Like all things in this world, it helps to know a few of the rules. Toby Mathis and Jeff Webb of Anderson Advisors are here to help. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
What rate am I taxed at for my LLC? It depends; you choose how it will be taxed on SS-4
Can I buy personal items or pay off personal bills with my business credit card? Yes, but the entity type dictates how it’s taxed
What investment opportunities can be c...
Like all things in this world, it helps to know a few of the rules. Toby Mathis and Jeff Webb of Anderson Advisors are here to help. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- What rate am I taxed at for my LLC? It depends; you choose how it will be taxed on SS-4
- Can I buy personal items or pay off personal bills with my business credit card? Yes, but the entity type dictates how it’s taxed
- What investment opportunities can be considered that have no tax liability, minimum risk, and at least a 10% annual return? Doesn’t exist; try investment real estate, IUL insurance
- Can I deduct real estate education expenses, even though I don’t have any profits? Yes, it’s not necessarily about profits, but how long you’ve been in the business
- Can my LLC create its own self-directed IRA? No, vice versa; self-directed IRA would create LLC, or it’s a prohibited transaction
- What constitutes being a real estate professional? 750 hours of professional time in real estate and material participation in real estate activities
- Do you have to be a real estate professional to do a cost segregation at tax time? No, but if you have losses in excess of your real estate income, then be a real estate professional to offset your other income and pay less in taxes
- If I were to have an online health coaching business where people can complete purchase transactions through an automated Website, how will the income produced be taxed? It’s not always ordinary income; depends on what you’re selling
- How old does a child have to be before putting the business in their name? 18 years old
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Resources
SS-4
Schedule K-1
25 CFR 162-2
Index Universal Life (IUL) Insurance
Opportunity Zones FAQ
Opportunity Zone Heat Map
TransUnion
Equifax
Experian
26 USC 183
529 Plan
Section 199A
Home Office Deduction
Uniform Gift to Minors Act (UGMA)
1031 Exchange
Form 5695 for Solar Tax Credit
Form 4562 - Depreciation and Amortization
MileIQ
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