Tax Tuesdays with Toby Mathis 01-07-2020

Do you have enough money saved up for your retirement? Do you feel good about your golden years? The good news is that legislation was passed recently. It’s called the Setting Every Community Up for Retirement Enhancement (SECURE) Act. However, it means saying goodbye to stretch IRAs and age limits on IRA contributions. Toby Mathis and Jeff Webb of Anderson Advisors answer SECURE Act and other tax questions that may impact your financial future. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

• I am trying to qualify my wife for real estate professional status, and she will go part-time next year. She is a physician. How will IRS treat her on-call duty hours? Only count hours she is actually working on real estate, not her on-call duty hours
• I have significant start-up costs for training prior to the establishment of my LLC (C Corp). Are there alternatives to recapturing the start-up costs in less than 15 years? No, but you can write off $5,000 for up to $50,000 in start-up costs the first year 
• I am interested in providing a Wellness Plan for my employees. How do we structure it, so it isn’t taxable income for employees? Non-taxable benefit to company, and non-deductible benefit to employees
• Is gap lending income passive or active for a 401(k)? Gap lending is lending and passive/interest income; not an active business  

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Resources:

SECURE Act

Individual Retirement Arrangements (IRAs) 

Stretch IRA

Traditional and Roth IRAs

Real Estate Professional Requirements

Types of Trusts

Bonus Depreciation

Depreciation Recapture

Health Savings Account (HSA)

Schedule C

Cost Segregation Tax Breaks!

401(k)

1031 Exchange

Solo 401(k)

Capital Gains Exclusion/Section 121

Garn-St Germain Depository Institutions Act of 1982

Rollovers as Business Start-Ups (ROBS)

Employer ID Number (EIN)

501(c)(3)

199A Deduction

Opportunity Zones FAQ

Opportunity Zone Heat Map

Airbnb/Short-term Rentals

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