Anderson Business Advisors Podcast

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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.

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Tuesday Jun 30, 2020

Tax Tuesday with Toby Mathis 06-23-2020

Tuesday Jun 30, 2020

Confusion continues with the CARES Act and related tax relief programs due to COVID-19. Toby Mathis and Jeff Webb of Anderson Advisors provide clarity by answering tax questions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics:

I’ve had my work hours cut due to COVID. Under the CARES Act, can I access my 401(k) from work or solo 401(k)? You can access the solo 401(k) through a distribution or loan, but access to a work 401(k) must be approved by the plan administrator
How should I handle sales tax within my eCommerce store? Do I follow my state use tax or do I need to get the buyer’s? Depends on various factors, but sales tax is tax on things you sell, and use tax is tax on things you buy
Do we have to pay taxes on an SBA loan? No, unless loan is not repaid
Can you accept the EIDL, if you’ve already accepted the PPP loan? Yes
Will there be any issues with PPP forgiveness, if you accept EIDL? Depends on whether you received the emergency cash grant
Am I able to purchase real estate with my solo 401(k) account and rent the house to my brother? Yes, your brother isn’t a disqualified party, but you must charge him a fair rent
Did the deadline for Roth conversions get extended? No, it’s still Dec. 31

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:

Infinity Investing Workshop

Tax-Wise Business Ownership by Toby Mathis

1-day Online Tax-Wise Class

CARES Act

Paycheck Protection Program (PPP)

Paycheck Protection Program (PPP) Flexibility Act

Economic Injury Disaster Loan (EIDL)

501(c)(3)

Wills and Trusts