Anderson Business Advisors Podcast
Insuring Your Real Estate in 2021 - What Every Investor Needs to Know

Insuring Your Real Estate in 2021 - What Every Investor Needs to Know

January 19, 2021

What does every real estate investor need to know in 2021? Obtain the right insurance at the right time for your properties. Make sure if something goes wrong, you're protected. 

Today, Clint Coons of Anderson Business Advisors talks to Shawn Woedl, President and CEO of the National Real Estate Insurance Group (NREIG). Shawn’s responsible for overseeing all aspects of the agency, specifically focused on maintaining strong carrier and industry relationships, developing new and innovative product offerings, and managing internal sales and service processes. He is an industry recognized speaker and educator with an emphasis in commercial property insurance

Shawn has helped grow NREIG into the largest insurance program in the country, insuring more than 88,000 locations. Through Shawn’s efforts, NREIG has expanded to accommodate investment properties up to 20 units, vacation rentals, and non-performing notes. He has enhanced coverage options for terrorism, earthquake and sinkhole, tenant protector plan, and cyber liability to fill gaps that investors may experience in their property and liability coverage.

Highlights/Topics:

  • If you're going to be a landlord, you're going to buy property, and you're going to hold it long-term, what type of policy or coverage do you need? At minimum, you need property and liability coverage.
  • What’s covered and what’s not? Not every carrier is the same. Read your policies to figure out vacancy versus occupied provisions.
  • A tenant’s pet gets sprayed by a skunk, and everything smells like skunk. If I'm a landlord and the tenants vacate, how do I protect against that type of event? Require your tenant to carry renter's insurance and make sure that policy has a provision that covers damage by pets.
  • What about toxic mold? Most property policies do exclude that completely. Build into policies at least a sub-limit. If a lender says you’ve got to have limited mold coverage, that sub-limit will provide enough coverage to satisfy them.
  • When I build out my portfolio and have eight properties, do I need to acquire a separate policy for each property, or can I get an umbrella policy that covers everything? You don't necessarily need eight policies for eight locations. Doing that puts you at the mercy of the underwriter on what they want to assign as property and liability rates for each risk.
  • What about an excess liability policy? There are two options: Umbrellas go over multiple lines of coverage, and excess liabilities go to one line of coverage.
  • Would we use the word, ‘additional insured in this policy’ anywhere? The only place to put additional insured or who would be listed as additional insured would be your lender.
  • Do you need to see documents when doing this? What do you need from the client to put something like this together for the policy? No closing documents. Carriers don’t ask for that. They’re okay with just what the insured provides.
  • When we’re setting up structures, anonymity is important. You’ll put it in the name of the trust, that’s no big deal? It’s in the name of the trust, but you can list the trustee in the name insured in addition to that actual trust name.
  • Is there a special type of policy you need with an Airbnb? Not really. The Airbnb industry took the insurance industry by storm. For the longest time, trying to obtain insurance coverage for an Airbnb was difficult because liability exposure was written differently. Insurance coverage is not cheap on the liability side.

Resources

National Real Estate Insurance Group (NREIG)

https://nreig.com/

NREIG’s Resources

https://nreig.com/resources/

NREIG's Tenant Protector Plan (TPP)

https://nreig.com/products/tenant-protector-plan/

NREIG Affiliate

https://affiliate.nreig.com/anderson

Real Estate Investors Association (REIA)

https://nationalreia.org/

Clint Coons

https://andersonadvisors.com/clint-coons/

Anderson Advisors

https://andersonadvisors.com/

Anderson Advisors Tax and Asset Protection Event

https://andersonadvisors.com/asset-protection/

Anderson Advisors on YouTube

https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ

 

Tax Tuesday with Toby Mathis 01-05-2021

Tax Tuesday with Toby Mathis 01-05-2021

January 12, 2021

It’s the first Tax Tuesday of the year. This time, you’re not only listening but watching Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics:

  • If we received PPP in our business, then get approved for forgiveness, will we still be able to deduct the rents and utilities we applied for the PPP to? Any loan forgiveness is not taxable, anything paid for with PPP is fully deductible, and any PPP loan forgiveness gives you basis
  • I recently read that Elon Musk is moving his private foundation from California to Texas. Is there a tax advantage for moving a private foundation or a nonprofit from California to Texas? No tax advantage, but both states highly regulate nonprofits
  • Do you have to be married to create an entity that allows you to hire your children? No, as long as they are your children
  • How long after the sale of a primary residence do you have to apply the proceeds to a new home purchase to avoid taxation? No law ceased to exist, refer to Section 121 Exclusion and 1031 Exchange
  • I’m 70 years old and haven’t made a deposit to my Roth in 10 years. Am I free to withdraw all my account without penalty, or am I limited by cost basis? Once you have the Roth for at least five years and over 59.5 years old; you can take it all out, but then you have no protected active income stream

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:

Post-Pandemic Real Estate Investing Class with Toby Mathis and Aaron Addams

http://aba.link/REI2021

Paycheck Protection Program (PPP)

https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp

Charitable Organizations

https://www.irs.gov/charities-non-profits/charitable-organizations

California State Board of Equalization - Proposition 19

https://www.boe.ca.gov/prop19/

California Proposition 13

https://www.californiataxdata.com/pdf/Prop13.pdf

Community Property with Right of Survivorship

https://lslcpas.com/real-estate-ownership-community-property-right-survivorship-better-joint-tenancy/

Kiddie Tax

https://www.irs.gov/taxtopics/tc553

Individual Retirement Arrangements (IRAs)

https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras

Traditional and Roth IRAs

https://www.irs.gov/retirement-plans/traditional-and-roth-iras

Home Office Deduction

https://www.irs.gov/businesses/small-businesses-self-employed/home-office-deduction

MileIQ

https://www.mileiq.com/

CARES Act

https://www.congress.gov/116/bills/hr748/BILLS-116hr748enr.pdf

Real Estate Professional Requirements

https://www.irs.gov/pub/irs-utl/33-Real%20Estate%20Professionals.pdf

Form 1099

https://www.irs.gov/pub/irs-pdf/i1099gi.pdf

Wills and Trusts

https://andersonadvisors.com/living_trusts/

Small Business Administration (SBA)

https://www.sba.gov/

Labor Laws

https://www.dol.gov/general/aboutdol/majorlaws#:~:text=The%20Fair%20Labor%20Standards%20Act,most%20private%20and%20public%20employment.&text=It%20requires%20employers%20to%20pay,the%20regular%20rate%20of%20pay.

Self-Employment Tax

https://www.irs.gov/taxtopics/tc554

Capital Gains and Losses

https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0

Hobby Loss Rule

https://www.irs.gov/newsroom/hobby-or-business-irs-offers-tips-to-decide

26 U.S. Code Section 121 Exclusion

https://www.law.cornell.edu/uscode/text/26/121

1031 Exchange

https://www.irs.gov/pub/irs-news/fs-08-18.pdf

Bonus Depreciation

https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act

Opportunity Zones

https://www.irs.gov/credits-deductions/opportunity-zones-frequently-asked-questions

1244 Election

https://www.law.cornell.edu/uscode/text/26/1244

Economic Injury Disaster Loan (EIDL)

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loans

Old-Age, Survivors, and Disability Insurance (OASDI)

https://www.ssa.gov/policy/docs/progdesc/sspus/oasdi.pdf

Tax-Wise Business Ownership by Toby Mathis

https://andersonadvisors.com/shop/

Toby Mathis

http://tobymathis.com/about-toby-mathis/

Anderson Advisors

https://andersonadvisors.com/

Anderson Advisors Events

https://andersonadvisors.com/all-events/

Events@andersonadvisors.com

Anderson Advisors Tax and Asset Protection Workshop

https://andersonadvisors.com/asset-protection/

Anderson Advisors Tax-Wise Workshop

https://andersonadvisors.com/tax-wise-workshop-for-businesses-investors/

Anderson Advisors Infinity Investing Workshop

https://andersonadvisors.com/investing-workshop-passive-income-generating-machine/

Anderson Advisors on YouTube

https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ

Anderson Advisors on Facebook

https://www.facebook.com/AndersonBusinessAdvisors/

Anderson Advisors Podcast

https://andersonadvisors.com/podcast/

Tax Tuesday with Toby Mathis 12-08-2020

Tax Tuesday with Toby Mathis 12-08-2020

December 15, 2020

How are you doing, really? Just don’t watch or listen to the news because it’s tough living in paradise—whether it’s California, Hawaii, or Iceland. However, Toby Mathis and Jeff Webb of Anderson Advisors are still here to offer answers to your tax questions with a side of awesome sauce. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics:

  • How much can you give to charity and receive a full credit, even if filing a standard deduction? Choose between taking a standard deduction or an itemized deduction on Schedule A to give a cash donation to charity and write-off 100 percent of it against your adjusted gross income (AGI)
  • What is Section 1202? Can a corporation managing real estate qualify for 26 U.S. Code Section 1202? Section 1202 refers to partial exclusion(s) for gain from certain small business stock and designed to get people to invest in manufacturing-type companies
  • The recently passed California Proposition 19 will allow California to reassess any non-primary residence properties transferred to heirs at market rate? Yes, starting Feb. 16, 2021; for more information, visit the state’s Board of Equalization
  • I’m trying to meet my goal of $50K for Infinity investing. I have about $30K that I could use to buy stocks, ETF, etc. Could I use all $30K to purchase stocks without violating the annual $6,000 contribution limit? Learn how to be a stock market landlord, buy assets, settle liabilities, and systematically make passive income to not work again

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

http://aba.link/taxtoolbox

Real Estate Professional Requirements

https://www.irs.gov/pub/irs-utl/33-Real%20Estate%20Professionals.pdf

Capital Gains and Losses

https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0

Charitable Organizations

https://www.irs.gov/charities-non-profits/charitable-organizations

Form 1023 - Application for Recognition of Exemption

https://www.irs.gov/forms-pubs/about-form-1023

Form 1024 - Application for Recognition of Exemption

https://www.irs.gov/forms-pubs/about-form-1024

Schedule A

https://www.irs.gov/forms-pubs/about-schedule-a-form-1040

Schedule C

https://www.irs.gov/forms-pubs/about-schedule-c-form-1040

Schedule D

https://www.irs.gov/pub/irs-pdf/f1040sd.pdf

Schedule E

https://www.irs.gov/forms-pubs/about-schedule-e-form-1040

Internal Revenue Code Section 1202

https://www.irs.gov/pub/irs-regs/ia2694.txt

California State Board of Equalization - Proposition 19

https://www.boe.ca.gov/prop19/

California Proposition 13

https://www.californiataxdata.com/pdf/Prop13.pdf

Wills and Trusts

https://andersonadvisors.com/living_trusts/

Lifetime Gifts - Form 709

https://www.irs.gov/forms-pubs/about-form-709

Medicare

https://www.medicare.gov/

Social Security Administration

https://www.ssa.gov/

Individual Retirement Arrangements (IRAs)

https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras

Traditional and Roth IRAs

https://www.irs.gov/retirement-plans/traditional-and-roth-iras

Self-Employment Tax

https://www.irs.gov/taxtopics/tc554

Community Property with Right of Survivorship

https://lslcpas.com/real-estate-ownership-community-property-right-survivorship-better-joint-tenancy/

1031 Exchange

https://www.irs.gov/pub/irs-news/fs-08-18.pdf

Bonus Depreciation

https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act

Opportunity Zones

https://www.irs.gov/credits-deductions/opportunity-zones-frequently-asked-questions

HUD

https://www.hud.gov/

Kiddie Tax

https://www.irs.gov/taxtopics/tc553

State and Local Tax (SALT)

https://taxfoundation.org/tax-basics/salt-deduction/

Schedule K-1 (Form 1065)

https://www.irs.gov/forms-pubs/about-schedule-k-1-form-1065

Form 5498

https://www.irs.gov/forms-pubs/about-form-5498

Conservation Easements

https://www.conservationeasement.us/what-is-a-conservation-easement/

Alternative/Renewable Energy Tax Credits

https://www.americanprogress.org/issues/green/reports/2020/05/28/485411/renewable-energy-tax-credits-case-refundability/

Unrelated Debt-Financed Income (UDFI)

https://www.irs.gov/pub/irs-tege/eotopicn86.pdf

CARES Act

https://www.congress.gov/116/bills/hr748/BILLS-116hr748enr.pdf

Tax Cuts and Jobs Act (TCJA)

https://www.irs.gov/tax-reform

Erik Dodds

https://afsplan.com/erik-dodds-2/

Tax-Wise Business Ownership by Toby Mathis

https://andersonadvisors.com/shop/

Toby Mathis

http://tobymathis.com/about-toby-mathis/

Anderson Advisors

https://andersonadvisors.com/

Anderson Advisors Events

https://andersonadvisors.com/all-events/

Events@andersonadvisors.com

Anderson Advisors Tax and Asset Protection Workshop

https://andersonadvisors.com/asset-protection/

Anderson Advisors Tax-Wise Workshop

https://andersonadvisors.com/tax-wise-workshop-for-businesses-investors/

Anderson Advisors Infinity Investing Workshop

https://andersonadvisors.com/investing-workshop-passive-income-generating-machine/

Anderson Advisors on YouTube

https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ

Anderson Advisors on Facebook

https://www.facebook.com/AndersonBusinessAdvisors/

Anderson Advisors Podcast

https://andersonadvisors.com/podcast/

 

Tax Tuesday with Toby Mathis 11-24-2020

Tax Tuesday with Toby Mathis 11-24-2020

December 1, 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

Tax Tuesday with Toby Mathis 11-10-2020

Tax Tuesday with Toby Mathis 11-10-2020

November 17, 2020

Did you vote and submit your ballot for the U.S. General Election on Nov. 5, 2020? Then, your focus may have shifted to taxes. Toby Mathis and Jeff Webb of Anderson Advisors answer tax questions related to personal and professional matters. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics:

  • If a new C Corp is started and the owner is the only employee during the initial years, does the owner/employee still need to draw a salary, even if the C Corp is not profitable for the first few years? With a C Corp, there are no salary requirements; compensation is anything of value, such as a salary or car or you may not be paid at all
  • Does the IRS consider your business a hobby if you have not turned a profit within five years? Three of 5 years is presumed to be a hobby
  • How can I live in a home owned by my LLC that is not producing income? Putting your primary residence in an LLC is a bad idea; may cost you an unlimited exclusion (equity) or effect your 121 exclusion
  • Real estate investor start-up expenses on education, classes, materials - can I write all that off my taxes once my LLC is formed? Put those expenses in a corporation, not LLC, because the corporation has to make money before expenses can be deducted
  • I am a physician and work for a university hospital. During the pandemic, I have been working from home. Can I get a deduction for rent? If you are a W-2 employee for the university hospital, there is no reimbursement for rent; if you are a 1099 employee, you can get a home office deduction
  • I used the HELOC of my primary residence to purchase an investment property. Any tax deduction/advantage I can take? You can’t use HELOC interest as mortgage interest on Schedule A; can only be used to improve or buy your house
  • I have insurance policies in India and would like to bring the money once they are matured. Do I need to pay taxes on this money? Depends if you are a citizen or resident of the United States; use designation 15CB from chartered accountant in India that states money has been paid

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

http://aba.link/taxtoolbox

Here's where Biden and Trump stand on your taxes

https://www.cnbc.com/2020/10/20/heres-where-biden-and-trump-stand-on-your-taxes.html

Real Estate Professional Requirements

https://www.irs.gov/pub/irs-utl/33-Real%20Estate%20Professionals.pdf

CARES Act

https://www.congress.gov/116/bills/hr748/BILLS-116hr748enr.pdf

Individual Retirement Arrangements (IRAs)

https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras

Traditional and Roth IRAs

https://www.irs.gov/retirement-plans/traditional-and-roth-iras

Credits and Deductions

https://www.irs.gov/credits-deductions-for-individuals

Capital Gains and Losses

https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0

Health Savings Account (HSA)

https://www.healthcare.gov/glossary/health-savings-account-hsa/

Tax Cuts and Jobs Act (TCJA)

https://www.irs.gov/tax-reform

IRS - Business Structures

https://www.irs.gov/businesses/small-businesses-self-employed/business-structures

Schedule K-1 Form 1065

https://www.irs.gov/forms-pubs/about-form-1065

Conservation Easement

https://www.conservationeasement.us/what-is-a-conservation-easement/

Alternative/Renewable Energy Tax Credits

https://www.americanprogress.org/issues/green/reports/2020/05/28/485411/renewable-energy-tax-credits-case-refundability/

Charitable Organizations

https://www.irs.gov/charities-non-profits/charitable-organizations

1099 Formhttps://www.irs.gov/pub/irs-pdf/i1099gi.pdf

https://www.irs.gov/pub/irs-pdf/i1099gi.pdf

Form W-2

https://www.irs.gov/forms-pubs/about-form-w-2

26 U.S. Code Section 183

https://www.law.cornell.edu/uscode/text/26/183

Hobby or Business? IRS Offers Tips to Decide

https://www.irs.gov/newsroom/hobby-or-business-irs-offers-tips-to-decide

121 Exclusion

https://www.irs.gov/taxtopics/tc701

Wills and Trusts

https://andersonadvisors.com/living_trusts/

Bonus Depreciation

https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act

Depreciation Recapture

https://www.investopedia.com/terms/d/depreciationrecapture.asp

Home Office Deduction

https://www.irs.gov/businesses/small-businesses-self-employed/home-office-deduction

Schedule A

https://www.irs.gov/forms-pubs/about-schedule-a-form-1040

Schedule C

https://www.irs.gov/forms-pubs/about-schedule-c-form-1040

Schedule E

https://www.irs.gov/forms-pubs/about-schedule-e-form-1040

Self-Employment Tax

https://www.irs.gov/taxtopics/tc554

Woody vs. Commissioner

https://casetext.com/case/woody-v-commissioner-of-internal-revenue-1

HELOC

https://www.investopedia.com/mortgage/heloc/

Small Business Administration (SBA)

https://www.sba.gov/

Economic Injury Disaster Loan (EIDL)

https://www.sba.gov/funding-programs/disaster-assistance

Opportunity Zones

https://www.irs.gov/credits-deductions/opportunity-zones-frequently-asked-questions

1031 Exchange

https://www.irs.gov/pub/irs-news/fs-08-18.pdf

St. Louis Federal Reserve Economic Data (FRED)

https://fred.stlouisfed.org/

Form 15CB

https://www.incometaxindia.gov.in/forms/income-tax%20rules/103120000000007843.pdf

Toby Mathis

http://tobymathis.com/about-toby-mathis/

Anderson Advisors

https://andersonadvisors.com/

Anderson Advisors Events

https://andersonadvisors.com/all-events/

Events@andersonadvisors.com

Anderson Advisors Tax and Asset Protection Workshop

https://andersonadvisors.com/asset-protection/

Anderson Advisors Tax-Wise Workshop

https://andersonadvisors.com/tax-wise-workshop-for-businesses-investors/

Anderson Advisors Infinity Investing Workshop

https://andersonadvisors.com/investing-workshop-passive-income-generating-machine/

Anderson Advisors on YouTube

https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ

Anderson Advisors on Facebook

https://www.facebook.com/AndersonBusinessAdvisors/

Anderson Advisors Podcast

https://andersonadvisors.com/podcast/

Investment Opportunities in the Companies of Tomorrow

Investment Opportunities in the Companies of Tomorrow

November 10, 2020

What’s the next big thing to invest in? Have you been paying attention to skyrocketing shares in companies, such as SpaceX, Spotify, Lyft, or Rivian?

In this episode, Toby Mathis of Anderson Advisors talks to Drew Spaventa, who runs a venture capital firm that specializes in private investments.

Accredited investors work with The Spaventa Group to access late-stage private companies that people want a piece of before going public. 

Highlights/Topics:

  • Pain Point: Once a primary investor comes in, what about other retail investors?
  • Private vs. Public: Gain access to secondary market within private industry with insiders
  • Placements: Pick private companies w/available shares, valuation, revenue, recognition
  • Risk and Reward: Make sure to have extra money in bank because you could lose it all
  • Next Big Things: Food alternatives, financial tech, space, mixed reality, electric vehicles
  • Cash Flow vs. Carrot Fee: Short- or long-term investments and option to buy/sell shares

Resources:

The Spaventa Group

https://thespaventagroup.com/

Drew Spaventa on Twitter: @DrewSpavy

https://twitter.com/drewspavy?lang=en

The Spaventa Group on Facebook: https://www.facebook.com/thespaventagroup

The Spaventa Group on LinkedIn: https://www.linkedin.com/company/the-spaventa-group/

Drew Spaventa’s Email: dspaventa@thespaventagroup.com

Drew Spaventa’s Phone: 631.210.7263

SpaceX

https://www.spacex.com/

WeWork

https://www.wework.com/

Impossible Foods

https://impossiblefoods.com/

Beyond Meat

https://www.beyondmeat.com/

Rivian

https://rivian.com/

Chime

https://www.chime.com/

Robinhood

https://robinhood.com/

Toby Mathis

https://andersonadvisors.com/tobymathis-2/

Anderson Advisors

https://andersonadvisors.com/

Anderson Advisors Tax and Asset Protection Event

https://andersonadvisors.com/asset-protection/

Anderson Advisors on YouTube

https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ

Tax Tuesday with Toby Mathis 10–27-2020

Tax Tuesday with Toby Mathis 10–27-2020

November 3, 2020

What could happen to the step-up in basis and estate tax depending on what state you live in and how you vote in the upcoming presidential election? Before you take drastic action to change your tax plan, Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics:

  • I’m a computer engineer in California with a 350k salary. This year, I got an extra bonus of about 100k and received 70k short-term capital gain from investment. Is there anything I can do by the end of this year to still save on tax? Yes, maximize your retirement plan contributions and offset capital gains by harvesting capital gain losses
  • Our beneficiary IRAs become self-directed (SD) IRAs to purchase rental properties. We are retirement age, but don’t have to take required minimum distribution (RMD), yet. Our goal for this year is to pay 12 percent taxes on AGI. That percentage may increase in future years. Can we convert the SD IRAs to Roths? There is no limitation as far as age is concerned to convert a traditional IRA into a Roth IRA; if you have an RMD, then you have to pay the RMD before converting the traditional into a Roth IRA
  • I am a high-income earner and have a short-term rental in service for 12/2020. In order to take advantage of tax benefits, would you recommend cost segregation this year and use losses toward active income? A short-term rental does not always go on Schedule C; substantial services must be provided to short-term tenants and average stay must be seven days or less or will go on Schedule E

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 (aba.link/TaxToolbox) (Only $595, Regularly $1,500)

http://aba.link/taxtoolbox

Neuro Diverse Living (NDL) Inaugural Fundraiser and Silent Auction (ndl2020.org/silentauction)

http://ndl2020.org/silentauction

Here's where Biden and Trump stand on your taxes

https://www.cnbc.com/2020/10/20/heres-where-biden-and-trump-stand-on-your-taxes.html

Tax Cuts and Jobs Act (TCJA)

https://www.irs.gov/tax-reform

St. Louis Federal Reserve Economic Data (FRED)

https://fred.stlouisfed.org/

Individual Retirement Arrangements (IRAs)

https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras

Traditional and Roth IRAs

https://www.irs.gov/retirement-plans/traditional-and-roth-iras

Wills and Trusts

https://andersonadvisors.com/living_trusts/

Bonus Depreciation

https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act

Depreciation Recapture

https://www.investopedia.com/terms/d/depreciationrecapture.asp

Credits and Deductions

https://www.irs.gov/credits-deductions-for-individuals

Capital Gains and Losses

https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0

Cost Segregation

https://www.irs.gov/businesses/cost-segregation-audit-techniques-guide-chapter-1-introduction

Conservation Easement

https://www.conservationeasement.us/what-is-a-conservation-easement/

Real Estate Professional Requirements

https://www.irs.gov/pub/irs-utl/33-Real%20Estate%20Professionals.pdf

MileIQ

https://www.mileiq.com/

Home Office Deduction

https://www.irs.gov/businesses/small-businesses-self-employed/home-office-deduction

Self-Employment Tax

https://www.irs.gov/taxtopics/tc554

1099 Form

https://www.irs.gov/pub/irs-pdf/i1099gi.pdf

Puerto Rico Tax Incentives (Act 20 and 22)

http://puertoricotaxincentives.com/

Charitable Organizations

https://www.irs.gov/charities-non-profits/charitable-organizations

HUD

https://www.hud.gov/

CARES Act

https://www.congress.gov/116/bills/hr748/BILLS-116hr748enr.pdf

Old Age, Survivors, and Disability Insurance (OASDI)

https://www.investopedia.com/terms/o/oasdi.asp

Schedule C

https://www.irs.gov/forms-pubs/about-schedule-c-form-1040

Schedule E

https://www.irs.gov/forms-pubs/about-schedule-e-form-1040

Form W-2

https://www.irs.gov/forms-pubs/about-form-w-2

Paycheck Protection Program (PPP)

https://www.sba.gov/funding-programs/loans/paycheck-protection-program

Form 1065

https://www.irs.gov/forms-pubs/about-form-1065

Unrelated Debt-Financed Income (UDFI)

https://ira123.com/learn/understanding-udfi/

Toby Mathis

http://tobymathis.com/about-toby-mathis/

Anderson Advisors

https://andersonadvisors.com/

Anderson Advisors Events

https://andersonadvisors.com/all-events/

Events@andersonadvisors.com

Anderson Advisors Tax and Asset Protection Event

https://andersonadvisors.com/asset-protection/

Anderson Advisors on YouTube

https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ

Anderson Advisors on Facebook

https://www.facebook.com/AndersonBusinessAdvisors/

Anderson Advisors Podcast

https://andersonadvisors.com/podcast/

Stock Market Strategies and Forecast

Stock Market Strategies and Forecast

October 27, 2020

Do you freak out about your money when the stock market crashes or during other financial crises? Do you need someone to listen and offer sound stock market strategies?

 

In this episode, Toby Mathis of Anderson Advisors talks to Erik Dodds, an independent fiduciary who focuses on stock market investing. Also, Erik is the managing consultant for Anderson Financial Services (AFS) and mastermind for the Infinity Investing Workshop.

 

Erik finds talking about stocks, dividends, mutual funds, and other financial matters to help people with their money is fun! 

 

Highlights/Topics:

 

  • Current Marketplace: COVID takes market down at rapid pace and creates panic
  • Future Marketplace: Erik predicts possible bigger, better stimulus in February
  • Advice for Traders: Take some winnings off table; no need to actively trade all the time
  • Preferred Portfolio Options: Hedge from volatility indices/instruments to cash balance
  • Puts and Calls (Naked or not): What they are, how they work—always protect yourself
  • Select System: Traders need to be disciplined on when to buy and sell; keep it simple
  • Dividend Kingdom: Are you an aristocrat or king stock/option? What’s the difference?
  • Growth vs. Value: Pay for consistency and cash flow, not up years
  • Real Estate and Stocks: Don’t fight feds that keep rates low—buy assets

 

Legal Disclaimer

 

Futures, stocks, and options trading involves substantial risk of loss and is not suitable for every investor. The valuation of futures, stocks, and options may fluctuate, and, as a result, clients may lose more than their original investment. The impact of seasonal and geopolitical events is already factored into market prices. The highly leveraged nature of futures trading means that small market movements will have a great impact on your trading account and this can work against you, leading to large losses or can work for you, leading to large gains.

 

If the market moves against you, you may sustain a total loss greater than the amount you deposited into your account. You are responsible for all the risks and financial resources you use and for the chosen trading system. You should not engage in trading unless you fully understand the nature of the transactions you are entering into and the extent of your exposure to loss. If you do not fully understand these risks you must seek independent advice from your financial advisor.

 

CRG Wealth, LLC ("RIA Firm") is a registered investment adviser located in Las Vegas, NV. CRG Wealth, LLC may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements.

 

CRG Wealth, LLC, Canyon Ridge Group, LLC, and their representatives do not provide legal, tax preparation, or accounting advice. Persons who provide such advice do so in a capacity other than in the capacity of working with the above-referenced firms.

 

Anderson Financial Services, LLC, Anderson Business Advisors are unaffiliated with Canyon Ridge Group, LLC & CRG Wealth, LLC.

 

Resources

 

Erik Dodds’s Email:

erik@canyonridgegroup.com 

Infinity Investing Workshop

https://infinityinvestingworkshop.com/mm/

Bob Evans Farms

https://www.bobevansgrocery.com/

Bob Fitts on LinkedIn

https://www.linkedin.com/in/bobfitts1

Toby Mathis

https://andersonadvisors.com/tobymathis-2/

Anderson Advisors

https://andersonadvisors.com/

Anderson Advisors Tax and Asset Protection Event

https://andersonadvisors.com/asset-protection/

Anderson Advisors on YouTube

https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ

Tax Tuesday with Toby Mathis 10-13-20

Tax Tuesday with Toby Mathis 10-13-20

October 20, 2020

In case you missed it, Oct. 15 was another tax deadline. However, you still have some time to decide who you want to vote for in the upcoming presidential election: Donald Trump or Joe Biden? Toby Mathis of Anderson Advisors answers your tax questions about the impact of their proposed tax plans. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics:

  • What are the differences between Donald Trump’s and Joe Biden’s proposed tax plans?

    • Individual Rates: Trump to lower-middle rates; Biden to increase top-bracket rates
    • Corporate Rates: Trump wants 21%; Biden wants 28%
    • Dividends: Trump wants 0, 15, 23.8%; Biden wants 0, 15, 23.8, 43.4%
    • Credits: Biden wants to increase child credits to give families more money
    • Payroll Taxes: Trump to forgive OADSI; Biden to add OADSI
    • Estate Taxes: Trump to keep TCJA; Biden to expire it with no step up
    • Itemized Deductions: Trump to remove miscellaneous itemized deductions; Biden to reset deductions and add SALT
  • What are actions that you may want to take in 2020/2021 considering Trump’s vs. Biden’s proposed tax plans?
    • 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 (Only $595, Regularly $1,500)

http://aba.link/taxtoolbox

Tax Cuts and Jobs Act (TCJA)

https://www.irs.gov/tax-reform

Old Age and Disability Survivor’s Insurance (OADSI)

https://www.investopedia.com/terms/o/oasdi.asp

State and Local Tax (SALT) Limitation

https://www.efile.com/state-and-local-tax-deduction-salt/

Section 1231

https://www.investopedia.com/terms/s/section-1231.asp

26 U.S. Code Section 121

http://www.irs.gov/pub/irs-drop/rr-14-02.pdf

Individual Retirement Arrangements (IRAs)

https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras

Traditional and Roth IRAs

https://www.irs.gov/retirement-plans/traditional-and-roth-iras

Real Estate Professional Requirements

https://www.irs.gov/pub/irs-utl/33-Real%20Estate%20Professionals.pdf

Credits and Deductions

https://www.irs.gov/credits-deductions-for-individuals

1031 Exchange

https://www.irs.gov/pub/irs-news/fs-08-18.pdf

Form W-2

https://www.irs.gov/forms-pubs/about-form-w-2

Wills and Trusts

https://andersonadvisors.com/living_trusts/

Self-Employment Tax

https://www.irs.gov/taxtopics/tc554

Charitable Organizations

https://www.irs.gov/charities-non-profits/charitable-organizations

Internal Revenue Service (IRS)

https://www.irs.gov/

1099-Misc Form

https://www.irs.gov/forms-pubs/about-form-1099-misc

Bankruptcy

https://www.uscourts.gov/services-forms/bankruptcy

Bonus Depreciation

https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act

Depreciation Recapture

https://www.investopedia.com/terms/d/depreciationrecapture.asp

Unrelated Debt-Financed Income (UDFI)

https://ira123.com/learn/understanding-udfi/

199A Deduction

https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-provision-11011-section-199a-qualified-business-income-deduction-faqs

3115 Change of Accounting Method

https://www.irs.gov/forms-pubs/about-form-3115

Cost Segregation

https://www.irs.gov/businesses/cost-segregation-audit-techniques-guide-chapter-1-introduction

Schedule A

https://www.irs.gov/forms-pubs/about-schedule-a-form-1040

Schedule E

https://www.irs.gov/forms-pubs/about-schedule-e-form-1040

26 U.S. Code Section 280A

https://www.law.cornell.edu/uscode/text/26/280A

MileIQ

https://www.mileiq.com/

Healthcare Reform (Affordable Care Act)

https://www.healthcare.gov/

Tax-Wise by Toby Mathis

https://andersonadvisors.com/tax-wise/

Toby Mathis

http://tobymathis.com/about-toby-mathis/

Anderson Advisors

https://andersonadvisors.com/

Anderson Advisors Events

https://andersonadvisors.com/all-events/

Events@andersonadvisors.com

Anderson Advisors Tax and Asset Protection Event

https://andersonadvisors.com/asset-protection/

Anderson Advisors on YouTube

https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ

Anderson Advisors on Facebook

https://www.facebook.com/AndersonBusinessAdvisors/

Anderson Advisors Podcast

https://andersonadvisors.com/podcast/

Alternative Solutions for Real Estate Investing

Alternative Solutions for Real Estate Investing

October 8, 2020

Are you a real estate investor that wants to learn how to keep more of what you earn? Seek simplified and easily understandable legal and tax strategies from a uniquely qualified guide to plan your income goals and accumulate wealth.  

Today, Clint Coons of Anderson Business Advisors talks to Greg Boots, a licensed attorney and insurance agent. Also, Greg is a Certified Financial Educator (CFEd®) and Retirement Income Certified Professional (RICP®).

Greg is an authority on business formation, estate planning, and retirement planning strategies. He works with clients nationwide on executive wealth accumulation, non-qualified plans, retirement income planning, and college funding. He has extensive experience working with professional practices on executive compensation and business continuation goals. Also, Greg is active in retirement income planning for federal employees.

Highlights/Topics:

  • Life and Death: Insurance is a valuable tool in spite of traditionally designed policies
  • Capital Accumulation: Create something that can be actively used for entire lifetime
  • Types of Life Insurance Policies:
    • Term: Inexpensive, but no value until death
    • Perm: Lifetime benefits with cash growth component
  • Index Universal Life (IUL) Policy: Links to upside growth of stock market performance
  • Zero Risk: Never lose underlying capital with protection from stock market corrections
  • Private Vault: Capital reserve actively utilized any time to get into other investments
  • Policy Money: Always access money tax free by taking out loan and dictating terms
  • Compounding Capital: Take money out and policy continues to grow
  • Premium Finance: Borrow policy money to accumulate wealth via super safe funding

Resources

The Private Vault by Greg Boots

https://www.amazon.com/Private-Vault-Gregory-J-Boots-ebook/dp/B00G71IKNA

Free Consultation and Strategy Session with Greg Boots

https://aba.link/gregconsult

26 U.S. Code Section 7702

https://www.govinfo.gov/app/details/USCODE-2011-title26/USCODE-2011-title26-subtitleF-chap79-sec7702

Dave Ramsey

https://www.daveramsey.com/

Suze Orman

https://www.suzeorman.com/

Clint Coons

https://andersonadvisors.com/clint-coons/

Anderson Advisors

https://andersonadvisors.com/

Anderson Advisors Tax and Asset Protection Event

https://andersonadvisors.com/asset-protection/

Anderson Advisors on YouTube

https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ

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