Afraid of taxes? Spooked about getting audited? Halloween isn’t the only day of the year that most of us fear. So, Toby Mathis and Jeff Webb of Anderson Advisors provide fast, fun, and educational answers to your tax questions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
How can I minimize taxes for someone with no children and no longer able to itemize miscellaneous deductions under new tax laws? Depends on where income comes from
Can you get lender financing for a prop...
Afraid of taxes? Spooked about getting audited? Halloween isn’t the only day of the year that most of us fear. So, Toby Mathis and Jeff Webb of Anderson Advisors provide fast, fun, and educational answers to your tax questions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- How can I minimize taxes for someone with no children and no longer able to itemize miscellaneous deductions under new tax laws? Depends on where income comes from
- Can you get lender financing for a property deposit from a self-directed IRA? Not likely because IRA can’t be collateral, but a 401(k) can be used
- Are horses and their expenses tax deductible? Yes; some are also depreciable
- What do you need to do to use the Medical 105 Plan and reimburse your medical expenses? Corporation with plan document is required; show receipts for reimbursement
- What does DBA mean? Doing business as (a.k.a., Fictitious Name)
- Should I form an LLC or Corporation for rental properties? Corporation should be your last choice; LLC is not a tax designation; put rental properties on your personal return
- If I purchase one or more vehicles, with the intent of renting them out, should I title them in an LLC? Yes, due to liability; also have immaculate maintenance records, commercial insurance, and titled to renter’s LLC
- Can I offset gains from rents with depreciation? Yes; rental income is offset by all your rental property expenses, including depreciation
- Can a small, newly set up LLC buy a property? Yes, seasoning requirement isn’t required
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Resources:
Pre-order Book Deal: Tax-Wise Business Ownership
1031 Exchange
Real Estate Professional Requirements
Types of Trusts
Schedule A
Schedule C
Schedule E
K-1
Form 1065
Uniform Limited Liability Company Act (ULLCA)
Roth IRAs
Health Savings Account (HSA)
Home Office Deduction
Tax Cuts and Jobs Act (TCJA)
Depreciation Recapture
Bonus Depreciation
Passive Activity Losses - Section 469
501(c)(3)
Opportunity Zones FAQ
Opportunity Zone Heat Map
Capital Gains Exclusion/Section 121
Modified Accelerated Cost Recovery System (MACRS)
Cost Segregation Tax Breaks!
401(k)
403(b)
IRC 183
Section 105 Health Plan Reimbursement
Forms of Compensation 26USC61
Section 1244 Stock Loss
Rollovers as Business Start-Ups (ROBS)
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Anderson Advisors
Anderson Advisors Tax and Asset Protection Event
Tax-Wise Workshop
Tax-Wise 2019 3-in-1 Offer/2fer Tuesday Bulletproof
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