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.
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:
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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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.
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 date.
The IRS will contact taxpayers by mail if it needs more information to process their returns.
The fastest way to get a tax refund is by filing electronically and choosing direct deposit.
To check the status of a refund, taxpayers should use the Where’s My Refund? tool on IRS.gov. If taxpayers file electronically, they should wait twenty-four hours before checking the status of their refund. If taxpayers file a paper return, they should wait four weeks before checking the status.
Loeffler Financial Group, along with the IRS representatives on the phone and at Taxpayer Assistance Centers can only research the status of a refund if:
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.
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.
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 incorrect W-2 or Form 1099.
If they can’t get the forms, they must still file their tax return on time or get an extension to file. To avoid filing an incomplete or amended return, they may need to use Form 4852, Substitute for Form W-2, Wage and Tax Statement or Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, Etc.
If a taxpayer doesn’t receive the missing or corrected form in time to file their tax return, they can estimate the wages or payments made to them, as well as any taxes withheld. They can use Form 4852 to report this information on their federal tax return.
If they receive the missing or corrected Form W-2 or Form 1099-R after filing their return and the information differs from their previous estimate, they must file Form 1040-X, Amended U.S. Individual Income Tax Return.
Most taxpayers should have received their documents near the end of January, including:
• Forms W-2, Wage and Tax Statement
• Form 1099-MISC, Miscellaneous Income
• Form 1099-INT, Interest Income
• Form 1099-NEC, Nonemployee Compensation
• Form 1099-G, Certain Government Payments; like unemployment compensation or state tax refund
• Letter 6419, 2021 Total Advance Child Tax Credit Payments
• Letter 6475, Your 2021 Economic Impact Payment
Incorrect Form 1099-G for unemployment benefits
Many people received unemployment compensation in 2021. Unemployment compensation is taxable and must be reported on the recipient’s tax return.
Taxpayers who receive an incorrect Form 1099-G for unemployment benefits they did not get should contact the issuing state agency to request a revised Form 1099-G showing their correct benefits. Taxpayers who are unable to obtain a timely, corrected form from states should still file an accurate tax return, reporting only the income they did receive.
Reconciling advance child tax credit or economic impact payments
People who need to reconcile advance child tax credit payments or claim the recovery rebate credit will need information about 2021 payments when they file.
These individuals must have the total amounts of advance child tax credit payments to receive the remainder of their child tax credit and the amount of their third Economic Impact Payment to claim a recovery rebate credit. Taxpayers should check their online account or review Letter 6419, 2021 Total Advance Child Tax Credit Payments, and Letter 6475, Your 2021 Economic Impact Payment, for their total payment amounts. This will help them file an accurate return. If they have lost or misplaced these letters, they can check their online account. Married spouses who received joint payments will need to log into their own online account or review their own letter for their portion of the total payment. If filing a 2021 return as married filing jointly, they should add the payments together to provide the total amount.
Loeffler Financial Group is here to help. Schedule a tax appointment with one of our expert tax advisors today, 717-393-7366.
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:
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 is celebrating their 20th Tax Season this year! That’s right 20 years! What first started out in Craig Loeffler’s living room, has now become a successful full service accounting, wealth management and tax preparation!
Many individuals and small businesses question if they should do their own taxes or seek a tax accountant. You can certainly do your own taxes, however, 2020 brought a lot of change, and experts said a preparer is the way to go.
If someone, for example, got laid off, and they went and started their own business, there are deductions they may not be aware of. Software is good, but you have to know what to put in and where to put things.
Loeffler Financial has experienced tax preparers that take continual education courses to stay up-to-date with the latest tax laws and changes.
2020 was a challenging year with the COVID-19 pandemic. Our firm keeps it easy and simple to file your taxes on time, YOUR way. We offer in person appointments, virtual zoom appointments, and our streamlined drop-off services that we have offered for numerous years! We have proper safety protocol to keep our clients, and staff as healthy and safe as possible. We sanitize and wipe down in between each tax appointment. We also provide glass shields and work at a 50% capacity which includes staff and clients in the building.
To help make things easier for you this tax season we have provided our Taxpayer Checklist, along with our Engagement Letter, so you can easily download these forms and fill them out before your scheduled appointment, and/or before you drop off your tax files. This also helps to make sure you have included all necessary documents to keep your tax return moving without any delays!
Have rental properties or small businesses? Those forms are included below for you as well!
This tax season we have you ready and prepared to make your tax filing smooth and easy!
With Tax Season among us, The Internal Revenue Service is reminding taxpayers that organizing tax records is an important first step for getting ready to prepare and file their 2020 tax return.
Taxpayers should keep all necessary records, such as W-2s, 1099s, receipts, canceled checks, mortgage statements, and other documents that support an item of income, or a deduction or credit, appearing on their tax return.
Taxpayers should develop a system that keeps all their important information together, which could include a software program for electronic records or a filing cabinet for paper documents in labeled folders. Having records readily at hand makes preparing a tax return easier.
To avoid refund delays, taxpayers should be sure to gather all year-end income documents so they can file a complete and accurate 2020 tax return.
Most taxpayers will receive income documents near the end of January including:
Remember unemployment compensation is taxable
Millions of Americans received unemployment compensation in 2020, many of them for the first time. This compensation is taxable and must be included as gross income on their tax return.
Taxpayers can expect to receive a Form 1099-G showing their unemployment income. Taxpayers can elect to have federal taxes withheld from their unemployment benefits or make estimated tax payments, but many do not take these options. In that case, taxes on those benefits will be paid when the 2020 tax return is filed. Therefore, taxpayers who did not have tax withheld from their payments may see a smaller refund than expected or even have a tax bill.
Individuals who receive a Form 1099-G for unemployment compensation they did not receive should contact their state tax agency and request a corrected Form 1099-G. States should not issue Forms 1099-Gs to taxpayers they know to be victims of identity theft involving unemployment compensation.
Taxpayers who are victims of identity theft involving unemployment compensation should not file an identity theft affidavit with the IRS.
Why to file with an Accountant
The best way to file a complete and accurate return is finding a trusted tax professional. They can help navigate your tax return seamlessly and help you maximize the most out of your tax return. Our trusted experts at Loeffler Financial Group continually take courses and seminars to learn the ever changes tax laws. Covid-19 and the vast amount of unemployment has made this years tax filing a little more tricky. Loeffler Financial Group is here for you for all your financial needs and will help educate you on your individual or business circumstances and needs.
Book now!
Book your virtual appointment today, or take advantage of our contactless drop-off services we offer!
Contact us today at 717-393-7366 or email info@loefflerfinancial.com.
Come see the difference!
(Credits IRS.gov)
Tax season is about to begin across the country. If you’re like us, you probably never want to think about 2020 again, however you do need to file your 2020 taxes.
Thanks to the coronavirus, a lot has changed for the 2021 tax season. That’s why you need to start thinking about your tax situation
Loeffler Financial Group recommends scheduling an appointment with a tax professional to ensure taxes are accurate, especially with some people having major income changes due to unemployment, and pandemic relief programs and tax credits, including additional allowances for charitable donations and the Recovery Rebate Credit.
First, here are the main things you need to know right off the bat for the 2021 tax season:
When it comes to filing taxes there are 2 things to pay attention to: deductions and credits. Both help you keep more money in your pocket in different ways!
Tax deductions help lower how much of your income is subject to federal income taxes while tax credits lower your actual tax bill dollar for dollar.
Here are some deductions and credits you might be able to claim on your 2020 tax return:
Charitable Deductions
NEW this tax filing year, taxpayers who don’t itemize deductions may take a charitable deduction of up to $300 for cash contributions made in 2020 to qualifying organizations.
Medical Deductions
If you spent a lot of time in the hospital or have large medical bills, you might be able to find at least some tax relief.
You can deduct any medical expenses above 7.5% of your adjusted gross income (AGI), which is your total income minus other deductions you have already taken.
Business Deductions
If you’re self-employed, there are a bunch of deductions you can claim on your tax return—including travel expenses and the home office deduction if you use a part of your home to conduct business.
TAKE NOTE: If you’re one of the millions of workers who were sent home to work remotely through the pandemic, you won’t be able to claim the home office deduction since it’s reserved for self-employed individuals only.
Earned Income Tax Credit
The EITC is a refundable credit designed to help out lower-income workers. Depending on your income, your filing status and how many children you have, the credit could save you anywhere from a few hundred to a few thousand dollars on your taxes.
Child Tax Credit
Families can claim up to $2,000 per qualified child with this tax credit (the income limits for this credit are $200,000 for single parents and $400,000 for married couples).
You should work with a tax advisor who can make sure you’re not leaving any deductions or credits on the table. Depending on your situation there are other tax deductions and tax credits to take!
Here are some things to keep in mind when you file your 2020 taxes:
As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act’s $2 trillion relief package, the government sent out a stimulus check to millions of Americans.
This stimulus check will not count as taxable income. Instead, it’s being treated like a refundable tax credit for 2020. In layman’s terms, the stimulus check is like an advance on money you would have received as part of your tax refund in 2021.
The CARES Act also tried to help struggling small business owners stay afloat by offering them Paycheck Protection Program (PPP) loans. As long as these loans were used on certain business expenses—payroll, rent or interest on mortgage payments, and utilities, to name a few—these loans were designed to be “forgiven.”
Many Americans found themselves out of work after the pandemic shut down turning to unemployment for assistance. Those who received unemployment benefits will need to pay income taxes on that money.
There were a lot of changes to retirement plans in 2020—and some of those changes could impact your tax bill this year. Let’s tackle each of those major changes:
One last thing—It’s probably a good idea to reach out to a tax advisor who can assist you and review all the new tax laws and changes for the upcoming tax season.
With the coronavirus still spiking, Loeffler Financial Group will continue their virtual tax appointments and consultations, along with their easy and stream-lined drop off tax services. Book your virtual appointment today, or call us to learn more about our drop off program.