BYB Tax Blog

If you received a tax document in the mail this month and were confused - you're not alone. Knowing the name, type, and purpose of each tax document can be confusing. In this article, we'll explain the names of some common tax documents, what they're for, and when you can expect them to arrive in your inbox.   Most tax documents start arriving in the middle of January and through the middle of March.  Make sure to check your "snail" mail and your email inbox for tax notifications from your employer or investing platforms.   Here are some common forms that you might receive:  1099-B: Investment sales and capital gains, arrives in Jan through Mid-Feb If you sell stocks, bonds, or other securities through a broker (in-person or via app), you can expect to receive one or more copies of Form 1099-B in January. This form is used to report gains or losses from transactions in the preceding year. The losses can actually help lower your tax liability, so make sure to inc

The 2022 tax season deadline is fast approaching, and it is important to start preparing now to ensure a smooth and stress-free filing process. With the pandemic approaching rearview mirror status, there may be changes to the tax laws and filing procedures that you should be aware of. In this blog post, we will provide an overview of what to expect during the 2022 tax season, including important deadlines, changes to the tax laws, and tips for getting your taxes done efficiently. One of the most important things to keep in mind is the deadline to file your taxes. The deadline for submitting your tax return is April 18th, 2023.  If you need more time, an extension date may not be coming, or it's TBD.  However, it is important to note that any taxes owed must still be paid by April 18th, 2023, to avoid penalties and interest. Another important thing to keep in mind is  The Child Tax Credit , which was temporarily increased to $3,000 per child under the age of 17 during the pandemic