Tax Tuesday with Michael Bowman 08-04-2020

Knowledge is power when talking about taxes. The more you know, the more tools you have to be successful. While Toby Mathis is taking some much needed rest and relaxation after Tax Day on July 15, Michael Bowman and Jeff Webb of Anderson Advisors answer your tax questions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

• Does it make sense to use an LLC as the property manager for self-managed rentals? Separate and isolate rentals to protect assets; consider Inc. instead of LLC 
• If I put my property in a land trust, will it be difficult to sell? Land trust is basically a revocable trust with a grantor; land trust should sell the property but not via turn of title
• What is the best entity to do wholesaling? Disregarded LLC down to a corporation
• Property Aggregation: What is it and what are the reasons to do it or not? Primarily used with real estate professionals for material participation to combine multiple properties
• What’s the difference between a tax deduction and a tax credit? Tax deduction reduces your taxable income; tax credit reduces your actual tax 

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Resources:

Anderson Advisors Tax and Asset Protection 1-day Event

http://aba.link/TAP88

Healthcare Reform (Affordable Care Act) 

https://www.healthcare.gov/

Wills and Trusts

https://andersonadvisors.com/living_trusts/

TurboTax

https://turbotax.intuit.com/

Individual Retirement Arrangements (IRAs) 

https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras

Traditional and Roth IRAs

https://www.irs.gov/retirement-plans/traditional-and-roth-iras

Self-Employment Tax

https://www.irs.gov/taxtopics/tc554

Capital Gains Exclusion/Section 121

https://www.irs.gov/taxtopics/tc701

Bonus Depreciation

https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act

Depreciation Recapture

https://www.investopedia.com/terms/d/depreciationrecapture.asp

529 Plans

https://www.sec.gov/reportspubs/investor-publications/investorpubsintro529htm.html

Internal Revenue Service (IRS)

https://www.irs.gov/

Schedule C

https://www.irs.gov/forms-pubs/about-schedule-c-form-1040

Publication 520

https://www.irs.gov/pub/irs-prior/p520--1995.pdf

1031 Exchange

https://www.irs.gov/businesses/small-businesses-self-employed/like-kind-exchanges-real-estate-tax-tips

Real Estate Professional Requirements

https://www.irs.gov/pub/irs-utl/33-Real%20Estate%20Professionals.pdf

Cost Segregation

https://andersonadvisors.com/podcast/cost-segregation-with-brett-hansen-replay/

Form 5500

https://www.dol.gov/agencies/ebsa/employers-and-advisers/plan-administration-and-compliance/reporting-and-filing/form-5500

Form 1065: Schedule K-1

https://www.irs.gov/pub/irs-pdf/f1065sk1.pdf

Franchise and Excise Tax

https://revenue.support.tn.gov/hc/en-us/sections/200549025-Franchise-Excise-Tax

Credits and Deductions

https://www.irs.gov/credits-deductions-for-individuals

Section 105(b) Deduction

https://www.irs.gov/pub/irs-drop/rr-03-102.pdf

Charitable Organizations

https://www.irs.gov/charities-non-profits/charitable-organizations

Michael Bowman

https://andersonadvisors.com/michael-bowman

Toby Mathis

http://tobymathis.com/

Anderson Advisors

https://andersonadvisors.com/

Anderson Advisors Events

https://andersonadvisors.com/all-events/

Events@andersonadvisors.com

Events@andersonadvisors.com

Anderson Advisors Tax and Asset Protection Event

https://andersonadvisors.com/asset-protection/

Tax-Wise Workshop

https://andersonadvisors.com/tax-wise-workshop/

Anderson Advisors on YouTube

https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ

Anderson Advisors on Facebook

https://www.facebook.com/AndersonBusinessAdvisors/

Anderson Advisors Podcast

https://andersonadvisors.com/podcast/