March is Women’s History Month, a time to celebrate the achievements and contributions of women throughout history. At Loeffler Financial Group, we’re proud to honor the women who have shaped the field of accounting, paving the way for future generations. This year, we highlight some trailblazers whose impact continues to resonate today.
1. Maria Gaetana Agnesi (1718-1799)
Maria Gaetana Agnesi was an Italian mathematician and philosopher who wrote the first book discussing both differential and integral calculus. Her work, “Analytical Institutions for the Use of Italian Youth,” was a groundbreaking achievement and contributed significantly to the understanding of calculus. Agnesi’s dedication to education and mathematics laid a foundation for women in STEM fields.
2. Mildred Dresselhaus (1930-2017)
Known as the “Queen of Carbon Science,” Mildred Dresselhaus was an American physicist and electrical engineer. Her research focused on the electronic properties of materials, particularly carbon, and she made pioneering contributions to the field of nanotechnology. Dresselhaus was the first female Institute Professor at the Massachusetts Institute of Technology (MIT) and served as a role model for women pursuing careers in science and engineering.
3. Mary Harris Thompson (1832-1923)
Mary Harris Thompson was an American pioneer in accounting and taxation. She founded one of the first professional accounting firms in the United States and played a crucial role in shaping early accounting practices. Thompson’s advocacy for rigorous standards and professionalism in accounting laid the groundwork for the modern accounting profession.
Loeffler Financial Group: Empowering Women in Finance
While Loeffler Financial Group is owned by men, we take pride in the fact that our company is largely d
riven by strong, intelligent women. From leadership roles to client management and financial planning, women at Loeffler Financial Group are integral to our success. They bring diverse perspectives, innovative ideas, and a commitment to excellence that defines our approach to client service.
As we celebrate Women’s History Month, we recognize and celebrate the contributions of women in accounting and finance. Their resilience, intelligence and dedication continue to inspire us at Loeffler Financial Group and beyond. Join us in honoring these remarkable women and reflecting on their impact on our industry and society.
At Loeffler Financial Group, we believe in empowering women in finance and celebrating their achievements every day.
Tax season can be a challenging time for both individuals and businesses, but with a little proactive planning, you can avoid the last-minute rush and headaches that often come with filing. Here are ten essential tips to help you get a head start, stay organized, and make your tax filing process as smooth as possible.
1. Start Early and Set a Timeline
Begin your tax prep early to give yourself ample time for gathering documents, consulting professionals, and correcting any issues that may arise. Break the tasks into manageable steps by creating a timeline, with specific goals for each week. Mark key deadlines, especially the tax filing deadline in mid-April (April 15, 2025) for most individuals. (March 15 deadline for S-Corps and Partnerships; and October 15 for returns on Extensions.)
2. Organize Your Documents in Advance
Being organized is one of the most effective ways to reduce tax-time stress. Start by creating a checklist of essential documents you’ll need, such as:
Income documents (W-2s, 1099s, investment income statements)
Receipts for deductions (medical, charitable contributions, business expenses)
Bank statements and credit card records for tracking business-related expenses Consider using a digital tool or app to scan and store your receipts and documents for easy access. Digital storage is not only more convenient but also helps you keep all necessary documents in one place.
3. Review Last Year’s Return
If your finances haven’t changed dramatically, last year’s tax return can serve as a great reference point. Review the forms, deductions, and credits you claimed last year to make sure you’re not missing anything. A quick look back can also remind you of important documents to gather and areas where you might be able to claim similar deductions this year.
4. Stay on Top of Common Deductions and Credits
Knowing which deductions and credits you’re eligible for can make a big difference in your tax liability. Here are a few commonly missed ones:
Home office deduction for self-employed individuals
Charitable contributions (cash or items donated to qualifying charities)
Medical and dental expenses if they exceed a certain threshold of your income
Educational credits like the American Opportunity Credit or Lifetime Learning Credit Make sure you keep detailed records for these deductions, as the IRS may request proof if you’re audited.
5. Track Business Expenses Carefully
If you’re a business owner or self-employed, accurate records of your business expenses are essential. Some common deductions include:
Office supplies, equipment, and software
Advertising and marketing expenses
Business travel expenses
Vehicle expenses if used for business purposes Maintain organized records of each transaction and consider using accounting software to track your business expenses throughout the year. This will make filing your taxes easier and more accurate.
6. Check for Any New Tax Law Changes
Tax laws can change frequently, and staying informed is essential to avoid missed deductions or unexpected tax bills. Each year, review the latest IRS guidelines or consult with a tax professional to stay up-to-date on new rules. For instance, recent changes may affect deduction limits, eligibility for credits, or even income tax brackets.
7. Prepare for Estimated Taxes if Self-Employed
If you’re self-employed or a freelancer, you likely need to make quarterly estimated tax payments. These payments help prevent large tax bills (and penalties) at year-end. Set aside a percentage of your income each month to cover these taxes, and make sure to submit payments on time—typically in April, June, September, and January.
8. Double-Check Your Tax Forms for Accuracy
It’s critical to review all of your tax forms, including W-2s, 1099s, and other income statements to ensure accuracy. Even small mistakes can delay the processing of your return or result in additional tax due. If you find any discrepancies be sure to contact the relevant party immediately to get a corrected form.
9. Consider Hiring a Tax Professional
If your tax situation is complex or you’re unfamiliar with recent changes, a tax professional can offer invaluable expertise. They can help you identify deductions you may not be aware of, ensure compliance with tax laws, and even save you time. Additionally, a tax advisor can help you with planning strategies to minimize your tax liability in the future.
10. File Electronically and Use Direct Deposit for Faster Refunds
Filing your return electronically is faster, more accurate, and more secure than filing by paper. Additionally, choosing direct deposit for your refund can shorten the waiting time significantly. E-filing with direct deposit is generally the quickest way to receive any refunds you may be due.
It’s never too early to prepare for Tax Season
By taking a proactive approach, you can make tax season a far less stressful experience. Start early, stay organized, and keep these tips in mind as you prepare. Whether you’re filing for yourself or your business, a little preparation can help you save time, maximize deductions, and reduce the risk of errors. Here’s to a smooth tax season!
As we approach the holiday season, it’s easy to let financial planning slide to the bottom of your to-do list. However, November is actually the ideal time to assess your finances and take steps that can positively impact your tax situation for the year ahead. By planning early, you can enjoy a stress-free holiday season while setting yourself up for a smooth tax filing process next year. Here are some essential tips to prepare your finances before the year ends.
1. Review Your Income and Expenses
Take a close look at your income and expenses to get a clear picture of where you stand financially. Reviewing these figures now will help you identify any necessary adjustments before the close of the year. For instance, if your income has increased significantly, you may want to consider strategies for reducing your taxable income to avoid a higher tax bill. Or, if you’re a business owner, evaluating your expenses could reveal opportunities to make year-end purchases that can be deducted in this tax year.
2. Maximize Your Tax-Advantaged Contributions
If you haven’t yet maxed out contributions to retirement accounts such as a 401(k) or IRA, now is the time to do so. Contributions to tax-advantaged accounts reduce your taxable income, offering potential savings come tax season. For 2024, you can contribute up to $22,500 to a 401(k) or $6,500 to an IRA (with an additional $1,000 catch-up contribution if you’re over 50).
Don’t forget other tax-advantaged accounts like a Health Savings Account (HSA) if you’re eligible. HSAs not only reduce taxable income but can also serve as a long-term savings vehicle for medical expenses, with unused funds carrying over year-to-year.
3. Make Charitable Contributions
The holiday season is a wonderful time to give back, and it can also reduce your tax liability. Charitable donations made before December 31 can be deducted if you itemize on your tax return. Be sure to keep documentation of all donations, as the IRS may require proof. Non-cash contributions, such as donated clothing or household items, can also qualify, but make sure to keep a detailed list and consider obtaining an appraisal for high-value items.
4. Consider Timing Business Expenses
If you’re a small business owner or self-employed, consider timing certain expenses to optimize your tax deductions. Making necessary purchases, such as new equipment or supplies, before year-end can reduce your taxable income. Additionally, prepaying some expenses (such as rent or insurance) could allow you to maximize deductions for this year, especially if you use the cash basis accounting method.
5. Assess Capital Gains and Losses
If you have investments, now is the time to review your portfolio and evaluate any unrealized capital gains or losses. By strategically selling investments, you can offset capital gains with losses, a strategy known as “tax-loss harvesting.” This can help reduce your tax liability, especially if you’ve had a successful investment year. Just be mindful of the “wash sale rule,” which disallows a deduction for a loss if you repurchase the same investment within 30 days.
6. Use Any Remaining FSA Funds
If you have a Flexible Spending Account (FSA) for healthcare expenses, remember that many FSAs have a “use it or lose it” policy, meaning unused funds do not roll over into the next year. Check your plan’s specifics to see if there’s a grace period or carryover option, but if not, plan to use up any remaining funds by scheduling medical appointments, filling prescriptions, or purchasing eligible items like eyeglasses or medical supplies.
7. Plan for Estimated Tax Payments
If you’re self-employed or have other income sources that aren’t subject to withholding, make sure you’re on track with your quarterly estimated tax payments. The fourth-quarter payment is due in January, but planning now will help ensure you avoid a big surprise tax bill — and any associated penalties — when you file your return. Calculating your total income, deductions, and expenses now will give you a good estimate of what you owe.
8. Organize Your Tax Documents
Tax season can be a lot less stressful when you have everything in order. Take a few minutes to organize your receipts, statements, and other financial records, which will make filing much easier and more efficient. Consider using digital tools or apps to securely store these documents and avoid misplacing anything important during the busy holiday season.
Take a Proactive Approach
Taking a proactive approach to tax planning before year-end is one of the best ways to minimize tax liability and maximize financial opportunities. A little planning now will help you avoid the holiday rush and enjoy peace of mind going into the new year. At Loeffler Financial Group, we’re here to support your year-end financial planning needs. Contact us today to learn more about how we can help you make the most of this tax season.
Happy Holidays — and happy planning!
Are you guilty of pushing your bookkeeping to the back burner with excuses like “I’ll do it next year,”“I know my money,” or “I don’t have time”? It’s time to recognize that these delays could be costing you more than you realize.
📊 Why Accurate Bookkeeping Matters
The truth is, that accurate bookkeeping forms the bedrock of your business’s financial health. Without it, you risk:
Missed Tax Savings: Proper records ensure you claim all deductions and credits you’re entitled to.
Inaccurate Cash Flow: Clear financial records help you understand your cash position and make informed decisions.
Potential Penalties: Incorrect filings can lead to penalties and unnecessary headaches.
But it’s not just about your business; it impacts your family’s financial future too. Imagine the peace of mind knowing that your current needs and future goals are supported by a solid financial foundation.
⏰ Take Action Now
Don’t procrastinate any longer. Taking control of your books means setting up your business—and your loved ones—for:
Growth: Clear financial insights pave the way for strategic decisions and sustainable growth.
Better Decisions: Access to accurate data empowers you to make informed choices.
Financial Clarity: Know where your business stands and plan confidently for the future.
Next year’s success starts with the right steps today. Let’s get your bookkeeping in order. Contact Loeffler Financial Group now to take the first crucial step towards financial stability and prosperity.
Remember, your business deserves the best financial footing possible. Let’s make it happen together.
5 Ways a Real Estate Bookkeeper Can Revolutionize Your Accounting & Boost Your Bottom Line
In the realm of business, bookkeeping stands as the cornerstone for maintaining accurate financial records. When it comes to real estate, this practice takes on a whole new significance, encompassing assets, liabilities, and overall capital management. The benefits are manifold, offering streamlined tax tracking, enhanced cash flow, performance analysis, and heightened security.
Real estate bookkeeping not only facilitates easier tax tracking but also empowers businesses to analyze their performance, track profits and losses, and ensure financial security. To delve deeper into the transformative potential of a real estate bookkeeper, let’s explore five key ways they can elevate your accounting practices and bolster your financial prosperity:
Stay Informed and Ahead: With a dedicated real estate bookkeeper on board, you gain real-time insights into your financial landscape. This proactive approach allows you to identify trends, anticipate challenges, and seize growth opportunities.
Safeguard Against Losses and Fraud: Vigilant monitoring of financial records is paramount in safeguarding your business against losses and fraudulent activities. A skilled bookkeeper conducts comprehensive audits, ensuring transparency and accountability in all financial dealings.
Navigate Tax Season with Confidence: Real estate bookkeepers not only track financial transactions but also serve as invaluable allies during tax season. By maintaining meticulous records, they help you accurately assess tax liabilities, minimize risks of penalties, and optimize your tax strategy for maximum savings.
Provide Accurate Financial Data: In the fast-paced world of real estate, access to accurate financial data is indispensable for making informed decisions. A proficient bookkeeper ensures that your financial records are up-to-date, reliable, and tailored to your specific business needs.
Maximize Profitability and Efficiency: By harnessing the insights provided by a real estate bookkeeper, you can identify areas for optimization, streamline processes, and ultimately enhance your bottom line. With their expertise in real estate accounting, they offer strategic guidance to help you maximize profitability and achieve your business objectives.
In conclusion, the role of a real estate bookkeeper extends far beyond mere record-keeping. It catalyzes growth, offering invaluable support in navigating the complexities of real estate accounting. To harness the full potential of professional bookkeeping services tailored to the real estate industry, look no further than Loeffler Financial Group. Schedule your consultation today and embark on a journey towards financial empowerment and prosperity. Visit our website for more information: http://www.LoefflerFinancialGroup.com.
New Year! New Goals! But guess what else January brings…That’s right—the unofficial start of tax season, and here at Loeffler Financial Group, we’re gearing up to make it as painless as possible for you! We even made some great improvements to our building to better serve you, and our clients!
We understand tax prep isn’t exactly the most exciting part of the year (trust us, we know!). But fear not, because we’re all in this together, and we’re here to offer you a quick reminder.
It’s time to start gathering those tax documents. Round up your W-2s, 1099s, receipts, and any other relevant paperwork. And if you don’t have everything just yet, no need to stress. You still have almost two months until the deadline comes knocking. But remember, the sooner you start, the smoother the process will be!
Here at Loeffler Financial Group, we’re genuinely thrilled because we’re all set to be your tax season partners! Whether you’re a tax prep pro or a rookie, rest assured, we’ve got your back and can guide you every step of the way.
We’re more than just an accounting firm; we’re family. This year, let’s breeze through tax season together, making the journey as easy and stress-free as possible. Stay tuned for helpful tips, important updates, and gentle reminders along the way.
Let’s tackle tax season head-on, together! Call 717-393-7366, or book right online for an easy and stress-free Tax appointment.
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 to be licensed to practice by the federal government, and “Agent” means authorized to appear in the place of the taxpayer at the IRS. Only Enrolled Agents, attorneys, and CPAs may represent taxpayers before the IRS. The Enrolled Agent profession dates back to 1884 when, after questionable claims had been presented for Civil War losses, Congress acted to regulate persons who represented citizens in their dealings with the U.S. Treasury Department.
How does one become an Enrolled Agent?
The license is earned in one of two ways, by passing a comprehensive examination that covers all aspects of the tax code or by having worked at the IRS for five years in a position that regularly interpreted and applied the tax code and its regulations. All candidates are subjected to a rigorous background check conducted by the IRS.
How can Enrolled Agent help me?
Enrolled Agents advise, represent, and prepare tax returns for individuals, partnerships, corporations, estates, trusts, and any entities with tax-reporting requirements. Enrolled Agents’ expertise in the continually changing field of taxation enables them to effectively represent taxpayers audited by the IRS.
Loeffler Financial Group has a team of Tax Advisors, CPA’s and EA’s to help assist with your taxes each year. Our team of experts stays up-to-date on all the tax laws and changes for the upcoming tax season.
Schedule your tax return appointment online here, or call our office at 717-393-7366!
To read more about our tax office and tax advisors click here.
2022 Tax Deductions and Tax Exemptions
Standard Deduction
Single: $12,950
Joint returns & surviving spouses: $25,900
Married filing separately: $12,950
Head of household: $19,400
The standard deduction increases by $1,400 for a married taxpayer aged 65 or older or blind ($2,800 if both 65 and blind); by $1,750 for a single taxpayer aged 65 or older or blind ($3,400 if both 65 and blind).
Personal Exemptions: Suspended through 2025
No personal exemption is allowed to an individual who is eligible to be claimed as a dependent on another taxpayer’s return.
If you own a small business, you need an accountant. Small business owners tend to file their taxes with a free online tax services year after year, but a digital solution can only take you so far. A tax accountant, or should we say a real accountant is an essential part of your small business team.
But why make the switch now? COVID-19.
Various COVID relief bills were passed in 2020 and 2021, which mostly affected the small business sector. With these new bills and laws, some of the previous ones passed were then overturned, making this years 2020 business taxes a little more complex. You certainly want to talk to an accountant if your business qualified for some of the various forms of government and private support and tax benefits this year.
The various forms of government assistance and tax benefits announced in 2020 were unbelievably confusing.
Here are just a few of the government programs and policies that might affect your 2020 small business taxes:
Paycheck Protection Program
Economic Injury Disaster Loans and EIDL loan advances
Employee Retention Credit
Any support from other governments or organizations
But a good accountant is more – much more – than a tax preparer. A good accountant is your small business advisor, not just a tax advisor. He or she should be able to help you deal with all the major financial issues your small business faces and advise you on how to insure your personal financial well-being. Our accountants at Loeffler Financial Group can help guide you on how to handle the financial matters, including the accounting and money handling systems of your business. Our team also will help guide you on ways to structure investment, personal loans, and losses to get not only the best tax treatment but to better manage my cash flow.
What kinds of taxes will I have to pay? What are my tax deadlines?
How can I reduce my taxes?
Which expenses are deductible, non-deductible or have to be depreciated?
What kind of bookkeeping system should I set up?
How can I set up systems to reduce the possibility of theft or embezzlement?
How should I pay myself and what are the tax implications?
Should I use the cash or accrual form of bookkeeping?
Do I need to keep track of inventory? If so, what method do I use?
How do I handle payroll and payroll taxes?
Do I have to collect sales tax? When? From whom?
What kind of retirement program can I set up and how much can I contribute each year?
What other accounting and tax considerations are there for my type business?
A good small business accountant can save you more money in the long run, and help you lower your taxes! Although the deadline for taxes has been extended to May 17, 2021, you want to start gathering your files, and book your appointment today!
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: money. Managing money for today is one thing; making decisions to ensure adequate funds for the next stage is quite another.
The CPA commitment. As trusted advisors, CPAs across the country have made a commitment to increase financial literacy. How? By volunteering to educate the public about financial issues and the decisions that must be made at every stage of life. Americans are faced with significant financial concerns, but often have insufficient financial literacy. Bright and even highly educated people sometimes have trouble speaking the language of money, often to their economic detriment.
To combat this trend, the CPA profession has united around a cause to educate Americans, rich and poor, young and old, on how to better handle their finances. With the life cycle “clock” as a model, CPAs have taken a full, 360-degree view of the challenges Americans face. For each milestone, the profession has solid, practical advice to share. You might say CPAs are once again emphasizing the term “public” in their title.
Call on us. Which brings us to our firm, Loeffler Financial Group. We, too, have accepted the call to educate our community. Our team of experts would be pleased to speak to your organization about life’s financial challenges. We can also speak to students or provide classrooms with timely, interesting material on money and financial issues.
If you would like to find out more about the accounting profession’s drive to improve financial literacy, give us a call. Life’s financial clock is ticking. Let us help you before the alarm goes off. Call Loeffler Financial Group today at 717-393-7366!
