Month: December 2020

From what we know, when lawmakers originally passed the Paycheck Protection Program (PPP), they thought that under its provisions ·  you did not pay taxes on the forgiveness amount, and ·  you also could deduct the expenses that you paid with the PPP money. Fly in the Ointment In late April, the IRS issued Notice 2020-32, which asserts that PPP loan recipients may not deduct business expenses paid using the PPP monies that gave rise to … Read more

 Hiring your spouse to work as an employee in your business can save you big on taxes. The savings can be particularly great if you are a sole proprietor or have a single-member LLC taxed as a sole proprietorship or as a partnership (as long as your spouse is not a partner). But this arrangement … Read more

You can receive an Oregon state tax credit for 90% of your contribution when you donate by check, wire transfer, credit card or stock transfer. Individual Development Accounts, or IDAs, are matched savings accounts that change the financial futures of qualifying Oregonians with lower incomes. Participants build financial skills such as budgeting and saving while … Read more