Tax Tuesday with Toby Mathis 11-13-18

Toby Mathis and Jeff Webb of Anderson Advisors are here to ease your nerves and help you make intelligent decisions by answering your tax questions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics:

• If I liquidate a 401(k) and take the cash, what taxes will I pay? If your younger than 59.5, you’ll pay a 10% penalty for a traditional 401(k); penalties are different for a Roth 401(k)
• I have a home office. How do I indicate that on my taxes? Use Schedule C and Form 8829; but go for a business reimbursement, rather than a home office deduction
• My phone is for personal and business use. How do I indicate business use on my tax form? If required to have a phone for business, expense the whole thing by being a corp
• I purchased another vehicle for business use. Do I title it under the name of the business? No, to avoid additional liability and higher insurance costs
• What’s the minimum income required for social security/medicare benefits to receive your four credits? In 2018, you’d have to earn $5,280; in 2019, it goes up to $5,440
• Does the C corp have to be setup in 2018 to carry forward the deductions to next year? No. If you pay during your tax year, it’s not an applicable deduction in that particular year

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

Resources

Rule 72(t)

Schedule C

Form 8829

Home Office Deduction

MileIQ App

26 USC 195

453 - Installment Method

105 Plan

Affordable Care Act

Tax Wise Workshop

Tax Tuesday Special Offer

Toby Mathis

Anderson Advisors

Anderson Advisors Tax and Asset Protection Event