Dear Jason

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 [...]

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 [...]

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 [...]

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, 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 [...]

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 [...]

Dear Jason, I qualified for an economic stimulus payment but never received one, what can I do? Jane   Dear Jane, If you qualified for an economic stimulus payment based upon your income but [...]

Dear Jason, I have been receiving unemployment payments for the past few months.  How will this affect my taxes? Jim   Hi Jim, As you are probably aware, many individuals received a larger [...]

Dear Jason, My business has been hurt as a result of the Coronavirus, what government assistance is still available? Mary   Dear Mary, There are still several options available to you and [...]