Family-owned and operated since 2001, Loeffler Financial Group is a full-service accounting, bookkeeping, payroll, and tax firm that includes wealth management and financial planning for both individuals and small businesses. For five years in a row, Loeffler Financial Group has been voted the FAVORITE accounting firm, tax preparation service, and financial planner by Lancaster County… Read More
An Enrolled Agent (EA) is a federally-authorized tax practitioner who has technical expertise in the field of taxation and who is empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of the Internal Revenue Service for audits, collections, and appeals. What does the term “Enrolled Agent” mean? “Enrolled” means… Read More
A MUST READ if using digital payment tools or reselling tickets A recent tax law change by this edition of Congress now requires transaction reporting to the IRS for anyone receiving more than $600 in payments through digital payment tools like PayPal, Venmo, and CashApp. It also impacts anyone using transaction platforms to buy or sell… Read More
With tax season in the rear view mirror, now is the time to take a hard look at your federal and/or state withholdings to ensure next year’s tax bill does not surprise you. A review is more important than ever! There are a number of tax code changes that will impact the amount of tax… Read More
Summer brings warm weather, fun outdoor activities, and new opportunities to earn some additional income. However, taxes on seasonal income need to be handled with care, whether they’re related to your child’s first job or an extra income opportunity for you. Here are some tips to help you manage the taxes on your summer earnings:… Read More
Here are five common retirement planning ideas and what you can do to take advantage of them. The key is retirement planning starts now, not decades from now when you are reaching retirement age. 1. Having a plan Surprisingly, most do not know how much money is needed for retirement. This is being made much… Read More
With tax season in the rearview mirror, now is the time to take a hard look at your federal and/or state withholdings to ensure next year’s tax bill does not surprise you. A review is more important than ever. There are a number of tax code changes that will impact the amount of tax you… Read More
The IRS issues most refunds in fewer than 21 days for taxpayers who file electronically and choose direct deposit. However, some returns have errors or need more review and may take longer to process. The IRS works hard to get refunds to taxpayers quickly, but taxpayers shouldn’t rely on getting a refund by a certain… Read More
Taxpayers should file their tax return by the deadline even if they cannot pay their full tax bill. Taxpayers who owe tax and don’t file on time, maybe charged a failure-to-file penalty. This penalty is usually five percent of the tax owed for each month, or part of a month that the tax return is… Read More
What taxpayers should do if they have incorrect or missing documents? Taxpayers should make sure they have all their documents before filing a tax return. Taxpayers who haven’t received a W-2 or Form 1099 should contact the employer, payer or issuing agency and request the missing documents. This also applies for those who received an… Read More