What’s the answer to all tax questions? Calculate, calculate, calculate. Fortunately, Toby Mathis and Jeff Webb of Anderson Advisors provide additional information to help you determine what makes sense from a tax standpoint. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
What do you have to file when you have an S Corp and take a salary? Payroll tax forms, possible registration with state, county, and/or city for withholding
I’m a small business owner who didn’t make a...
What’s the answer to all tax questions? Calculate, calculate, calculate. Fortunately, Toby Mathis and Jeff Webb of Anderson Advisors provide additional information to help you determine what makes sense from a tax standpoint. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- What do you have to file when you have an S Corp and take a salary? Payroll tax forms, possible registration with state, county, and/or city for withholding
- I’m a small business owner who didn’t make any income last year. Do I have to file? Depends on type of small business, but filing is recommended, especially for losses
- How much of my remodel can I claim on my taxes as expenses vs. improvements? Remodel tends to mean improvements; separate improvements from repairs
- Can you claim both the home office deduction and the Section 280A for the same C Corp? No, for technical reasons; reimburse yourself for home office costs and corporate use of house for meetings
- How do you report real estate rental income for properties in a trust? Depends on type of trust and how it’s taxed; may be taxable to grantor
- What determines your state residency when you live in a non-fixed location (RV, boat, etc.)? States typically follow the 183-day primary rule, so depends on where you spent most of your nights, as well as where you’re registered to vote and your driver’s license
- I have a family limited partnership that is going to get a large sum of money. I plan to put it all into a nonprofit. Any taxes owed? A large sum of money is typically a source of adjusted gross income (AGI), which is only 60% deductible
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Resources:
Wills and Trusts
Employer Identification Number (EIN)
Individual Retirement Arrangements (IRAs)
Traditional and Roth IRAs
26 US Code 280A
Real Estate Professional Requirements
UBIT
UDFI
Capital Gains Exclusion/Section 121
Form 1099-INT
Schedule K-1
Unemployment Insurance
Workers' Comp
Professional Employer Organization (PEO)
ADP
Paychex
Patriot Software
Schedule C
Self-Employment Tax
Cost Segregation Tax Breaks!
Section 179 Tax Depreciation
Depreciation Recapture
Bonus Depreciation
MACRS Depreciation
Form 1041
Form 1040
Schedule E
Form 2553
Form 1128
Form 1040-NR
Opportunity Zones
501(c)(3)
Rollovers as Business Startups (ROBS)
1031 Exchange
SECURE Act
PayPal
Airbnb/Short-term Rentals
HELOC
Form 1099-COD
American Home Shield Warranty
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Anderson Advisors Tax and Asset Protection Event
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