How to Claim Business Expenses on Year-End Taxes

What business expenses can be deducted? Are memberships, technology, coaching, training, and supplies included? Jeff Webb and Eliot Thomas of Anderson Advisors talk about how to claim business expenses on year-end taxes and other topics. Submit your tax question to taxtuesday@andersonadvisors.

Highlights/Topics:

• Can the owner of a C Corp and the founder of a nonprofit have a 401k plan for the C Corp and a 403b plan for the nonprofit without there being a control group? Depends on who is controlling the nonprofit (i.e., directors vs. shareholders)
• Are capital gains from stock sales/options trading included in calculating minimum income for IRA/Roth IRA limit? Capital gains from stock sales/options are all considered portfolio or non-earned income
• When trading crypto, if you trade an altcoin for bitcoin, is that a taxable event? Yes, it’s similar to securities but more of a direct conversion; whenever you buy something or trade with bitcoin, that is a taxable event
• I have rental property that I would like to sell. Can I find a replacement property first and still do a 1031 transaction? Yes, you can do a reverse 1031, but you need to loan money to a qualified intermediary (QI) to buy the replacement property on your behalf

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Resources:

Infinity Investing by Toby Mathis

https://www.amazon.com/Infinity-Investing-Rich-Richer-Same/dp/1950863271

Retirement Plans

https://andersonadvisors.com/retirement-plan/

Entity Formation

https://andersonadvisors.com/entity-formation/

Schedule C

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

1031 Exchange

https://andersonadvisors.com/1031-exchange/?highlight=1031%20exchange

Anderson Advisors

https://andersonadvisors.com/

Anderson Advisors Events

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Anderson Advisors on YouTube

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

Anderson Advisors on Facebook

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Anderson Advisors Podcast

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