<a aria-current="page" href="/" class="router-link-active router-link-exact-active"> Anderson Business Advisors Podcast

https://andersonadvisors.com/strategy-session/?utm_source=conservation-easements-in-crisis&utm_medium=podcast

https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=renting-out-a-property-without-an-llc&utm_medium=podcast

https://andersonadvisors.com/

https://www.youtube.com/@TobyMathis

https://www.tiktok.com/@tobymathisesq

Clint Coons YouTube

https://www.youtube.com/@ClintCoons

Tuesday Oct 29, 2024

Can You Deduct Tenant Damage and Cleanup Costs on Your Taxes?

Tuesday Oct 29, 2024

In this episode of Tax Tuesday, Anderson Advisors attorneys Eliot Thomas, Esq., and Toby Mathis, Esq., tackle a variety of listener questions related to tax deductions and property management. They discuss the implications of evicting tenants and the possibility of deducting repair costs, as well as how homeowners can deduct home office repairs. You’ll hear about the process for amending tax returns to include rental properties and explore the tax consequences of receiving large gifts from non-U.S. citizens. Additionally, they cover topics like the advantages of S-corp versus C-corp structures, the requirements for achieving real estate professional status, and the nuances of short-term property sales, including 1031 exchanges. Tune in for expert insights that could impact your tax strategy!

Submit your tax question to taxtuesday@andersonadvisors.com

Highlights/Topics:

"We rented our house last year due to damages caused by the tenant violations of the agreement. We evicted them." "The tenant abandoned the property with their belongings." "With proper judgment and the sheriff's help, we evicted them and cleaned the property. The tenant caused too much damage. Can we include the cost of fixing it on our taxes?" - yes, and we have two categories, repairs or improvements.
"I work from home. I already take deductions for my home office. If there is a repair in the house like plumbing or an appliance repair, am I able to take a percentage of that repair off as a deduction?" - As a general matter, yes.
"In 2022, I bought and rented a rental property, but I never put the property on my tax return. Can I now add this property to my tax return and take advantage of the tax deductions, cost of ownership, et cetera? Is there a limitation on how far back someone can amend a tax return or add a rental property purchase in the past?" - yes, you can. Is there a limit to how far back? Yes, I'll hit the limit first, three years from the date that you filed.
"My parents live in Singapore and are not US citizens. They want to give me and my kids $200,000.”“They have not previously gifted us any funds. Will any of us need to pay tax on this?" - Generally speaking, I don't know of a tax necessarily if you have non-US citizens giving cash gifts over to their children or family.
"Is there a different procedure to buy a residential multifamily with a pizzeria?" "Is there a different procedure to buy a multifamily with the pizzeria running downstairs?""We have our long-term rental properties with LLC. How should we proceed with this? Can we do a cost segregation study and take bonus depreciation on this type of property and take advantage of the passive deductions?" - For both, you can go ahead and do a cost segregation study, see if it would be in your favor—usually it is
"What type of activities can I log toward REP (real estate professional) status, as a real estate agent? For example, working at home on my website, market research, advertising. Does having a home office mean my time driving to and from showings counts as time? Is education either required or optional?" - If you meet the criteria, then that turns it from passive to non-passive. if you spend over 750 hours in a particular trade or business
"What are the tax consequences if I sell a property in less than a year of purchase? Does the same apply to manufactured homes? And would they be able to do a 1031 exchange if there's profit on the sale?" - What was your intent? Was it to flip? That is a different scenario than short-term gains. Manufactured homes need to look at state laws.
"Why should I open an S-corp versus a C-corp?" - There are many differences to consider.
"Can you please explain the 100-hour material participation in detail? You participated in the activity for more than 100 hours during the tax year, and you participated at least as much as any other individual, including individuals who didn't own any interest in the activity for the year." "For example, if I materially participated in my rental activity for 100 hours during a tax year, can I claim 100% tax deductions on my losses, expenses, and my business activity under this test alone?" - No, it doesn’t work that way. You need REP status.

Resources:

https://andersonadvisors.com/strategy-session/?utm_source=can-you-deduct-tenant-damage-and-cleanup-costs-on-your-taxes&utm_medium=podcast

https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=can-you-deduct-tenant-damage-and-cleanup-costs-on-your-taxes&utm_medium=podcast

https://andersonadvisors.com/

https://www.youtube.com/@TobyMathis

Alliance Virtual Offices Offer for Listeners

https://www.tiktok.com/@tobymathisesq

Clint Coons YouTube

https://www.youtube.com/@ClintCoons

Wednesday Oct 23, 2024

5 Reasons To Ditch Traditional Office Space: The Office-Free Entrepreneur

Wednesday Oct 23, 2024

In this episode, Toby Mathis, Esq., of Anderson Business Advisors, sits down with Mike Sullivan from Alliance Virtual Offices to discuss the evolving landscape of workspaces. Mike details five compelling reasons to abandon traditional office spaces, highlighting Alliance's impressive 40 years in the industry, with 20 years dedicated to virtual solutions. The discussion demystifies the concept of a "virtual office," likening it to the 'Airbnb' of office rentals. Listeners will learn about the array of services offered, including phone support, professional addresses, receptionists, and flexible meeting spaces—all for a budget-friendly monthly cost.

Virtual offices can mitigate risks associated with rising rent and personnel disputes, providing the flexibility needed for businesses to thrive. Ideal for those navigating talent needs or seeking cost-effectiveness, Alliance also offers rental agreements that start with a six-month minimum, transitioning to month-to-month options. Tune in to discover how virtual offices can transform your business strategy!

Highlights/Topics:

Five key reasons to ditch your office space
Alliance’s 40 years in the business - 20 years virtual
Ambiguity – exactly what is a “virtual office”?
The ‘Airbnb’ of office space
Services available - phone number, operators, address, receptionist, meeting space, workspace
Monthly cost of $50-$70 per month globally
Rent on an as-needed basis, for example, attorneys are the largest percentage of renters
Mitigating risk/credit - eliminating rising monthly rent, credit, personnel disputes or conflicts, separating business from personal
Flexibility is key for hiring and cost-effectiveness
Talent needs - if employees are unable to work from home
Rental agreements - 6-month minimum, then month-to-month is available
Utilizing space for private interviews
Share this with new investors you know

Resources:

https://www.alliancevirtualoffices.com/lp/anderson-advisors?gspk=YW5kZXJzb25hZHZpc29yczUyNDA&gsxid=YHqclhuYOPk8&pscd=ps.alliancevirtualoffices.com

Schedule Your FREE Anderson Consultation

https://andersonadvisors.com/strategy-session/?utm_source=5-reasons-to-ditch-traditional-office-space&utm_medium=podcast

https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=5-reasons-to-ditch-traditional-office-space&utm_medium=podcast

https://andersonadvisors.com/

https://www.youtube.com/@TobyMathis

https://www.tiktok.com/@tobymathisesq

Friday Oct 18, 2024

Tax Strategies and Tips for Starting an Online Business

Friday Oct 18, 2024

This episode of Tax Tuesday with Anderson Advisors attorneys Eliot Thomas, Esq., and Toby Mathis, Esq., tackle pressing issues faced by business owners and real estate investors. From the implications of switching health care reimbursements from a C-corporation to an LLC, to short-term rental strategies, Eliot and Toby discuss the 100-hour participation test and how to select the right property. Other topics include the intricacies of real estate professional status, the deductibility of expenses for damaged properties, and the mechanics of Qualified Business Income (QBI) deductions. Finally, listeners learn about tax management for online businesses (at 46:17) and the potential tax liabilities of renting secondary homes through an S-corp.
Submit your tax question to taxtuesday@andersonadvisors.com

Highlights/Topics:

"I currently reimburse myself for health care expenses through my C-corporation. I have another completely separate business that I run through an LLC registered in Wyoming. Are there any issues if I switch my health care reimbursement from the C-corp over to the LLC?" - It depends- who is it disregarded to? A C-corp can reimburse health expenses.
"We want to take advantage of the short-term rental loophole strategy. If we buy a house in October and close in November, would I have enough time to reach the 100-hour test? What kind of house should we focus on?? - There are several different tests for material participation, one of them being at least 100 hours and more than anybody else. But there are 7 total tests.
"Regarding real estate professional status, the code says you have to participate 500 hours materially or have been rep for the last five years." Actually, there are seven tests, but we'll get into that. "Does that mean if a spouse has been a rep for the past five years, he or she can be hands-off for the next three to five years and still claim rep to offset the other spouse's W-2?" - Long-term rentals are passive income normally, but REP status changes that, although it has certain requirements
"We bought a small house. The house was in a fire and had a lot of damage. We spent a lot of money on structural engineering, services, roof, and other support of construction. This was needed for the safety of workers. They would not be able to work otherwise. My CPA told me I can't take any of those expenses as deductions because I have not rented the house yet. Please be so kind and tell me why I can't deduct structural engineering expenses of more than 12,000. My CPA told me I can only deduct utilities such as water and electricity. That's it." - The code is the code, you can’t deduct for a rental until it is in service…the write-off comes over cost seg
"Can you go over QBI in detail? And do I deduct 20% QBI from net or gross profit? Also, do I deduct 20% first, then my expenses, or do I choose either 20% or my expenses?" - First you find your net, then there are five different qualifications
"If I sell a house on an agreement for deed, how are the monthly payments that I receive taxed?" - If you used it as a rental, you’ll have depreciation recapture. “For deed” means you’re selling it over time.
[46:17] "I'm considering starting an online business. I'd like to know strategies and how to manage taxes as best as possible."- Start by putting it in an LLC, tax it as S or C-Corp, be aware of state requirements…
"Could I have my S-corp rent my secondary home when the business takes clients on retreat? While this may create an expense on the business side, does it also create a tax liability on our 1040?" - How is the second home currently being used? If it's already a rental, you may hit some limitations…
"Does changing the floor and painting the walls count as repair, or is it a renovation?" - Painting is usually a repair, you can write that off. Flooring has other requirements.
"Can I take a six-figure distribution from my S-corp and have it not affect my social security? If the corporation shows a profit and I'm the CFO, will this affect my social security?" You have to take a reasonable wage in order to get that credit.

Resources:

https://andersonadvisors.com/strategy-session/?utm_source=tax-strategies-and-tips-for-starting-an-online-business&utm_medium=podcast

https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=tax-strategies-and-tips-for-starting-an-online-business&utm_medium=podcast

https://andersonadvisors.com/

https://www.youtube.com/@TobyMathis

https://www.tiktok.com/@tobymathisesq

Tuesday Oct 01, 2024

Can You Use a 1031 Exchange for Property Flips Under One Year?

Tuesday Oct 01, 2024

In this episode of Tax Tuesday with Anderson Advisors attorneys Eliot Thomas, Esq., and Amanda Wynalda, Esq., we dive into essential real estate investment strategies and tax implications for property owners. Discover why selling a rental property to your LLC is considered a prohibited transaction and learn how to protect capital gains from your primary residence using the 121 exclusion. We discuss the limitations of 1031 exchanges for properties flipped within a year and outline how to determine a reasonable salary from your S-Corp while considering payroll taxes. Additionally, we clarify the requirements for maintaining real estate professional status, the treatment of capital gains within an S-Corp, and the nuances of deductions for short-term rentals. Tune in for valuable insights to optimize your investments!

Submit your tax question to taxtuesday@andersonadvisors.com

Highlights/Topics:

I just purchased a property through a self-directed IRA and LLC. I own a rental property. Will I be able to sell the rental property to my LLC? - No, you cannot personally benefit, this is a prohibited transaction.
How can I protect the capital gains from selling my primary residence after adjusting the cost basis? And after taking the 121 exclusion and utilizing that money for investment purposes. - If the home was used as a personal residence for two of the last five years, you might be able to take some money off - it's 250,000 if you're single, 500,000 married filing joint.
Can I use the 1031 exchange when flipping properties under one year of ownership? - The IRS looks at the property as “inventory.” So although it is being used in a ‘trade or business’ you can’t use the 1031.
How do you determine the right pay for yourself? Is it worth the taxes you pay into Medicare and Social Security? So far, we've paid $30,000 in payroll taxes. Will that go towards our tax bill at the end of the year? - You have a ‘reasonable salary requirement’ from an S-Corp. It ranges from 38% to 60%.
What minimum must you do to maintain your real estate professional status and not be considered a dealer if you intend to flip a house? - REP status is when you spend 50% of your personal services time and at least 750 hours in your real estate trade or business.
What happens with the capital gain from stocks or from the sale of a rental property when inside of an S-Corp? - It is not ‘ordinary income’- the building is under “separately stated”.
What is the list of deductions with a STR that's a short-term rental for those of you in the know in the REI, as passive income when material participation is not met compared to a list of deductions when material participation is met? - There is no difference between passive and non-passive deductions. Google IRS PDF Schedule E.
If I volunteer my work or time at a nonprofit, is this tax-deductible? - the short answer is no, but you can deduct things like mileage
I have a W-2 and 1099 income. Bought a house to flip. How can I best take advantage of this financially to save on tax? - you may be able to run certain deductions against your income.
How does rental property via an LLC affect personal taxes? - we get this question all the time recently. Set up in a disregarded LLC, no impact at all on your personal taxes.

Resources:

https://andersonadvisors.com/ss/

https://andersonadvisors.com/live-tax-and-asset-protection-workshops/

https://andersonadvisors.com/

Tuesday Sep 24, 2024

1031 Exchange for Real Estate Investors (HUGE TAX SAVINGS!)

Tuesday Sep 24, 2024

Today Clint Coons, Esq., speaks with Aaron Kancevicius, the Lead 1031 Advisor/Director of Lending at Plenti Financial. Aaron takes us through the ins and outs of navigating the IRS’ 1031 exchange guidelines for investment properties. Aaron and Clint discuss the essentials of setting up a 1031 exchange, the importance of consulting with a CPA, and the necessity of a qualified intermediary. Aaron clarifies the complexities of depreciation, depreciation recapture, and the "like-kind" property rule. He outlines the critical timelines, including the 45-day identification and 180-day closing periods, offering tips for effective portfolio diversification. Additionally, you’ll hear advanced strategies like standard and reverse exchanges and transitioning properties to personal residences, making this episode invaluable for serious real estate investors.
Aaron Kancevicius is from Plenti Financial, a leading 1031 exchange consulting firm in Southern California with over 20 years of experience in real estate finance. Aaron has helped countless real estate investors evaluate deals from as little as $100K to over $100 million.

Highlights/Topics:

Clint’s introduction of guest Aaron Kancevicius
How you can arrange for a 1031 exchange
When in the process do you need to apply for a 1031?
Debt, loans, timing
Parameters for avoiding capital gains taxes
Are there complications with cost segs on properties?
Complexities of the “Like/Kind” IRS regulation
Diversifying with a 1031, limitations
Working with contractors on improvements
Related party transactions
Cash-out refi’s
Considering exchanges from US to International
Drop-n-Swaps, reverse exchanges, selling multiple properties, combo exchanges
Can you use a 1031 to purchase a primary residence vs. an investment properties?
Other uncommon situations, mistakes Aaron has witnessed
Closing comments - contact an expert before you embark on a 1031 exchange

Resources:

Plenti Financial

https://www.startmyexchange.com/anderson

https://andersonadvisors.com/strategy-session/?utm_source=1031-exchange-for-real-estate-Investors-HUGE-TAX-SAVINGS&utm_medium=podcast

https://andersonadvisors.com/live-tax-and-asset-protection-workshops/

Anderson Advisors Podcast

https://andersonadvisors.com/

https://andersonadvisors.com/podcast/

Clint Coons YouTube

https://www.youtube.com/channel/UC5GX-U6VbvMkhSM1ONBiW8w

Tuesday Sep 17, 2024

Strategies to Reduce Your Tax Liability as a Real Estate Flipper

Tuesday Sep 17, 2024

In this episode of Tax Tuesday with Anderson Advisors attorneys Toby Mathis, Esq., and Eliot Thomas, Esq., the pressing tax questions from listeners have a special focus on real estate issues. They dive into the complexities of tax benefits for short-term and long-term rental properties, addressing specific monetary scenarios. Toby and Eliot also explore the nuances of passive losses and real estate professional status, evaluating how a limited partnership investment and syndications impact tax strategies. Additionally, they clarify the effects of installment sales on capital gains tax, the tax implications of long-term capital gains for incomes below $93,000, and strategies for reducing tax liability as a real estate flipper. You’ll hear about the mechanics of 1031 exchanges, the use of solar credits against passive income, and the treatment of repairs versus improvements on rental properties. Tune in for expert advice on optimizing your tax situation in the real estate world.
Submit your tax question to taxtuesday@andersonadvisors.com

Highlights/Topics:

"Professor One has three short-term rentals, seven days or less." "He generates $20,000 of profit from each one, but each generates $60,000 of losses, cost seg plus bonus depreciation." "Can he use 20% QBI?" that's 199A. "Can you use it on the $20,000 profits, or will those be offset by the $60,000 losses, and the net will be $40,000 each?" –We can't. We have to take in the $60,000 loss that's associated with each of those buildings. We don't take QBI against the loss. No, QBI would not be available here.
"Professor Two has four long term rentals, and he used line depreciation for all of them." "His wife is a real estate professional, but there's not enough losses to offset his $300,000 grand in income. The CPA suggests putting $200,000 in a syndication as an LP. K1 will generate $150,000 of losses. As long as his wife is REP, he can use those passive losses to offset his W-2. Is that true?" – Because we're introducing a syndication, and this is a limited partner, that's the LP here at K-1, we're going to have to meet that test, the 500-hour test. In other words, to get our REP status, if we didn't use the 500-hour test, we may not be able to do that. That's why I say it depends.
"Professor Three has one passive long-term rental and just bought two short-term rentals with seven days or less with cost seg plus bonus depreciation. Next year, 2025, his wife plans to retire and claim real estate professional status. The plan is to keep those short-term rentals as Airbnb with eight days or more, a.k.a passive, and keep the long-term rental as is. The first question is, can the wife manage, clean those Airbnbs and claim the 750 hours without touching the third long-term rental that is far away and group them all together?" – I'm going to say no, because remember, a short-term rental isn't rental activity. It's the pizza shop, okay, that Toby keeps talking about. But we have other ideas.
“The second question is whether we can still use the losses from the cost seg we conducted on those two short-term rentals this year." – Losses will stay passive into the future, so no.
"I have a question about capital gains tax. I'm selling a property with an installment payment plan. Only two installments to be received. The first will be received December of 2024, the second and last payment will be January 2025. How will this affect my capital gains tax?" – Simplistically, it's just going to split them.
"Paying tax on real estate long-term gain. If my net income is under $93,000 in 2024, will I owe taxes on long-term capital gains from the sale of real estate, a vacation rental? The gain itself is over $93,000." – if you are below approximately $94,000 in 2024, it's going to be taxed at zero.
"How do I reduce my tax liability as a flipper?" – Do it in a C-Corp or S-Corp, besides just immediate tax deductions, we want to avoid dealer status.
Reverse exchange 1031. "Please help us understand it. How do I choose a QI, which stands for qualified intermediary? Any recommendations for first-time 1031 exchangers?" – you're first buying the replacement property and then you're deciding within 45 days which you're going to give up. And so it's just the opposite direction. You have 108 days total from close to close.
"Is it possible to use solar credits against passive income from real estate rent income?” – Yes. You can have a solar credit. You could do it on your personal home, which would create an ordinary loss. The nature of the activity that the solar is attached to might have something to do with its tax treatment.
"How do you determine if a repair and a rental property can be treated as an expense in the current year or must be depreciated?" – If you're making the property more valuable by doing it, that's not a repair. You're making it more valuable.
"Hi, my husband and I want to sell a new construction home business to become full-time investors and manage our five large commercial properties. In the past, we've had real estate professional status because we self-managed our commercial properties. If we sell our construction business, do we still qualify for rep status if we start a management company to manage our commercial properties and earn W-2 income from this new company? What type of entity would be best to set up a management company, LLC, S-corp, or C-corp? – using that management company that you own yourself, certainly you can use that towards your time.

Resources:

https://andersonadvisors.com/strategy-session/?utm_source=strategies-to-reduce-your-tax-liability-as-a-real-estate-flipper&utm_medium=podcast

https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=strategies-to-reduce-your-tax-liability-as-a-real-estate-flipper&utm_medium=podcast

https://andersonadvisors.com/

https://www.youtube.com/@TobyMathis

https://www.tiktok.com/@tobymathisesq

Monday Sep 09, 2024

Renting Out a Property Without An LLC

Monday Sep 09, 2024

In this episode, Toby Mathis, Esq., of Anderson Business Advisors, sits down with Brent Nagy, a highly accomplished real estate investor with over 20 years in the industry. Brent, who retired by the age of 40 with a portfolio of more than 50 cash-flowing properties, shares his expertise around the critical importance of proper asset protection, cautioning against owning real estate outside of a formal LLC or entity. He discusses common pitfalls and liability issues associated with residential properties, highlighting that a well-structured investment strategy can significantly reduce stress and risk. With a wealth of experience, Brent underscores that good intentions alone are not enough—talking to other investors and understanding protection as a vital cost of doing business is essential for long-term success.

Highlights/Topics:

Toby introduces Brent, his back story and progression
Making money passively, “Rich Dad Poor Dad”, becoming an investor
Owning real estate outside of an LLC or entity - NEVER
Proper structure and proper protection is paramount for investing in real estate
Residential properties - liability examples and faulty advice
So much stress can be avoided with the right structure in place
Good intentions can never trump experience
Talk to other investors, protection is the ‘cost of doing business’
Share this with new investors you know

Resources:

https://andersonadvisors.com/strategy-session/?utm_source=renting-out-a-property-without-an-llc&utm_medium=podcast

https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=renting-out-a-property-without-an-llc&utm_medium=podcast

https://andersonadvisors.com/

https://www.youtube.com/@TobyMathis

How to Avoid Taxes When Selling Your Rental Property
Infinity Investing
Schedule Your FREE Consultation
Tax and Asset Protection Events
Anderson Advisors
Toby Mathis YouTube
Toby Mathis TikTok

https://www.tiktok.com/@tobymathisesq

Wednesday Sep 04, 2024

What Is The Best Way To Avoid Estate Taxes?

Wednesday Sep 04, 2024

Today, attorneys Toby Mathis, Esq., and Eliot Thomas, Esq., answer listener questions with a focus on various strategies for minimizing estate and income taxes. You’ll hear about how to use non-profits or irrevocable trusts to avoid estate taxes, structuring an assisted care business with asset protection strategies, and setting up single-member LLCs taxed as S-Corps. For short-term rental tax deductions, it's clarified that a property can’t serve both vacation and business purposes. The questions also address investment in qualified opportunity zones or QOZ’s, 1099 tax options for truck drivers and other independent contractors, deducting home improvement costs, and alternatives to 1031 exchanges.
Submit your tax question to taxtuesday@andersonadvisors.com

Highlights/Topics:

What is the best way to avoid estate tax? - Setting up a non-profit, or an irrevocable trust. Currently, only estates over $13 million get a federal tax
I'm a nurse. I'm interested in starting an assisted care business in my home. Any recommendations to use for taxes or startup strategies? - Focus on asset protection - separate your building vs. operations in an LLC. You’ll need good insurance and other protections for anyone coming into your home.
My wife has a single-member LLC engineering firm and it's taxed as an SCorp. I plan to open my own business. Would I be able to open my own single-member LLC tax as an S -Corp? My CPA advised me to run my business through hers so that only one 1120S is filed. - Yes to the SCorp and NO to running through your wife’s LLC. If you get sued someone can take everything from you.
Can I use my vacation home as a short-term rental to tax write-off? So how do we do that? - it's either vacation or it's business, you don't do both, okay?
I hear a lot about seven average days, but there is a lot of confusion behind those seven days. - The only reason there's confusion is because people don't know how to read the regs…
I’ve realized capital gains from an installment sale in 2023. I've not received capital gains up to my basis yet. I will have a chunk every year up to the next five years. Can I still invest in a qualified opportunity zone? - QOZ’s are ending at the end of 2026
I would like to focus on 1099-related options. I'm a truck driver, and I feel I'm paying very high taxes. - This is broader than just truckers, but don’t start a sole proprietorship, try a C or S- Corp to cut down employment taxes.
Sold our investment property in 2023, which was previously our residence for 10 years. When we started renting out our property about five years ago, our CPA did not advise us on updating the cost basis because you don't. Right. We have done many upgrades to the house during the 10-year stay. So this year, when we file our taxes and report the sale, we will be using the initial cost basis for the home. My question is, any way to deduct the expenses we had when it was our residence? - See form 315 to capture that missed depreciation.
I see different ads from others saying there are options other than a 1031 exchange to defer taxes. Looking for any viable options, please. - We can look for UPREITS, Umbrella, partnership, real estate investment trust, things like that.
Being a senior over 70, I really enjoy the videos I watch on YouTube as it's never too late to learn and try to understand real estate investing in taxes. But even if I do pick up some of the things, I still would need experts to do the job for me. What would it cost for Anderson's group to follow my future investments? I want to do this for my daughter who is now in her second year of college. - If you want turn-key investing, come to infinity investing

Resources:

Thursday Aug 22, 2024

The $100K+ Retirement Plan You Need to Know About

Thursday Aug 22, 2024

In this episode of Anderson Business Advisors, Toby Mathis, Esq., speaks with Jeff Mason and Chris Hammond from Redwood Retirement on the intricacies of $100,000+ cash balance retirement plans, focusing on how innovative solutions can benefit business owners. They explore the key aspects of these plans, including what can be paid and deducted, the hurdles involved, and the flexibility they offer. The discussion covers the effectiveness of Redwood's solutions, highlighting when payments are due for the tax year and showcasing best-case examples of significant tax savings achieved through cash balance plans. Chris and Jeff also clarify the differences between Cash Balance Plans and Defined Benefit Plans, explain the limits and maximum contributions, and introduce a sample plan for effective modeling. With insights into flexibility, payroll funding, and real-world case study outcomes, this episode is a comprehensive guide to leveraging cash balance plans for optimal retirement planning and tax efficiency.

Highlights/Topics:

Chris and Jeff intro, Redwood Retirement and their cash balance plans
Liability - what you can pay and deduct, hurdles, flexibility
Redwood’s solutions, proof of effectiveness
When are payments due for the tax year?
Best case examples of cash balance plans and their tax savings
Definitions and differences - Cash Balance Plan vs. Defined Benefit Plan
Limits and maximum contributions
Modeling a ‘Toby Mathis plan’
What all this means for business owners
Flexibility, funding with payroll
Favorite case study outcomes
If you want to speak with Jeff and Chris - click the link below to see if their services can help you!

Resources:

Do you want to discuss if a Redwood Retirement Cash Balance Plan Design is right for your company?

👉 Visit: https://redwoodrs.com/tobypodcast

https://redwoodrs.com/tobypodcast

Email Jeff Mason

jmason@redwoodrs.com

https://andersonadvisors.com/strategy-session/?utm_source=the-$100K-retirement-plan-you-need-to-know-about&utm_medium=podcast

https://andersonadvisors.com/live-tax-and-asset-protection-workshops/

https://andersonadvisors.com/

https://www.youtube.com/@TobyMathis