Archives

New for tax year 2020. For tax year 2020, if you are under the age of 59 ½, you may be able to take a distribution from your retirement plan without having to incur the 10% early withdrawal [...]

Dear Jason, In 2020 I had to withdraw $20,000 from my Roth IRA.  Will I have to pay tax on this distribution? Sarah Dear Sarah, If you have had your Roth IRA for at least 5 years, you can [...]

New PPP Loan Forgiveness Application

Our Tax Organizer

Dear Jason, My bank is sending me letters regarding loan forgiveness for my PPP loan.  What should I do? Pat   Dear Pat, You have plenty of time to apply for loan forgiveness; I will be [...]

Happy New Year! The President signed a new law that will affect businesses who received Payroll Protection Program (PPP) funds. Here is the good news: The PPP funds will be tax-free.  Just as a [...]

Our December 2020 Recommendations on PPP Loan Forgiveness

Changes for Cash Charity Deductions Due to changes in the tax law, almost 90% of individuals who file a tax return in 2020 will be claiming the standard deduction on their return.  In past years, [...]

Dear Jason, I have a car that I want to donate to charity.  How much of a tax deduction will this provide me? Sally   Dear Sally, To receive any type of tax deduction for your donated [...]

Our December 2020 Recommendations on PPP Loan Forgiveness