May News To Know

May 1, 2024

Spring is here, and tax season is now officially behind us! Some items to keep in mind for May are:

  • If you’re due a refund for the 2020 tax year and HAVE NOT filed, the deadline to file your return and claim it is May 17, 2024.
  • Use the IRS Tax Withholding Calculator for 2024 to ensure your deductions are where they need to be.
  • Teacher Appreciation Week is May 6th-May 10th this year. Did you know that educators can deduct up to $300 for unreimbursed classroom expenses? For our teachers in Illinois, there is an additional $500 credit available. The upcoming week celebrates the indispensable role teachers play in educating our future generations.

Although the initial rush of tax season is behind us, our team is still hard at work preparing those returns that have been extended. Extensions were filed on your behalf if we hadn’t received information prior to the initial deadlines. If you have yet to submit your tax documents to us, you can get them over to your CJBS advisor as soon as you are able. Below are the remaining deadlines for returns that are on extension:

Chicago residents were sad to hear about the unexpected closing of several boutique grocery stores, Foxtrot & Dom’s Kitchen. As accountants, we share our perspective on how & why these abrupt closures can happen, and what the potential early warning signs were here.

We are excited to share the exciting news that CJBS has been recognized, for the 3rd year in a row, as one of the Best Places to Work in Illinois! This honor is thanks to the wonderful team here at CJBS. Here are a few quotes from our employees “I believe this organization provides the ability for growth in a professional and personal career. The knowledge and willingness to pass down information throughout this firm is one of the reasons people like working here. With the awesome culture, there is still great learning opportunities.” & “We have a very open-door policy with all team members. We are encouraged to voice our concerns, thoughts or suggestions, through our culture committee team and any other member of our organization. I love that through collaboration we enhance our efficiency and create a learning environment that helps us develop professionally.”

At our office, we take advantage of the beautiful Chicago weather and a chance to rejuvenate and spend time with our loved ones by closing our office at 2 pm on Fridays from May – August. As always, we are here to assist with any questions you have throughout the summer months.

Stay safe & healthy, 
The CJBS Team