Motivated by the large like-sign dimuon charge asymmetry observed recently, whose explanation would require an enhanced decay rate of Bs → τ + τ − , we explore how large a branching ratio of this decay mode is allowed by the present constraints. We use bounds from the lifetimes of B d and Bs, constraints from the branching ratios of related b → sτ + τ − modes, as well as measurements of the mass difference, width difference and CP-violating phase in the Bs-Bs system. Using an effective field theory approach, we show that a branching ratio as high as 15% may be allowed while being consistent with the above constraints. The measurement of this decay, therefore, may be within the reach of current experiments, and can point toward a specific class of new physics models. We also explore the possible enhancement of this decay in models with leptoquarks and Z ′ , and find that in the latter case the branching ratio may be as much as 5%, which can alleviate the dimuon anomaly to some extent.