The IRS started issuing the third round of Economic Impact Payments. No action is needed by most taxpayers. The IRS will issue payments automatically to you by direct deposit and through the mail as a check or debit card. Many people will receive the third payment the same way they received the first and second… Read More
FEDERAL INCOME TAX DEADLINE EXTENDED The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days. Individual taxpayers can… Read More
The importance of a CPA Life is often viewed as a series of stages – childhood, graduation, parenthood, and retirement, to name a few. Like the points on a clock, time moves us from one stage to the next. No matter what “time” it is in your life cycle, you probably share a common worry:… Read More
If you’re a sole proprietor, you have probably wondered at some point whether you’d be better off if you incorporated your business. Here are some facts for you to consider. The single biggest benefit of incorporating a business is limiting an owner’s liability. In theory, a stockholder in a corporation risks only his or her… Read More
The Roth IRA has been widely discussed and analyzed. One of the most challenging questions this retirement vehicle brings up is whether or not you should convert your existing IRA to a Roth IRA. How the Roth IRA works: You’re allowed to contribute up to $5,500 to a Roth IRA in 2018 ($6,000 in 2019)… Read More
Out of sight, out of mind. When it comes to old tax returns, that’s an approach many people like to follow. But before you completely forget about your old tax forms, you may wish to consider filing an amended return. Why file an amended return? If you made a mistake on a prior-year tax return,… Read More
Your home. Your office. Are they one and the same? If so, you may be able to take a home-office deduction that can save income and self-employment taxes. The deduction gives you the opportunity to claim expenses related to the business use of… Read More
Be aware that important tax consequences are often associated with some fairly common events involving your home. Here are some handy things to know. Home purchase. When purchasing a home, you may pay a portion of the mortgage interest in advance. This loan origination fee, or “points,” is a percentage of the total amount borrowed. If… Read More
Frequent tax law changes have made the tax code very complicated; only the informed taxpayer can take advantage of tax-cutting opportunities that remain. Here are some suggestions you should consider if you’re interested in cutting your taxes. 1. Reduce your consumer debt. The interest you pay on consumer debt is not deductible. Consider shifting consumer debt… Read More
It’s that time of year again. TAX SEASON. Loeffler Financial Group is celebrating their 20th Tax Season this year! That’s right 20 years! What first started out in Craig Loeffler’s living room, has now become a successful full service accounting, wealth management and tax preparation! TAX PREPARER. Many individuals and small businesses question if they… Read More