Where’s the cash, and what will give you the most bang for your buck? As you learn more about COVID-19 and related tax relief options, you probably have more questions. Toby Mathis and Jeff Webb of Anderson Advisors offer clarification on how and when to consider early distribution, loans, and paycheck protection. Time is of the essence. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
COVID-19 Tax Impact Updates:
Paycheck Protection Program (PPP)
Where’s the cash, and what will give you the most bang for your buck? As you learn more about COVID-19 and related tax relief options, you probably have more questions. Toby Mathis and Jeff Webb of Anderson Advisors offer clarification on how and when to consider early distribution, loans, and paycheck protection. Time is of the essence. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- COVID-19 Tax Impact Updates:
- Paycheck Protection Program (PPP)
- Economic Injury Disaster Loan (EIDL)
- July 15, not April 15: Deadline to file and pay income taxes
- If I don’t have W-2 income, how do I qualify as a real estate professional as LP investor in real estate deals? It’s about time, not income, but there are restrictions
- Are you qualified for a PPP as a sole member LLC? Yes
- How did the SECURE Act change treatment of spousal-inherited IRAs and required minimum distributions from those IRAs? SECURE Act didn’t change anything that had anything to do with spousal-inherited IRAs
- Can I still file 2019 taxes to qualify for the COVID relief funds? Yes, if you didn’t make too much money in 2018
- How does the stimulus affect taxes for property owners? CARES Act doesn’t impact taxes for property owners
- I didn’t file in 2018 or 2019, will I still get the stimulus, if I qualify? Depends, if you are on social security and/or you’re required to file a tax return or not
- Does the bill have provisions for unemployment compensation for those self-employed? Yes, federal government requires states to pay unemployment
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Resources:
Infinity Investing Workshop
Tax-Wise Business Ownership by Toby Mathis
Unlock Free Money from the New Stimulus Bill - CARES Act with Clint Coons and Toby Mathis
CARES Act
Paycheck Protection Program (PPP)
Economic Injury Disaster Loan (EIDL)
Coronavirus Tax Relief
COVID-19 and the Family and Medical Leave Act Questions and Answers
Small Business Administration (SBA)
Form 1045
Form 1139
Schedule C
Schedule E
Individual Retirement Arrangements (IRAs)
Traditional and Roth IRAs
1031 Exchange
Opportunity Zones
Real Estate Professional Requirements
SECURE Act
Capital Gains Exclusion/Section 121
Form 1099
Airbnb/Short-term Rentals
26 U.S. Code Section 139
Self-Employment Tax
Section 179 Tax Depreciation
Depreciation Recapture
Bonus Depreciation
501(c)(3)
Wills and Trusts
Employer Identification Number (EIN)
K-1 Form
Unemployment Insurance
UBIT
UDFI
Non-Filers: Enter Payment Info Here
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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