Tax Tuesdays with Toby Mathis 07-23-2019

2019-07-31

As Americans, taxes are one of our biggest expenses; even more than housing, food, and clothing combined. Taxes are overpaid by about a billion dollars every year. Toby Mathis and Jeff Webb of Anderson Advisors save you money by answering your tax questions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors. Highlights/Topics: How many stock option trades must you make in a year to be considered a professional trader by the IRS? Activity has to be regular and frequent Is TurboTax comparable to ...

Highlights/Topics:

How many stock option trades must you make in a year to be considered a professional trader by the IRS? Activity has to be regular and frequent
Is TurboTax comparable to using a certified public accountant (CPA)? No, because tax-based computer systems don’t ask the right questions
How many rental properties should I own before creating a C Corp? It’s not about how many properties, but how much you’re making/earning
Can you have multiple 401(k) plans? Yes
Does a leasing real estate subsidiary pass-through have to pay self-employment tax? When renting real estate, nobody pays self-employment tax; it’s not earned income
Can you explain the depreciation recapture for a property that was never depreciated? If you can deduct or depreciate, you must recapture (Publication 946)
What’s the rule for claiming meals and entertainment; is it still 50%? TCJA took away entertainment write-offs, but writing off meals can be 50-100%

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

Go to iTunes to leave a review of the Tax Tuesday podcast.

Resources:

Standard Deduction

Tax Benefits for Education: Information Center

Publication 15-B (2019), Employer's Tax Guide to Fringe Benefits

Trader Status

Schedule C

Schedule D

Schedule E

Tax Cutting Jobs Act (TCJA)

Tax Cuts and Jobs Act, Provision 11011 Section 199A - Qualified Business Income Deduction FAQs