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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

Dear Jason, I am starting a business and many of my friends suggest that I become an LLC.  Will this save me money in taxes? Todd   Dear Todd, Business owners typically select an LLC for the [...]

How Entity Structure Can Impact Tax Liability? Are you the owner of a trade or business?  If so, what type of entity are you, e.g., Sole Proprietor, LLC, or C-Corporation?  Did you elect to be [...]

Our Current Recommendations on PPP Loan Forgiveness Status

How will working from home affect my income taxes? Many people have been working from home due to Covid-19.  To understand how this effects your tax situation, we first need to identify how you [...]