The accounting world is transforming rapidly, driven by emerging technologies and shifts in tax regulations. For businesses and accounting professionals alike, staying ahead of these trends is essential to streamline operations, ensure compliance, and remain competitive. Here are five key accounting trends to watch in 2025 that will shape the future of the industry.
1. Artificial Intelligence and Machine Learning in Accounting
Artificial intelligence (AI) and machine learning are revolutionizing the accounting sector. In 2025, AI will be even more integral, helping businesses automate time-consuming tasks such as data entry, invoice processing, and reconciliation. AI-driven tools can learn from previous accounting entries, predict patterns, and flag inconsistencies, minimizing human error and streamlining workflows.
For businesses, leveraging AI in accounting translates to faster and more accurate processing. AI tools also enable real-time analysis, helping finance teams make data-informed decisions without waiting for end-of-quarter reporting. As a result, AI can free up accountants to focus on higher-value activities, such as strategy and financial planning, rather than spending time on repetitive tasks.
2. The Rise of Digital Transformation and Cloud-Based Accounting
The shift to cloud-based accounting continues to gain momentum, as more companies seek flexible, scalable solutions. In 2025, cloud-based platforms will be the preferred choice for most businesses, as they enable real-time access to financial data from anywhere with an internet connection. This is particularly valuable for remote teams and companies that need to collaborate across locations.
Digital transformation in accounting is about more than just storing data in the cloud. It’s a complete overhaul of traditional processes, including automated workflows, integration of financial software with other business applications, and the use of data analytics to gain deeper insights into business performance. Embracing these digital solutions enhances efficiency and provides real-time access to financial data, which is vital for timely decision-making.
3. Increased Focus on Data Analytics and Real-Time Reporting
With advances in data analytics and reporting tools, accounting is evolving from a traditionally backward-looking discipline to a proactive, strategic function. In 2025, expect data analytics to play a crucial role in driving business decisions. Companies will use analytics to assess profitability, forecast revenue, identify inefficiencies, and even predict financial risks.
Real-time reporting will become more common, as stakeholders demand timely insights to respond to changing market conditions. Accounting teams will increasingly rely on data dashboards that offer instant updates, enabling management to make agile and well-informed decisions. This shift to real-time data aligns with a broader trend towards more dynamic, responsive business strategies that can adapt quickly to new challenges and opportunities.
4. Preparing for Updated Tax Laws and Compliance Standards
Tax regulations and compliance standards are in a constant state of flux, and staying up-to-date is more critical than ever. In 2025, we expect to see significant updates in tax laws related to digital transactions, international trade, and sustainability initiatives, which could have a substantial impact on businesses of all sizes. This will require accountants and tax professionals to stay informed and adaptable.
In response, businesses will likely adopt specialized tax software that incorporates real-time updates to tax codes and compliance requirements. Automated tax solutions are becoming increasingly sophisticated, making it easier to navigate changing regulations and reducing the risk of costly errors. Companies that invest in proactive tax planning and compliance management will be better positioned to handle the complexities of the evolving tax landscape.
5. Emphasis on ESG (Environmental, Social, and Governance) Reporting
As consumers and investors place more emphasis on corporate responsibility, Environmental, Social, and Governance (ESG) reporting is gaining traction across industries. Accounting departments are taking on a more significant role in ESG reporting, helping organizations track and report on sustainability efforts, social responsibility, and ethical governance practices.
In 2025, ESG reporting will become a standard practice for businesses as regulatory bodies start to mandate certain ESG disclosures. Accountants will be responsible for ensuring the accuracy of these reports, as investors and stakeholders demand transparency in corporate practices. Companies that prioritize ESG metrics in their accounting processes will not only align with evolving regulatory requirements but also improve their brand reputation and investor appeal.
Technology making waves
The accounting profession is undergoing a significant transformation, driven by advancements in technology, evolving regulatory requirements, and a growing emphasis on sustainability. By staying ahead of these trends, businesses and accountants can leverage technology to enhance efficiency, navigate complex tax landscapes, and build trust through transparent reporting.
At Loeffler Financial Group, we’re dedicated to helping our clients stay ahead of the curve. Our team leverages the latest tools and insights to provide proactive, customized solutions that meet today’s accounting and compliance needs. As we move into 2025, embracing these trends will position your business for success in an increasingly dynamic financial landscape.
The start of a new year brings a fresh opportunity to set goals and create a roadmap for growth. For business owners, establishing solid financial resolutions can be a game-changer, enabling better decision-making, improved cash flow, and long-term success. Here are some essential steps to start the year on the right foot and make 2025 your most financially healthy year yet.
1. Set Clear Financial Goals
Defining clear, measurable financial goals is the first step toward making improvements that last. Ask yourself these questions to get started:
What do you want to achieve financially this year? This could be increasing revenue, reducing expenses, or building up a reserve fund.
How much do you want to grow? Quantify your goals (e.g., “increase net income by 15%”) to measure progress.
What are your short-term vs. long-term goals? For example, a short-term goal might be reducing outstanding debts, while a long-term goal might be expanding your business into new markets.
Having a clear vision of where you want your finances to be will help keep you focused and motivated throughout the year.
2. Review and Update Your Budget
Your budget serves as the foundation for all financial planning, making it essential to review and adjust it regularly. Here’s how to start the year with a budget refresh:
Evaluate last year’s budget. Look at areas where you overspent or underutilized resources. Analyzing past performance can offer insights into more realistic budgeting.
Identify necessary adjustments. Consider any planned changes, such as hiring new staff, investing in equipment, or changing vendors, and incorporate these into your budget.
Create flexibility for unexpected costs. Build a contingency fund within your budget to manage unforeseen expenses without disrupting cash flow.
Maintaining an updated budget keeps your business on track and highlights areas where you can potentially cut costs or invest more.
3. Conduct a Cash Flow Check
Cash flow is the lifeblood of any business, and ensuring that it’s steady is essential to financial health. Start the year with these cash flow best practices:
Analyze last year’s cash flow trends. Identify months where cash flow was tight and develop strategies to prevent similar issues in 2025.
Establish a cash reserve. Aim to have three to six months’ worth of operating expenses saved to cover slow periods or unexpected challenges.
Improve accounts receivable processes. If you frequently experience delayed payments, consider implementing clear payment terms, offering early payment discounts, or charging late fees to keep cash flow consistent.
4. Optimize Expense Management
Even minor reductions in spending can significantly impact your bottom line. Take time to assess your expenses:
Identify non-essential expenses. Review expenses for areas where you can reduce or eliminate spending without impacting quality or productivity.
Negotiate with vendors. Reach out to key suppliers and service providers to see if you can negotiate better terms or take advantage of volume discounts.
Automate recurring expenses and payments. Streamlining regular expenses reduces administrative workload and can help prevent costly late fees.
Effective expense management leads to a leaner operation, freeing up more capital for growth initiatives.
5. Invest in Financial Management Tools
Utilizing the right tools can make financial management simpler and more accurate. Consider the following investments for 2025:
Accounting software. Programs like QuickBooks or Xero help track income, expenses, and cash flow while simplifying tax preparation.
Payroll automation. If managing payroll manually, consider automation tools that ensure accurate tax withholding, reduce errors, and streamline reporting.
Budgeting apps and forecasting tools. Many software options offer forecasting features to help visualize the impact of various financial scenarios on your cash flow.
Digital tools improve efficiency and help you make informed financial decisions, especially as your business grows.
6. Revisit Pricing and Profit Margins
Periodic pricing reviews are essential to ensure you’re charging what your products or services are worth. To start the new year strong:
Analyze profitability. Review each product or service’s profitability and consider adjustments if profit margins are lower than desired.
Research market rates. Ensure your pricing is competitive without undervaluing your offerings. Consider the value you bring to customers and adjust prices as necessary.
Communicate pricing changes effectively. If you decide to increase prices, communicate changes clearly to clients, emphasizing the value and quality you deliver.
By aligning your pricing strategy with your goals, you can increase profitability and create a sustainable business model.
7. Prioritize Tax Planning Year-Round
Tax planning isn’t just a year-end activity—it should be integrated into your financial strategy all year. Here are some ways to stay tax-efficient:
Review potential deductions and credits. Familiarize yourself with any new tax regulations or deductions for 2025 that may benefit your business.
Evaluate business structure. As your business grows, certain structures may offer tax advantages. Consult with a tax professional to ensure your setup is optimal.
Plan for quarterly tax payments. Avoid year-end tax surprises by making timely estimated payments and keeping detailed records of expenses.
Strategic tax planning can save your business money and reduce stress when tax season arrives.
8. Commit to Regular Financial Reviews
Finally, commit to regular financial reviews as part of your business management. Set aside time monthly or quarterly to assess your financial health, adjust your goals, and refine your strategy. During these reviews, focus on:
Tracking progress toward your financial goals. Are you on track with your budget, cash flow, and profitability targets?
Evaluating key performance indicators (KPIs). Metrics like profit margins, debt-to-equity ratio, and return on investment (ROI) give insights into your business’s financial health.
Adjusting strategies as needed. Economic conditions and business needs can shift. Regularly reviewing your finances helps you stay adaptable and ready to seize opportunities.
Improving your business finances in 2025 starts with setting actionable goals and committing to regular, disciplined financial management. By taking the time to refine your budget, optimize cash flow, and ensure tax efficiency, you can create a solid foundation for a prosperous year ahead. Here’s to a financially healthy 2025—one goal, one improvement, and one successful quarter at a time!
As the year draws to a close, many small business owners are focused on holiday sales, planning for the new year, and taking stock of their yearly performance. One powerful tool to support this effort is the year-end financial audit. Although audits can seem daunting, they provide valuable insights, ensure compliance, and help identify both risks and opportunities that could significantly impact your business’s future.
In this post, we’ll discuss what a year-end financial audit entails and the benefits it offers for small businesses, particularly in terms of financial planning and strategic growth.
What Is a Year-End Financial Audit?
A year-end financial audit is an independent, thorough review of a company’s financial records, policies, and systems. The primary goal is to verify that your financial statements accurately reflect the true state of your business, offering a clear view of its financial health. Audits are typically conducted by third-party professionals to ensure objectivity and accuracy.
An audit might cover:
Reviewing financial statements and verifying assets, liabilities, income, and expenses
Examining internal controls to assess how well your business prevents errors or fraud
Identifying compliance issues, particularly related to tax regulations and industry standards
Offering recommendations for areas of improvement
The scope of an audit may vary depending on the size and needs of your business. While large corporations often require audits for compliance, small businesses can benefit equally from an annual audit to maintain financial accuracy, improve operational efficiency, and support decision-making.
Benefits of a Year-End Financial Audit for Small Businesses
1. Ensures Compliance with Financial Regulations
One of the biggest benefits of a year-end audit is ensuring your business complies with relevant tax laws and industry standards. Audits review how accurately your financial statements reflect your income, expenses, and liabilities. This reduces the likelihood of unexpected issues, such as penalties from tax authorities or costly fines. Staying compliant also builds your reputation as a trustworthy business, which can be especially important for securing financing or attracting investors.
2. Identifies Financial Risks and Reduces Fraud Potential
During an audit, professionals will evaluate your internal controls—essentially, the checks and balances that help safeguard your assets and prevent fraud. They’ll identify weaknesses in your processes that could make your business vulnerable to risks, whether that’s through mismanagement, bookkeeping errors, or even fraud. Detecting these risks early means you can implement better control mechanisms and avoid financial losses down the line.
3. Uncovers Opportunities for Cost Savings
Auditors can also identify areas where you may be overspending or not managing resources efficiently. By thoroughly examining expense categories and cost controls, auditors often uncover opportunities for reducing overhead costs. These insights are particularly valuable when budgeting for the next year, allowing you to allocate resources more effectively and boost profitability.
4. Provides a Clear Picture of Financial Health
The year-end audit is like a “financial health check” for your business. Auditors ensure that all financial data is accurate and properly categorized, giving you a clear understanding of your company’s true financial position. This clarity is especially useful when setting goals, as you can make data-backed decisions on growth, hiring, and capital investments.
5. Improves Business Planning for the Upcoming Year
When you have a detailed, verified financial report from an audit, you can create a more precise budget and realistic projections. Knowing exactly where your business stands financially enables you to set achievable goals, allocate resources wisely, and plan for potential challenges. The audit process often reveals valuable insights, such as trends in revenue or expenses, which can guide strategic decisions for the coming year.
6. Enhances Credibility with Lenders and Investors
If you’re planning to apply for financing or seek investors in the near future, an audit can be a game-changer. A professionally audited financial statement demonstrates financial responsibility and transparency. Lenders and investors are more likely to trust a business that has taken the time to verify its financials, which may lead to better financing terms or attract investment to fuel your growth.
What to Expect During a Year-End Audit
A typical year-end audit will involve several stages:
Preliminary Review: The auditor will familiarize themselves with your business and financial practices, assessing key areas of risk and understanding your operations.
Testing and Verification: The auditor will then verify your financial data through a combination of sampling and detailed testing. This could include confirming the accuracy of your accounts payable and receivable, verifying inventory counts, and reviewing payroll expenses.
Internal Control Assessment: Part of the audit involves reviewing the effectiveness of your internal controls. If gaps are found, auditors will recommend improvements to enhance accuracy and security in future financial reporting.
Audit Report and Recommendations: At the end of the audit, you’ll receive a detailed report outlining the findings. This includes an evaluation of your financial statements, identified issues, and recommendations for process improvements.
While some small businesses worry about the time and cost of an audit, many find that the benefits outweigh these factors. A financial audit doesn’t have to be overly disruptive, especially if your financial records are already organized.
How to Prepare for a Year-End Audit
To maximize the benefits of your year-end audit and streamline the process, consider the following steps:
Organize financial documents in advance, ensuring that your balance sheet, income statement, and cash flow statements are accurate and up-to-date.
Review your internal controls and conduct a preliminary check for any obvious gaps or errors.
Reconcile accounts and make sure everything is properly categorized. This includes payroll, revenue, and expenses.
Consult with a professional early in the process to address any questions you may have about the audit scope and requirements.
A year-end financial audit
A year-end financial audit is an invaluable tool for small businesses looking to improve compliance, assess financial health, and plan effectively for the future. By identifying risks, enhancing credibility, and uncovering growth opportunities, an audit helps you enter the new year with a clear financial strategy. Whether you’re preparing for growth, seeking financing, or just aiming for better financial clarity, a year-end audit can support your business’s success.
Ready to start the year strong? Consider scheduling your audit soon, and contact us at Loeffler Financial Group to learn more about how a year-end audit can benefit your business!
In late August 2023, tax professionals and experts from all corners of the country gathered under the warm Florida sun for the highly anticipated IRS Tax Forum Conference. Among the attendees, Loeffler Financial Group stood out as a shining example of excellence in the world of tax and finance. The event, hosted at the Orlando County Convention Center, provided an invaluable opportunity for Loeffler Financial Group to network, learn, and share insights on the ever-evolving world of taxation.
The Gathering of Tax Minds
The IRS Tax Forum Conference is an annual event that brings together tax practitioners, tax professionals, and representatives from the IRS to discuss important topics, new developments, and best practices in the field of taxation. With the goal of enhancing the expertise of tax professionals and fostering collaboration among attendees, this conference has become a cornerstone in the industry.
Loeffler Financial Group Stays Up-to-Date on Tax Laws and Regulations
Loeffler Financial Group, a respected name in the financial world, was a prominent participant at this year’s conference. As a testament to their commitment to excellence, the group sent a delegation of their top experts to engage in workshops, panel discussions, and networking opportunities. Their active participation in various sessions demonstrated their dedication to staying at the forefront of tax law and regulation changes.
Key Highlights:
Workshops and Educational Sessions: Loeffler Financial Group’s team immersed themselves in a wide range of workshops and educational sessions that covered topics such as tax planning, compliance, cybersecurity, and emerging tax technologies. This investment in knowledge will undoubtedly benefit their clients in the coming year.
Networking Opportunities: The conference provided ample opportunities for professionals to connect and share insights. Loeffler Financial Group leveraged these connections to foster collaboration and expand their network of industry peers.
Panel Participation: Several members of Loeffler Financial Group had the honor of participating in panel discussions. Their expertise and thought leadership were on full display as they shared their insights on complex tax issues and future trends.
Exhibitor Presence: The Loeffler Financial Group booth in the exhibition hall attracted a steady stream of conference attendees. Visitors had the chance to engage with their experts, learn more about their services, and gain valuable insights into their approach to financial and tax planning.
Key Takeaways:
The IRS Tax Forum Conference in Orlando, Florida, was a tremendous success for Loeffler Financial Group. Their active involvement, dedication to staying current on industry developments, and commitment to excellence solidify their position as a trusted and forward-thinking financial partner for their clients.
As the tax landscape continues to evolve, Loeffler Financial Group’s presence at events like the IRS Tax Forum Conference demonstrates its unwavering commitment to providing top-tier financial and tax services. Their participation in such forums not only benefits their clients but also contributes to the overall advancement of the tax profession.
Loeffler Financial Group’s attendance at the IRS Tax Forum Conference in Orlando, Florida, was a testament to their ongoing commitment to excellence and their dedication to serving their clients with the highest level of expertise. As we move forward into an increasingly complex tax landscape, Loeffler Financial Group’s presence and contributions at events like these will undoubtedly continue to shape the future of taxation and financial planning.
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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 pay next year. So much so, that if you do not forecast your tax obligation now, you may be in for a very unpleasant surprise. This is true because:
No more advance payments for the Child Tax Credit. The one-year requirement of the IRS to pay out half of the Child Tax Credit in advance is no longer in place. So you will not only need to plan for this change, but it will also impact your tax return.
Child Tax Credits are lower. In addition, the Child Tax Credit amount for each child is rolling back to the 2020 dollar amount of $2,000. This could mean as much as $1,600 in lower credits for each of your children.
Dependent care credits are lower. The dependent care credit is also lower in 2022. So if both you and your spouse work and have daycare expenses, you will need to forecast the impact of this on this year’s tax obligation.
New 1099-K reporting may require estimated tax payments. The IRS will be receiving millions of new informational tax forms reporting activity from those using digital payment platforms. So for those reselling event tickets, using sites like eBay, Esty and Amazon, you will now need to account for all this income. It may now require quarterly estimated tax payments throughout the year.
Be aware of life events. In addition, a change in your situation could create the need to review your withholdings. It could be due to a job change, selling or buying a home, getting married or divorced, or having a birth or death in the family. Whatever the cause, be aware of the potential change and put a sharp pencil to revising your withholdings.
High inflation is impacting everything. Finally, consider the impact of inflation on your situation. This is especially important if you have a small business as higher costs of labor and supplies could dramatically impact your pending tax bill.
Calculating and making adjustments
Using the IRS calculator. The IRS has an online tool to help you calculate how much you will need to withhold. In order to get an accurate reading, you need to have a copy of your latest paycheck or last quarterly estimated tax filing (Form 1040 ES) and a copy of your last tax return.
Simply follow the tool’s instructions and compare the tool’s recommendation to your current withholdings.
Get expert help if necessary. The IRS recently changed the way it calculates recommended withholdings. While the intent is well intended, many are confused by the change. It is always a good idea to call to review your situation if you have any doubts. But do it now, while there is plenty of time in the year to build the proper withholding amount.
File a new withholding form with your employer. Whether you’re paying too much or too little, you can fix it by filling out a new W-4 form and giving it to your employer. If you’re filing quarterly estimated taxes, you can adjust your next quarter’s estimate in a similar way.
In a perfect tax world, you would not owe too much nor get too large of a refund. Think of overpayments as an interest-free loan the government borrowed from you. Conversely, a shortfall means writing a large check when you file your tax return. That’s a surprise few of us want.
Contact Loeffler Financial Group to start planning for your future, 717.393.7366!
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 from a variety of sources. The records can identify the sources of income and help separate business from nonbusiness income and taxable from nontaxable income.
Keep track of expenses. Taxpayers can use records to identify expenses for which they can claim a deduction. This will help determine whether to itemize deductions at filing. It may also help them discover potentially overlooked deductions or credits.
Prepare tax returns. Good records help taxpayers file their tax return quickly and accurately. Throughout the year, they should add tax records to their files as they receive them to make preparing a tax return easier.
Support items reported on tax returns. Well-organized records make it easier to prepare a tax return and help provide answers if the return is selected for examination or if the taxpayer receives an IRS notice.
In general, the IRS, and the experts at Loeffler Financial Group suggest that taxpayers keep records for three years from the date they filed the tax return. Taxpayers should develop a system that keeps all their important information together. They can use a software program for electronic recordkeeping. They could also store paper documents in labeled folders.
Records to keep include:
Tax-related records. This includes wage and earning statements from all employers or payers, interest and dividend statements from banks, certain government payments like unemployment compensation, other income documents and records of virtual currency transactions. Taxpayers should also keep receipts, canceled checks, and other documents – electronic or paper – that support income, a deduction, or a credit reported on their tax return.
IRS letters, notices and prior year tax returns. Taxpayers should keep copies of prior year tax returns and notices or letters they receive from the IRS. These include adjustment notices when an action is taken on the taxpayer’s account, Economic Impact Payment notices, and letters about advance payments of the 2021 child tax credit. Taxpayers who receive 2021 advance child tax credit payments will receive a letter early next year that provides the amount of payments they received in 2021. Taxpayers should refer to this letter when filing their 2021 tax return in 2022.
Property records. Taxpayers should also keep records relating to property they dispose of or sell. They must keep these records to figure their basis for computing gain or loss.
Business income and expenses. For business taxpayers, there’s no particular method of bookkeeping they must use. However, taxpayers should find a method that clearly and accurately reflects their gross income and expenses. Taxpayers who have employees must keep all employment tax records for at least four years after the tax is due or paid, whichever is later.
Health insurance. Taxpayers should keep records of their own and their family members’ health care insurance coverage. If they’re claiming the premium tax credit, they’ll need information about any advance credit payments received through the Health Insurance Marketplace and the premiums they paid.
Contact Loeffler Financial Group for additional questions on recordkeeping or what additional paperwork you should keep on file. 717-393-7366.
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 concept: that the value of money changes with time. A dollar received today is worth more than a dollar received a year from now – and is worth even more than a dollar received five years from now.
Craig Loeffler, Founder and partner at Loeffler Financial Group is an expert when it comes to money saving solutions and financial well-being.
Here are at least three reasons why today’s dollar is more valuable.
First, it can be invested to earn interest or dividends, as in the example above.
Second, future dollars may have their value eroded by inflation.
Third, the further into the future a payment is due, the greater the risk or uncertainty associated with receiving it.
The concept of the time value of money is important in many personal and business financial decisions. For example, you may have to choose between receiving a lump sum from a pension plan or a stream of payments in the future. In your business, you may be deciding whether to buy a new piece of equipment which will bring increased revenues in future years. Both of these decisions involve comparing the value of present and future dollars.
Finance professionals like us at Loeffler Financial Group have developed a technique called present value for making such comparisons. The technique involves “discounting” the value of future dollars to reduce them to their equivalent value in current dollars. If you are faced with a decision that involves the time value of money, contact our office today. We have financial and wealth management advisors that can help assist with any and all of your financial questions. Call now, 717-303-7366!
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 the truth about earnings potential and fail to provide key information.
Envelope-Stuffing Schemes. Offers that promise quick and easy income from stuffing envelopes at home virtually never pay off.
Telemarketing Resale Scams. Selling brand-name merchandise from home can be a great way to work-at-home making some extra money. But fraudsters sometimes call to lure you into a resale proposition. They’re the ones who make the money – and they make it from you.
Work-at-Home Businesses. Many work-at-home opportunities are promoted by scam artists. If you pay in, it’s likely that you will spend more than you can earn.
How to Protect Yourself
Do your research. Talk to other people and read reviews about the work-from-home opportunity you are considering. Also consider checking out a company with your local consumer protection agency, your state’s Attorney General or the Better Business Bureau.
Request the FTC’s one-page disclosure document. Sellers of work-from-home opportunities are required by the FTC to give you a one-page disclosure document that offers key pieces of information about the opportunity. Click here to see what the document looks like.
Ask follow-up questions. In addition to reviewing the disclosure document, ask the sellers follow-up questions such as the following: What tasks will you have to perform? Will you be paid a salary or be on commission? What is the basis for the company’s claims about what you can earn? When will you get your first paycheck?
Reporting a Scam
If you have spent time and money on a work-at-home program and now believe it may not be legitimate, contact the company and ask for a refund. If you can’t resolve any disputes with the company, file a complaint with the FTC at ftc.gov/complaint or call 877-FTC-HELP.
Also file a complaint with your state’s Attorney General’s office or the state where the company is located.
And as always, feel free to reach out to Loeffler Financial Group with any questions you may have. Our team of expert accountants and financial planners are always here to help assist with any questions or concerns you may have.
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 family. Spouses and children need to share and prioritize their financial aspirations.
Write down your financial goals. How much money will you need to meet each goal? When will you need the money, and how will you get it?
Construct a net worth statement (a list of your assets and debts), and compare it to last year’s statement. Are you gaining or losing ground?
With your goals (and the effects of inflation) in mind, review the performance of your investments.
Take steps to protect what you already have. Goals may become instantly unobtainable if you lose your present assets or your income potential.
Do you have adequate disability insurance coverage to replace take-home pay if you become incapacitated?
Do you have enough life insurance if you or your spouse should die?
Do you have replacement value property insurance on your home?
Do you have adequate insurance for calamities such as automobile accidents or lawsuits? Note: Make sure that you need all of the insurance that you have. Do not duplicate employer-provided coverage. Review your coverage annually; do not just automatically renew policies.
Review your will and your estate plan. Did your situation change during the year (marriage, divorce, births, deaths, move to another state, for example)? If so, make appropriate changes to your will and estate plan.
Review your credit use. Keep your credit card bills current. If you’re finding that hard to do, it’s probably time to cut up some of those credit cards and get your debt under control.
Organize your records. If you had trouble assembling data for your financial review, you need a better system. Set one up.
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!
