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Anderson Business Advisors Podcast

Tax Tuesday with Toby Mathis Episode 145

2021-07-13

How was your 4th of July? Did you enjoy your time off and travel to visit family and friends? Now, back to reality and talk about taxes. Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Submit your tax question to taxtuesday@andersonadvisors. Highlights/Topics: Business Vehicle: Buy or lease? What are the pros and cons of each? Do trucks and SUVs have an added deduction? Better to buy than lease larger vehicles, but it’s better to lease versus buy vehicles, such as sedans and coupes, under 6,000 lbs b...

Highlights/Topics:

Business Vehicle: Buy or lease? What are the pros and cons of each? Do trucks and SUVs have an added deduction? Better to buy than lease larger vehicles, but it’s better to lease versus buy vehicles, such as sedans and coupes, under 6,000 lbs because depreciation is limited
Can I pocket money when I file taxes when there is no profit with the business? Yes, if it’s your business; the only time you can’t take money is in excess of your business and you are not at risk for the business
Are solo 401ks impacted by the new IRS rules for IRA accounts? Play by the rules and don’t begrudge those who win by playing the rules
How many properties should one have before considering doing a cost segregation? One property is all you need to do a cost segregation

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Resources:

Anderson Advisors Tax and Asset Protection Workshop (July 17)

http://aba.link/TAP17

Infinity Investing: How The Rich Get Richer And How You Can Do The Same by Toby Mathis

http://aba.link/infinitybook

Entity Formation

https://andersonadvisors.com/entity_formation/

Real Estate Professional Requirements

https://www.irs.gov/pub/irs-utl/33-Real Estate Professionals.pdf

Bonus Depreciation

https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act

Depreciation Recapture

https://www.investopedia.com/terms/d/depreciationrecapture.asp

Capital Gains and Losses

https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0

Section 121 - Capital Gains Exclusion

https://www.irs.gov/taxtopics/tc701

Retirement Plans

https://andersonadvisors.com/retirement_plan/

Wills and Trusts

https://andersonadvisors.com/living_trusts/

Merrill Lynch

https://www.ml.com/

Edward Jones

https://www.edwardjones.com/us-en

Airbnb

https://www.airbnb.com/

1031 Exchange

https://www.irs.gov/pub/irs-news/fs-08-18.pdf

Cost Segregation Authority

https://costsegauthority.com/

Franchise Tax

https://www.investopedia.com/terms/f/franchise_tax.asp

MileIQ

https://www.mileiq.com/

Qualified Opportunity Fund/Zone

https://www.irs.gov/credits-deductions/businesses/invest-in-a-qualified-opportunity-fund

Step-Up in Basis

https://www.investopedia.com/terms/s/stepupinbasis.asp#:~:text=A%20step%2Dup%20in%20basis%20is%20the%20readjustment%20of%20the,for%20tax%20purposes%20upon%20inheritance.&text=The%20asset%20receives%20a%20step,of%20property%20transferred%20at%20death.

SECURE Act

https://www.congress.gov/bill/116th-congress/house-bill/1994/text

IRC Section 280a

https://andersonadvisors.com/section-280a-deduction-explained/

CARES Act

https://home.treasury.gov/policy-issues/coronavirus

PayPal

https://www.paypal.com/

Charitable Organizations

https://www.irs.gov/charities-non-profits/charitable-organizations

WeWork

https://www.wework.com/