First let us wish you a blessed holiday season for 2003. The news from BRB TAX for the year 2003 is good.
I would like to welcome H&H Tax clients to BRB TAX, LLC. I was sorry to hear about Grace passing away as she had been a friend for over ten years. Your files have been transferred to my office and I will be glad to assist you in your tax needs. For those who do not know, BRB Associates purchased H&H Tax and has now changed the name to BRB TAX, LLC. By adding H&H Tax to BRB, it has been necessary to make business changes. I have merged the prices of the two businesses to form one standard pricing, most people will not notice more than a $10.00 difference from last years pricing. The parking has been increased from six to a total of 18 parking places. The two places on the West Columbia side are for handicapped parking only, and the other parking places are all on the Lexington side. Because of the increase in vehicle traffic it will be necessary that everyone enter on the Lexington side and exit on the West Columbia side. The drive goes around the back.
Other business changes: You may phone: 803-356-1963 or 803-359-0013, to contact us. The fax number is 803-356-2741. The office will be offering RALís (Refund Anticipation Loans). In addition there is now a website at brbtax.com. If any of you have e-mail addresses and would like to receive newsletters via e-mail please sign up for this when you come in or log on and sign up. Because of the volume of work that the office will be doing it is necessary to hire additional people. My son, Jonathan will be working with me preparing tax returns, bookkeeping and payroll. There may be additional preparers in the office at peak times. It will also be necessary to hire two or three people to answer phones and file. This is part-time, temporary work for January through April. The hours will be split amongst two or three people. If you or someone you know is interested send or bring me a letter or resume with prior work experience and hours available.
New office hours for January through April will be: Monday through Friday, 9:00 a.m. to 8:00 p.m. and Saturday 9:00 a.m. to 4:00 p.m. We will make appointments for Jonathan and myself, Brenda Brazell and will take walk in traffic as well. Due to the volume of calls that will be coming in, please do not ask for Brenda just to make an appointment. I cannot take all the calls. If you have a question please let the person who answers the phone take a message and your call will be returned.
Please let us know what you would like done with your files prior to 2000. If you choose not to take them, they will be shredded. IRS requires that we keep files for three years, we will keep four. Normally taxpayers should keep returns for three years from due date or date filed, easier to say four. But if you have capital gains, sale of houses, rental property, businesses that may have losses that need carried back, etc you may need more than this. I suggest you keep all copies of your tax returns. The backup for the returns should be kept for four years.
Income Tax News: In order to boost the economy, Congress has implemented some planned tax changes early. These changes will only be for two years and then will again revert to old law. One change was the Advanced Child Tax Credit. The Child Tax Credit was changed from $600 to $1000 for all children under age 17. In order to boost the economy $400 was advanced to the parents. When we file your tax return, we will show the $1000 less the amount you have already received. If you would have received the money except it was applied to a debt you owed, you are deemed to have received it and it will be subtracted on your tax return. You can see it will be important to know how much you received or would have received. We will need the paper or card you received from the IRS. If you do not have it or do not know the amount then please try to obtain this information before your tax visit. You can log on to the IRS website (irs.gov) and find out the amount or you can call the IRS at 1-800-829-1040. If you do not bring this amount with you it will delay the processing of your tax return and refund. In 2005 the Child Tax Credit will go to $700 per child under age 17.
Another change implemented early was the amount of the standard deduction and tax brackets for the Married Filing Joint clients. The amounts are now twice the amount of the single person. This will help the people who do not itemize and will help all MFJ filers on the tax brackets. This should be a savings worth a minimum of $300 for MFJ clients. This will be good for two years and then will go back down and be phased in again in 2008 or 2009. In 2002 the standard deduction for MFJ was $7850 and for 2003 will be $9500. This saving should have been seen in your withholding from your paycheck. This will not necessarily mean a larger refund when you file your tax return. If you do itemize it may mean a smaller refund since you received a larger paycheck due to the smaller amount withheld from your paycheck.