Ready for another fun-filled episode where Toby Mathis and Jeff Webb of Anderson Advisors talk about tax code rules to maximize your savings and keep more of what you earn. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
Can a married couple file a joint federal return, if we live in different states? Yes; federal government requires married couples to file jointly in some way
We are paying our son’s rent while he’s in dental school. Is there a deduction we can take for ...
Ready for another fun-filled episode where Toby Mathis and Jeff Webb of Anderson Advisors talk about tax code rules to maximize your savings and keep more of what you earn. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- Can a married couple file a joint federal return, if we live in different states? Yes; federal government requires married couples to file jointly in some way
- We are paying our son’s rent while he’s in dental school. Is there a deduction we can take for that expense? No, it’s considered a gift
- Can an individual sole proprietor sponsor a 401(k) plan? Yes, but all their income is considered wages and other potentially negative factors need to be considered
- I am a realtor sales associate. My company requires me to place my broker as additional insured. Can I Roth the portion on my premiums? Yes, as an additional insured
- I purchased an investment property in another state and formed an LLC. Can the LLC reimburse me for flights, hotels, and meals incurred prior to formation? Costs incurred when establishing your business can be captured and amortized
- Can a previously established LLC be reconfigured to be taxed as an S Corp? Yes, just follow same rules as making an S election
- I have an Inc. How many LLCs can I have under it? There's no limitation
- Do you give a 1099 to an individual who helped you find a deal for a referral fee? Give them a 1099, if it's more than $600
- If you do a cost segregation, do you have to pay everything back, if you do a 1031 exchange in the future? No, you're just rolling forward the basis on your property right
- I'm licensed with Primerica. Should I create an LLC for my business? It depends on how much you're making because you're personally responsible for any liabilities incurred
- Can I submit mileage driven from my main work location to a branch office to my employer for reimbursement? Submitting it doesn't mean they're going to pay it
- Can I form an LLC to purchase a vehicle, lease it to myself, and then use an accountable plan from my C Corp to reimburse lease payments? Don't do that.
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Resources:
New Tax Laws That Give Real Estate Investors a Massive Deduction (free Webinar for Tax Tuesday listeners)
Franchise Tax Board of California v. Hyatt - SCOTUS
Real Estate Professional Requirements
529 Plan
Uniform Gifts to Minors Act (UGMA)
Section 7702
Roth IRAs
K-1
199A Deduction
Bonus Depreciation
MileIQ
Depreciation Recapture
Tax Cuts and Jobs Act (TCJA)
Section 179 Deduction
Who Pays if You’re in an Accident in a Company Car?
Schedule E
501(c)(3) Charities and Non-profit Organizations
Section 121
Form 1120
Form 1065
Form 1099
Form 3115
1031 Exchange
Types of Trusts
Opportunity Zones FAQ
Opportunity Zone Heat Map
280A Deductions
Toby Mathis
Anderson Advisors
Anderson Advisors Tax and Asset Protection Event
Tax-Wise Workshop
Tax-Wise 2019 3-in-1 Offer/2-for-Tuesday Bulletproof
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Anderson Advisors on Facebook
Anderson Advisors Podcast
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