Tax Tuesdays with Toby Mathis 08-06-2019

When you do things right, you don’t get sued, harassed, or audited. That’s why Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

• I’m starting a real estate business. How should the LLC be taxed? LLCs choose how they are taxed
• Is there an annual amount you have to pay contractors that require 1099 and W-9 forms? Minimum is $600
• What is a quitclaim? Transfer of interest in county record of your interest
• What is the simplest software or way to log vehicle mileage? MileIQ 
• What is a qualified business income (QBI) deduction? Deduct up to 20% QBI, 20% qualified real estate investment trust (REIT) dividends, and qualified publicly traded partnership (PTP) income
• Can you invest money earned through 501(c)(3) to invest in dividends and stocks? Yes
• Can you explain the 100% depreciation changes in the new tax code? Bonus depreciation allows 100% deduction as expense of asset
• Are you familiar with the Deferred Sales Trust concept? Yes, it works to sell a highly appreciated business under an installment note to spread out tax over a lifetime  

For all questions/answers discussed, sign up to be a Platinum member to view the replay!

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Resources:

Individual Retirement Account (IRA)

Form 5498

Form 709

501(c)(3) Charities and Non-profit Organizations

Form W-9

Form 1099

Form 1099-INT

TD Ameritrade

Fidelity Investments

Taxable Event

Quitclaim

MileIQ

Bill Gates

Tax Cuts and Jobs Act (TCJA)

Schedule E

QBI/Section 199A

Airbnb

1031 Exchange

Howard Hughes Medical Institute

Bonus Depreciation

Modified Accelerated Cost Recovery System (MACRS)

Section 1245 Property

Cost Segregation Audit Techniques

Section 183

Types of Trusts

Unrelated Business Income Tax (UBIT)

Section 121 

American Express

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