Lori's Tax & Accounting

Lori's Tax & Accounting Income Taxes, Bookkeeping, Payroll Services, LLC Setup, Sales Tax Compliance & More! In collaboration with Amie’s Bookkeeping & More.
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Text or call Amie at 319-310-0024.

06/02/2026

Hobby or Business?

Making money from a side activity you enjoy? The IRS may treat it as either a hobby or a business.

Ask yourself:
✔ Do you intend to make a profit?
✔ Do you keep good records?
✔ Do you operate like a business?
✔ Have you made changes to increase profits?

The IRS looks at all the facts and circumstances—not just one factor.

Also, payments received through apps like Venmo, PayPal, or Cash App for goods or services may be taxable and reported on Form 1099-K.

Not sure how your activity should be reported? Send me a message and I'll help you determine the correct tax treatment.

05/12/2026

📬 Got mail from the IRS? Don’t ignore it.

If you receive a letter or notice from the IRS, open it and read it carefully. Most IRS mail relates to your tax return or tax account and explains:

• Changes made to your return
• Taxes owed or payments due
• Requests for information
• Questions about credits or deductions

✅ First, compare the notice to your original tax return.
If you agree with the changes, keep the notice with your tax records.

⚠️ If you disagree, follow the instructions in the letter and respond promptly with any supporting documents.

💰 If there’s a balance due, don’t panic — the IRS offers payment options, and acting quickly can reduce penalties and interest.

📞 Need to contact the IRS? Use the phone number listed in the upper right corner of the notice and have your tax return handy.

🗂️ Keep all IRS letters and notices with your tax records for at least 3 years.

📧 Received an IRS letter and not sure what it means? Send me a copy of the notice so I can help you understand it and determine the next steps!

Remember: The IRS does send legitimate letters by mail, so never toss IRS mail aside unopened.

04/23/2026

Tax Return Filed? Here’s How to Check Your Refund Status

If you’ve filed your federal tax return and are expecting a refund, you have several convenient ways to track it:

🔎 Check Your Refund Status

Online: Use the IRS Where’s My Refund? tool
Account Alerts: Sign into your IRS Individual Online Account and opt in for email notifications on refund updates
Mobile App: Download the IRS2Go
Phone:
Refund hotline: 800-829-1954
Amended returns: 866-464-2050

⏱ When to Expect Your Refund

Status is typically available within 24 hours after e-filing
Most refunds are issued in less than 21 days

⚠️ Common Reasons for Refund Delays

Errors on the return (missing signature, math mistakes)
Claiming the Additional Child Tax Credit (requires extra review)
Missing or incorrect direct deposit information
Filing an amended return (longer processing time)
Requesting injured spouse relief (manual processing required)

04/09/2026

⏰ Need more time to file your taxes? Don’t wait—file an extension!

The April 15 deadline is almost here. If you’re not ready, you can request an extension and get until October 15 to file—without penalties.

⚠️ Important: An extension gives you more time to FILE, not more time to PAY. Any taxes owed are still due by April 15, 2026 to avoid penalties and interest.

If you can’t pay in full, there are payment options available—but don’t delay taking action!

04/02/2026

Don’t leave money on the table 💰

Even if you’re not required to file a tax return, you could still be missing out on a refund!

You may qualify if you:
✔️ Had taxes withheld
✔️ Made estimated payments
✔️ Qualify for tax credits

Credits to check:
• Earned Income Credit (EITC)
• Child Tax Credit (up to $2,000 per child)
• Credit for Other Dependents
• Adoption Credit
• Education Credits

📌 Bottom line: It may pay to file—even if you don’t have to!

03/20/2026

🚨 Deadline Alert: 2022 Tax Refunds 🚨

Time is running out! The Internal Revenue Service estimates over $1.2 billion in unclaimed refunds for tax year 2022. If you haven’t filed your 2022 return yet, you must do so by April 15, 2026 to claim your money.

📄 Need documents to file? You still have options:

✔️ Contact employers or payers
Request copies of missing forms like W-2s, 1099s, 1098s, or 5498s directly from employers, banks, or other issuers.

✔️ Use “Get Transcript Online”
Fastest option through IRS.gov. You can access your wage and income transcript to retrieve the info needed to file.

✔️ Request a transcript by mail
File Form 4506-T with the IRS. This provides wage and income details—but can take several weeks, so plan accordingly.

⏳ Don’t wait—once the deadline passes, those refunds are gone for good.

03/12/2026

📚 Tax Credits for Education

✔ American Opportunity Tax Credit (AOTC)
• Up to $2,500 per eligible student
• Available for the first 4 years of college or vocational school
• Student must be pursuing a degree or recognized credential
• Partially refundable – up to $1,000 back

✔ Lifetime Learning Credit (LLC)
• Up to $2,000 per tax return each year
• Available for any year of postsecondary education
• Can be used for courses to gain or improve job skills
• Unlimited number of years

⚠️ You can claim one credit or the other, but not both in the same year.

03/11/2026

Friendly reminder! 😊

If you had overtime pay, please bring in your overtime pay stubs so we can make sure the adjustment is added to your tax return.

There are also some new deductions that may help lower taxable income or increase your refund:

• Seniors age 65+ may qualify for an additional deduction up to $6,000.
• Tipped workers may deduct up to $25,000 in qualified tips.
• Overtime pay may qualify for a deduction of up to $12,500 ($25,000 for joint filers).
• Up to $10,000 in passenger vehicle loan interest may be deductible.

Bring in your documents and we’ll make sure you receive any deductions you qualify for! 📄

03/01/2026

📌 What Has Changed (2026 Tax Season)
🚫 No Standard Paper Refund Checks

The IRS generally no longer mails paper tax refund checks to individual taxpayers after September 30, 2025.

Simply selecting “paper check” on the return will not guarantee a check arrives. Instead, the IRS will work to issue the refund electronically first.

📩 IRS Processes Refunds Electronically First

The IRS will hold your refund until it has valid electronic payment information (bank account, debit account, etc.).

• If valid deposit information is provided on the return or later via IRS online account, the refund is sent electronically.
• If the IRS cannot send it electronically, it will mail a notice (CP53E) asking for alternative banking/electronic payment info.

• If the taxpayer does not respond to the IRS correspondence within a given window, the IRS may issue a paper check as a fallback exception, but only after that process, not automatically at filing.

02/13/2026

Check Your Refund Status 💻

Track your federal refund using Where’s My Refund? from the Internal Revenue Service.

✔️ Status available within 24 hours after your e-file is accepted
✔️ Updated once daily (overnight)

Early filers claiming EITC or ACTC should see updates by February 21.

Address

124 W Main Street
Manchester, IA
52057

Opening Hours

Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

Telephone

+15639202224

Website

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