Tax Tuesday with Toby Mathis 11-24-2020

What’s the difference between President Donald Trump’s current tax laws versus tax policies/proposals from President-elect Joe Biden? Toby Mathis and Jeff Webb of Anderson Advisors provide only the good, bad, and painful facts—not a partisan party. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

• What are the differences between Trump vs. Biden tax plans? 
  • • Additional payroll taxes on high-earners
    • Increased income tax on high-income individuals
    • Increased capital gains rate imposed on high-income individuals
    • Tax wealth ideas include annual wealth tax and greater estate/gift taxes
    • Increase corporate income tax rate
    • Eliminate 199A
• What should be done in 2020/2021, if you’re worried about tax increases? 
  • Gain Harvesting
  • Roth Conversion
  • 100% AGI
  • Carryforward NOLs
  • Wait on Harvesting Losses
  • Gifting

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

Go to iTunes to leave a review of the Tax Tuesday podcast. 

Resources:

Tax Toolbox

Here's where Biden and Trump stand on your taxes 

Tax Cuts and Jobs Act (TCJA)

Individual Retirement Arrangements (IRAs) 

Traditional and Roth IRAs

Unrelated Debt-Financed Income (UDFI)

Unrelated Business Income Tax (UBIT)

Rollovers as Business Start-ups (ROBS)

Capital Gains and Losses

Real Estate Professional Requirements

1031 Exchange

Alternative/Renewable Energy Tax Credits

State and Local Tax (SALT)

Section 199A

Bob Keebler

Opportunity Zones

U.S. Government Accountability Office (GAO)

Medicare

Social Security Administration

Self-Employment Tax

Credits and Deductions

Conservation Easements

Charitable Organizations

Pease Limitation on Itemized Deductions

Affordable Care Act (ACA)

Form 1040-NR

Wills and Trusts

CARES Act

Bonus Depreciation

Paycheck Protection Program (PPP)

Home Office Deduction

26 U.S. Code Section 280A

Tax-Wise Business Ownership by Toby Mathis

Toby Mathis

Anderson Advisors

Anderson Advisors Events

Events@andersonadvisors.com

Anderson Advisors Tax and Asset Protection Workshop

Anderson Advisors Tax-Wise Workshop

Anderson Advisors Infinity Investing Workshop

Anderson Advisors on YouTube

Anderson Advisors on Facebook

Anderson Advisors Podcast