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.