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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 [...]

Dear Jason, When is by S-Corp return due? Jim   Hi Jim, The personal returns were extended until 5/17.  Other returns including S corp. returns were not extended, therefore were due 3/15/21. [...]

Dear Jason, Will I save on taxes if I contribute to a ROTH IRA? Jeff   Dear Jeff, I am a fan of ROTH IRAs.  Contributing to a ROTH IRA in 2020 will not help you save on your 2020 taxes, but [...]

It appears that the IRS will not be extending the filing deadline this tax season, which means that you have until 4/15/21 to file your Federal taxes on time.  Many individuals are wondering how [...]

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

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