It’s the middle of a sweltering summer and the July 15 deadline to pay your income taxes is fast approaching. Don’t worry because Toby Mathis and Jeff Webb of Anderson Advisors offer a bevy of knowledge to avoid getting burned. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
What is the most tax-efficient way for 401(k) to Roth 401(k) conversion? Entire amount does not need to be converted in one year, or you’ll take a major tax hit
It’s the middle of a sweltering summer and the July 15 deadline to pay your income taxes is fast approaching. Don’t worry because Toby Mathis and Jeff Webb of Anderson Advisors offer a bevy of knowledge to avoid getting burned. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- What is the most tax-efficient way for 401(k) to Roth 401(k) conversion? Entire amount does not need to be converted in one year, or you’ll take a major tax hit
- How do I start a real estate business with income from our current businesses? Is this possible? Yes, pull money out of businesses to establish new real estate entity
- How do I elect trader status? State that you are a trader or select mark-to-market election method of accounting for securities traders
- How can I identify tax breaks at certain income levels? If your income is below the $100,000 threshold, use standard deduction, IRAs, and more to not pay any or much tax
- What is the easiest or best accounting software to keep up with your business expense and get the best tax reductions? Most prevalent software used for accounting and bookkeeping services is QuickBooks
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Resources:
Infinity Investing Workshop
http://aba.link/iiw
Tax-Wise Business Ownership by Toby Mathis
https://andersonadvisors.com/shop/
1-day Online Tax-Wise Class
https://andersonadvisors.com/tax-wise-workshop/
Individual Retirement Arrangements (IRAs)
https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras
Traditional and Roth IRAs
https://www.irs.gov/retirement-plans/traditional-and-roth-iras
1031 Exchange
https://www.irs.gov/businesses/small-businesses-self-employed/like-kind-exchanges-real-estate-tax-tips
CARES Act
https://home.treasury.gov/policy-issues/top-priorities/cares-act
Economic Injury Disaster Loan (EIDL)
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance
Paycheck Protection Program (PPP)
https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf
Paycheck Protection Program (PPP) Flexibility Act
https://www.investopedia.com/paycheck-protection-program-flexibility-act-of-2020-an-overview-4846944
Small Business Administration (SBA)
https://www.sba.gov/
Wills and Trusts
https://andersonadvisors.com/living_trusts/
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
Real Estate Professional Requirements
https://www.irs.gov/pub/irs-utl/33-Real%20Estate%20Professionals.pdf
Capital Gains Exclusion/Section 121
https://www.irs.gov/taxtopics/tc701
Self-Employment Tax
https://www.irs.gov/taxtopics/tc554
Internal Revenue Service (IRS)
https://www.irs.gov/
Tax Cuts and Jobs Act (TCJA)
https://www.irs.gov/tax-reform
Federal Realty Trust (FRT)
https://www.federalrealty.com/
1099 Form
https://www.irs.gov/businesses/small-businesses-self-employed/am-i-required-to-file-a-form-1099-or-other-information-return
Traders in Securities
https://www.irs.gov/taxtopics/tc429
Form 4797
https://www.irs.gov/pub/irs-pdf/f4797.pdf
Charitable Organizations
https://www.irs.gov/charities-non-profits/charitable-organizations
Form 2553
https://www.irs.gov/forms-pubs/about-form-2553
Affordable Care Act (ACA)
https://www.healthcare.gov/
QuickBooks
https://quickbooks.intuit.com/
Peachtree
https://www.sage.com/en-us/products/peachtree/
JD Edwards
https://www.oracle.com/applications/jd-edwards-enterpriseone/
Home Office Deduction
https://www.irs.gov/businesses/small-businesses-self-employed/home-office-deduction
Schedule C
https://www.irs.gov/forms-pubs/about-schedule-c-form-1040
Cost Segregation
https://andersonadvisors.com/podcast/cost-segregation-with-brett-hansen-replay/
Toby Mathis
http://tobymathis.com/
Anderson Advisors
https://andersonadvisors.com
Anderson Advisors Events
https://andersonadvisors.com/all-events/
Events@andersonadvisors.com
mailto:Events@andersonadvisors.com
Anderson Advisors Tax and Asset Protection Event
https://andersonadvisors.com/asset-protection/
Tax-Wise Workshop
https://andersonadvisors.com/tax-wise-workshop/
Anderson Advisors on YouTube
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
Anderson Advisors on Facebook
https://www.facebook.com/AndersonBusinessAdvisors/
Anderson Advisors Podcast
https://andersonadvisors.com/podcast/
