Tag: <span>Tax Preparation</span>

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.

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!

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!

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.

 

Taxpayers should file their tax return by the deadline even if they cannot pay their full tax bill. Taxpayers who owe tax and don’t file on time, maybe charged a failure-to-file penalty. This penalty is usually five percent of the tax owed for each month, or part of a month that the tax return is late, up to 25%.

If an individual taxpayer owes taxes, but can’t pay in full by April 18, 2022, deadline, they should:

File their tax return or request an extension of time to file by the April 18 deadline.

  • People who owe tax and do not file their return on time or request an extension may face a failure-to-file penalty for not filing on time. Loeffler Financial Group can file your extension for you per your request.
  • Taxpayers should remember that an extension of time to file is not an extension of time to pay. An extension gives taxpayers until October 17, 2022, to file their 2021 tax return, but taxes owed are still due April 18, 2022.

To get an extension to file, taxpayers must do one of the following:

Pay as much as possible by the April 18 due date.

Set up a payment plan as soon as possible.

Interest is based on the amount of tax owed and for each day it’s not paid in full. Interest rates are determined every three months and can vary, based on type of tax; for example, individual or business-tax liabilities. Loeffler Financial Group is here to assist you with any tax questions you have.

Need to file your tax return still? Call 717-393-7366 to book your appointment with one of our tax experts.

 

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 tax code. Our expertise can help ensure that you get all the deductions and credits you are eligible to receive.

Here are the top 10 reasons why you may want to hire a professional tax professional:

  1. It can save you money. If your tax preparer finds even one deduction or tax credit you may have missed, it can easily exceed the fee it costs to have a professional prepare your return.
  2. It saves you time. The Internal Revenue Service reports that it takes nearly 20 hours to complete the average tax return with deductions. Your time is worth money. How much is it worth to you to get that time back?
  3. Tax professionals can answer your questions and resolve issues. It’s very likely you will have questions about your taxes. Calling the IRS means you could be on hold for hours. Tax professionals can answer most of these instantly.
  4. The tax code is very complicated. Professional tax preparers keep up with it and all those changes each and every year so you don’t have to.
  5. You gain peace of mind. Just knowing that a professional is handling your taxes reduces stress.
  6. Making mistakes can be very costly. In terms of missed deductions or triggering an IRS letter or audit; a tax professional can help eliminate errors and ensure your returns are prepared correctly.
  7. You benefit with money-saving tax planning. Tax professionals can advise you now and all year round on the best strategies to make smart tax-saving decisions.
  8. Your previous returns can be also reviewed. A tax professional can look at your past returns to see if any deductions were missed and, if so, amend them for you.
  9. You can reduce your risk of an audit. And, if you are audited or the IRS starts asking questions you can’t easily answer, a professional tax preparer knows how to deal with the IRS.
  10. It takes the hassle out of doing it yourself.

If you plan to hire a tax professional to prepare your taxes, you do need to gather and organize your records, including W-2 forms, 1099 forms, mortgage and bank statements, charitable contributions, and so forth. Being organized saves your tax preparer time and keeps the fees down. Loeffler Financial Group is here to help every step of the way. Call 717-393-7366 to schedule your tax appointment today.

 

Loeffler Financial Group Expands Services with Acquisition of ITP Taxes, Extending Reach in Tax Preparation and Community Support

Lancaster, PA – Loeffler Financial Group, a trusted name in comprehensive financial solutions, is pleased to announce the acquisition of ITP Taxes, a well-established provider of income tax preparation services for individuals and small businesses across the United States. With this acquisition, Loeffler Financial Group will expand its tax preparation capabilities and enhance its commitment to serving clients nationwide with exceptional service and expertise.

Founded and headquartered in Lancaster, PA, ITP Taxes has built a reputation for reliability and personalized tax preparation services, helping clients from coast to coast navigate their tax needs. Loeffler Financial Group looks forward to honoring and building upon the strong relationships ITP Taxes has developed with both individuals and small business owners. This acquisition not only strengthens Loeffler’s existing service offerings but also reinforces its mission to empower community leaders, entrepreneurs, and individuals toward financial success.

Douglas Loeffler, VP and Head of Operations at Loeffler Financial Group shared his enthusiasm for this milestone: “Acquiring ITP Taxes has been an exciting step forward for Loeffler Financial Group, and it has been wonderful getting to know Dave Shiley and learning about the business he has built. Dave’s dedication to his clients aligns perfectly with our own values, and we’re thrilled to welcome his clients into our family as we continue to grow and build lasting relationships in the community.”

With this acquisition, Loeffler Financial Group will operate two convenient Lancaster-based drop-off locations for tax season document submissions, including their headquarters at 2201 Columbia Avenue, Lancaster, PA 17603, and their new location in the heart of Downtown Lancaster at the Candy Factory, 342 REAR North Queen St, Lancaster, PA 17603. These locations underscore Loeffler Financial Group’s commitment to accessibility and community engagement as they continue to support clients with dedicated, professional tax preparation services.

 

About Loeffler Financial Group
Loeffler Financial Group is a comprehensive financial services provider offering tailored solutions in tax preparation, bookkeeping, accounting, and financial consulting. Committed to client success and financial well-being, Loeffler Financial Group serves individuals, entrepreneurs, and businesses with a focus on personalized service, integrity, and community impact.

 

For media inquiries, please contact:

Brittany N. Loeffler
SVP of Marketing
Loeffler Financial Group
bloeffler@loefflerfinancial.com

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.

 

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 out if their benefits are taxable, taxpayers should take half of the Social Security money they collected during the year and add it to their other income. Other income includes pensions, wages, interest, dividends, and capital gains.

  • If they are single and that total comes to more than $25,000, then part of their Social Security benefits may be taxable.
  • If they are married filing jointly, they should take half of their Social Security, plus half of their spouse’s Social Security, and add that to all their combined income. If that total is more than $32,000, then part of their Social Security may be taxable.

Fifty percent of a taxpayer’s benefits may be taxable if they are:

  • Filing single, single, head of household or qualifying widow or widower with $25,000 to $34,000 income.
  • Married filing separately and lived apart from their spouse for all of 2020 with $25,000 to $34,000 income.
  • Married filing jointly with $32,000 to $44,000 income.

Up to 85% of a taxpayer’s benefits may be taxable if they are:

  • Filing single, head of household or qualifying widow or widower with more than $34,000 income.
  • Married filing jointly with more than $44,000 income.
  • Married filing separately and lived apart from their spouse for all of 2020 with more than $34,000 income.
  • Married filing separately and lived with their spouse at any time during 2020.

Still have questions, our tax accountants at Loeffler Financial Group are here to help!

The Interactive Tax Assistant on IRS.gov can help taxpayers answer the question Are My Social Security or Railroad Retirement Tier I Benefits Taxable?

Call Loeffler Financial Group today to learn more about Social Security and your tax benefits, 717-393-7366!

 

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 May 17, or they may face a failure to file penalty. This extension gives them until October 15, 2021 to file their tax return. An extension to file is not an extension to pay. Taxes must be paid by May 17 to avoid penalties and interest on the amount owed after that date.

 

How to request an extension to file:

To get an extension to file, the IRS urges taxpayers to do one of the following:

 

An automatic extension of time to file will process when taxpayers pay all or part of their taxes electronically by the Monday, May 17 due date.

If you are still panicking to get all your documentations organized and ready for taxes to be prepared, contact Loeffler Financial Group to file an extension before the May 17th deadline.