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… 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

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

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

Right about now you’re probably wading through tax records and filling out your tax return. But it’s a daunting task – one that can be frustrating and eat up more hours than you have to devote to it. But you don’t have to go it alone. Loeffler Financial Group continues to keep up with the… Read More

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… Read More

September 10, 2021 Employees Who Work for Tips – If you received $20 or more in tips during August, report them to your employer. You can use Form 4070. September 15, 2021 Individuals – Make a payment of your 2021 estimated tax if you are not paying your income tax for the year through withholding (or will… Read More

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

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

taxes

Welcome to the craziness that is the 2020 tax filing season! Because the IRS is still playing catch-up from last year, in addition to new tax laws passed in the middle of this year’s tax filing season, the April 15 individual tax return deadline was moved to May 17. Read about how these new tax… Read More