Dear Jason

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 [...]

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 [...]

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 [...]

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 [...]