Avoid These Small Business IRS Audit Mistakes Businesses that are slowly emerging from the COVID-19 pandemic should now keep their eye on another looming obstacle: IRS audits. In late 2020, the IRS announced that it will increase tax audits of small businesses by 50 percent in 2021. Here are several mistakes to avoid if you… Read More
Year-round tax planning is for everyone. An important part of that is recordkeeping. Gathering tax documents throughout the year and having an organized recordkeeping system can make it easier when it comes to filing a tax return or understanding a letter from the IRS. Good records help: Identify sources of income. Taxpayers may receive money or property… Read More
Tips to Understanding the Value of Money If you were offered the choice of being paid $100 today or $100 a year from now, you would probably choose $100 today. After all, even at today’s low interest rates, your $100 might earn a small return over the next year. This simple example illustrates an important… Read More
With millions of Americans working remotely for the first time this year, the Federal Trade Commission is warning people about work-from-home scams. Our Loeffler Financial Group accountants have provided some common work-from-home offers to be careful of according to the FTC: At-Home Medical Billing Businesses. Many medical billing business opportunities are worthless. Their promoters don’t tell… Read More
Can you believe it? It’s that time again!! LNP + LancasterOnline Readers’ Choice Awards has begun! What a great way to end tax season with the kick off to Readers’ Choice, Lancaster’s #1 Favorites! We are extremely proud of the high-quality services we offer out of our office. Our success is due to YOU, our… Read More
Federal, state, and local tax returns are due! Those who can’t pay should still file on time. The filing and payment deadline for most 2020 federal tax returns is here. Taxpayers should file or request an extension of time to file and pay any taxes they owe by the May 17 deadline to avoid penalties… Read More
Taxpayers receiving Social Security benefits may have to pay federal income tax on a portion of those benefits. Social Security benefits include monthly retirement, survivor, and disability benefits. They don’t include supplemental security income payments, which aren’t taxable. The portion of benefits that are taxable depends on the taxpayer’s income and filing status. To find… Read More
Filing season reminder: An extension to file is not an extension to pay taxes For most individual taxpayers the tax filing and payment deadline was postponed to May 17, 2021. Those who need more time to file beyond the postponed date, can request an eextension to file. Taxpayers must request an extension to file by… Read More
Tax filing time is an ideal time to review your financial affairs. You have to gather information to prepare your tax return at this time. Why not take one more step and do something positive for your financial well-being? The following suggestions will get you started on your financial review: Hold a discussion with your… Read More
Do’s and don’ts for taxpayers who get a letter or notice from the IRS The IRS mails letters or notices to taxpayers for a variety of reasons including if: They have a balance due. They are due a larger or smaller refund. The agency has a question about their tax return. They need to verify… Read More