Archives

EIDL Increase The U.S. Small Business Administration (SBA) is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster [...]

Dear Jason, I have withholding taken from my paychecks, but I have not filed my tax returns for several years.  Am I in trouble? What should I do? Mary   Hi Mary, We work with clients who [...]

I have been getting a lot of questions on the 2021 Child Tax Credit. Many of my clients were asking if they should accept the child payments that began this year or opt out of receiving them. [...]

July 4th, hotdogs, hamburgers, apple pie, and taxes.  Hopefully, you are able to enjoy the 4th with good health, friends, and some good food.  Just as American as the 4th is the US tax code.  As [...]

Dear Jason, I own a C Corporation and hear in the news that the tax rates for C Corps may increase to 28%.  Is there anything that I can do? Joe   Hi Joe, It is becoming more costly for [...]

You can now support your favorite restaurant(s) and get a larger tax deduction. We are slowly returning to a pre-pandemic environment in the USA.  Many States are lifting restrictions and [...]

Dear Jason, If I take my business clients out to a sporting event or a game of golf, can I deduct it from my taxes? Fred   Hi Fred, Prior to 2018, entertainment for business owners was a [...]

Tax Tips 2021 The US is slowly beginning to open up following the global pandemic, and the Government has enacted some changes to the tax deductibility of charitable contributions and to business [...]

Dear Jason, I recently donated my car to a charity.  Can I deduct the fair market value (FMV) of the car from my taxes in 2021? Chuck   Hi Chuck, If you are itemizing, you can claim the [...]

Taxes and due dates The Federal tax deadline has been pushed back to 5/17.  If you make estimated tax payments, the 1st Q is still due 4/15.  This can be difficult to calculate since you have to [...]