Is it time for a fun and educational drinking game? It depends. Do you need clarification on different options in the CARES Act? You’re not alone, so does the Internal Revenue Service (IRS) and U.S. Department of the Treasury. 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:
How do I go about researching business tax strategies? Where can I find a list of strategies? Get a free copy of Toby Mathis’s book, Tax-Wise Business Owne...
Is it time for a fun and educational drinking game? It depends. Do you need clarification on different options in the CARES Act? You’re not alone, so does the Internal Revenue Service (IRS) and U.S. Department of the Treasury. 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:
- How do I go about researching business tax strategies? Where can I find a list of strategies? Get a free copy of Toby Mathis’s book, Tax-Wise Business Ownership
- With COVID-19, will the IRS grant forgiveness with arrears on payroll taxes? No
- Can I take the 10K advance from the Economic Injury Disaster Loan (EIDL), deny the loan, and roll it into the CARES Paycheck Protection Program (PPP)? An up to $10,000 advance is a grant that doesn’t need to be paid back and isn’t rolled into PPP
- As a flipper in VA, is it worth incorporating to avoid dealer status and is avoiding such actually possible? Yes, if you have the intent to rehab and sell a property, not rent/invest
- What are the basic benefits of the S-Corp? Limited liability, income not subject to self-employment income, and accountable plan
- If I haven’t yet filed a tax return for my corporation, can I still qualify for EIDL or PPP, as the sole owner/operator? Yes, you’ll qualify for EIDL, if in business on Feb. 15
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Resources:
Tax-Wise Business Ownership by Toby Mathis (Promo Code for free copy/shipping: TUESDAY)
Infinity Investing Workshop
1 Veteran Foundation
CARES Act
Internal Revenue Service (IRS)
U.S. Department of the Treasury
Paycheck Protection Program (PPP)
Economic Injury Disaster Loan (EIDL)
Real Estate Professional Requirements
501(c)(3)
Individual Retirement Arrangements (IRAs)
Traditional and Roth IRAs
Cost Segregation
Depreciation Recapture
Bonus Depreciation
Section 179
CoreVest Finance
Equifax
Dun and Bradstreet
TransUnion
Coronavirus Tax Relief
Families First Coronavirus Response Act
Tax Code 7702
1031 Exchange
Self-Employment Tax
Schedule E
26 U.S. Code 1231
Wills and Trusts
Tax Cuts and Jobs Act (TCJA)
Unrelated Business Income Tax (UBIT)
Unrelated Business Taxable Income (UBTI)
Franchise Tax Board
Capital Gains Exclusion/Section 121
Form 1023 Application
Form 1099-R
Trader Tax Status
457b
403b
Toby Mathis
Anderson Advisors
Anderson Advisors Events
Events@andersonadvisors.com
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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