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Real Estate Investors, Stock Traders, and Business Owners guide to preserve their wealth, protect their assets, and prosper in the future.
Episodes
Tuesday Jul 12, 2022
Tuesday Jul 12, 2022
How do you write off your vehicle exclusively for your business? Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- I have an LLC but I want to know if I need one for each of my properties that are short-term rentals (STRs)? You don't need one for every short-term rental. If you can do that, it's a great idea to have one for every rental, but you don't have to.
- Can you write off a new truck purchase for use exclusively for my business? It depends on the size and type of truck. If it qualifies as equipment, you can write off 100% of it. Don't put your car in your business because you have to use it more than 50% or there's adverse tax consequences. If your company owns your truck and you start using it personally, it's a taxable event to you.
- I operate my business out of my home and want to rent the home to my entity so I can write off the mortgage rental expense as a business expense and use a primary residence loan to purchase a new home. Can I achieve this by writing a lease to my business? Never rent to your corporation or rent your house out to a business. Instead, have the business reimburse you.
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Go to iTunes to leave a review of the Tax Tuesday podcast.
Resources:
1202 - Qualified Small Business Stock
https://www.taftlaw.com/news-events/law-bulletins/the-abcs-of-i-r-c-section-1202-qualified-small-business-stock
https://www.irs.gov/businesses/cost-segregation-audit-techniques-guide-chapter-1-introduction
https://www.irs.gov/forms-pubs/about-schedule-c-form-1040
https://www.irs.gov/newsroom/irs-issues-guidance-on-section-179-expenses-and-section-168g-depreciation-under-tax-cuts-and-jobs-act
https://www.law.cornell.edu/uscode/text/26/469
Infinity Investing: How The Rich Get Richer And How You Can Do The Same by Toby
https://www.amazon.com/Infinity-Investing-Rich-Richer-Same/dp/1950863271
https://andersonadvisors.com/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/