

There has been no official confirmation from the IRS or Congress regarding a new stimulus check in 2025. However, some states, including New York, have announced plans to provide relief checks or rebates to residents based on their income and/or filing status.

If you're unable to pay your tax bill, the IRS offers a temporary delay of collection as one of several relief options.

Maintaining a healthy credit profile is essential for financial well-being, and one of the most effective ways to do that is by regularly reviewing your credit report.

Mistakes happen—even on tax returns. Whether you forgot to include a W-2, misreported income, or realized you qualify for a deduction you didn’t claim, the IRS gives you a way to fix it: filing an amended tax return (Form 1040-X).

If you bought a new electric or hybrid vehicle under 14,000 pounds with a 7 kWh battery, you may qualify for a $7,500 tax credit!

IRS suggests extensions!

Check out the online tool to check your status!

Contact Wiley and his accounting team at The BYB for more information!

On Saturday, February 22nd, the White Plains Youth Bureau, Beta Alpha Alpha Chapter of Omega Psi Phi Fraternity, Inc., and My Brothers Keeper honored our very own Wiley Harrison with the 2025 Business Person of the Year!

Did you Know? The American Opportunity Tax Credit provides a dollar-for-dollar credit on a portion of qualified education expenses paid for an eligible student for the first four years of higher education.

Did you Know? The IRS increased the standard mileage rate by three cents to $0.70 per mile.

Health Savings Accounts (HSAs) allow individuals to set aside money for future medical expenses, offering triple tax savings. If you have a qualifying high-deductible health insurance plan, you can save taxes by contributing to an HSA.

How much is a dependent worth on taxes in 2024? The child tax credit is limited to $2,000 for every dependent you have who is under age 17.

For the 2024 tax year, individual tax filers will not have to pay any capital gains if their total taxable income is $47,025 or less.