Loralex Tax Services

02/07/2026

PSA:To everybody out there, please be aware of the no tax on overtime rules from the OBBB. Your whole overtime amount is not deductible. It is only the .5 portion of the time and a half that is deductible. For instance, if an individual makes $20 an hour, their overtime rate at time and a half is $30 an hour. The $20 in the time and a half is still considered taxable, whereas the “half” portion calculates your deductible portion of your overtime. For some people, it may be lower deduction than you might think.

For single filers it is up to $12,500 cap and for married filing jointly it’s $25,000 cap.

Tax Tip 2026-06, Jan. 26, 2026 — The One, Big, Beautiful Bill has a significant effect on federal taxes, credits and deductions. Millions of taxpayers reported earning tips and overtime on their tax returns, many of them are veterans and people working in lower wage jobs. This relief will impact m...

01/22/2026

📞

01/22/2026

01/12/2024

Self-employed people, including persons in the gig economy, often need to pay in quarterly installments.

This is a that the final payment for 2023 is due by January 16: www.irs.gov/estimatedtaxes

01/10/2024

First of many videos to come.
Introduction to Loralex Tax Services!!!!!!
Get in touch with us!!!!!!!

12/25/2023

Stay tuned new things to come in 2024!!!!!

07/14/2023

2019 Returns Close After Monday

Nearly 1.5 million taxpayers across the country have until Monday, July 17, to claim their refunds for tax year 2019. For these unclaimed refunds, the IRS estimates average median refund amounts of $893.

By law, taxpayers normally have three years to file and claim their tax refunds. If they don't file within three years, the money becomes the property of the U.S. Treasury. The law requires taxpayers to properly address, mail and ensure the tax return is postmarked by July 17, 2023. (As a reminder, due to the pandemic, the original 2019 tax return filing deadline was changed to July 15, 2020).

The IRS reminds taxpayers seeking a 2019 tax refund that their checks may be held if they have not filed tax returns for 2020 and 2021.

Get in touch with us if you need to file your past returns to get you up to date. You may be forfeiting refunds that are due to you.

06/17/2023

Yep!!!!!

06/01/2023

This me all day everyday everywhere lol