Despite delays, closures, and quarantines due to the Coronavirus (COVID-19), you still need to file your taxes. So, Toby Mathis and Jeff Webb of Anderson Advisors spent St. Patrick’s Day answering tax questions to help you through this difficult time. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
What are the updates on the tax impact of COVID-19? April 15: Deadline to file your taxes still applies, but individuals that owe less than $1 million and businesses that owe...
Despite delays, closures, and quarantines due to the Coronavirus (COVID-19), you still need to file your taxes. So, Toby Mathis and Jeff Webb of Anderson Advisors spent St. Patrick’s Day answering tax questions to help you through this difficult time. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- What are the updates on the tax impact of COVID-19?
- April 15: Deadline to file your taxes still applies, but individuals that owe less than $1 million and businesses that owe less than $10 million can file a 90-day grace period extension to pay their taxes without being charged penalties and interest
- Families First Act: Passed by House of Representatives, but still under review by Senate because major mistakes need to be corrected to address Family and Medical Leave Act (FMLA) and other payments
- If I get married while owning a property in an LLC, will my spouse also be protected under the same LLC? LLC is not necessarily protecting you and your spouse, but the property in the LLC and whatever happens to it
- If I purchase a business from someone, how does the entity transfer over? Two types of business purchases: Stock purchases or asset acquisitions
- My business started in 2019, and we don’t have money for a CPA. Can I submit a 1065 partnership form for my small business myself? Yes, you can, but it’s not recommended because failing to file a 1065 on time has a $205 penalty per month/per partner
For all questions/answers discussed, sign up to be a Platinum member to view the replay!
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Resources:
Anderson’s Guide to Creating Your Private Vault by Greg Boots (Coupon Code: PV2020 for $20 off)
Tax-Wise Business Ownership by Toby Mathis
Coronavirus Tax Relief
Families First Act
Family and Medical Leave Act (FMLA)
SECURE Act
Individual Retirement Arrangements (IRAs)
Traditional and Roth IRAs
501(c)(3)
Form 1065
Form 1099
Form 8832
Form 1120
Real Estate Professional Requirements
Self-Employment Tax
Wills and Trusts
Freddie Mac
Fannie Mae
Capital Gains Exclusion/Section 121
Section 338(h)(10) Election
Schedule C
Cost of Goods Sold (COGS)
How to Buy a Business
Business Structures
UBIT
UDFI
Section 179 Tax Depreciation
Depreciation Recapture
Bonus Depreciation
1031 Exchange
Opportunity Zones
Cost Segregation Tax Breaks!
Form 1040
Form 1040-NR
Rollovers as Business Startups (ROBS)
Form 2553
Employer Identification Number (EIN)
Affordable Care Act
CoreVest
Toby Mathis
Anderson Advisors
Anderson Advisors Events
Anderson Advisors Tax and Asset Protection Event
Tax-Wise Workshop
Anderson Advisors on YouTube
Anderson Advisors on Facebook
Anderson Advisors Podcast
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