Dear Jason – January 2021
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 [...]
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 [...]