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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 14, 2020
Tuesday Jul 14, 2020
It’s the middle of a sweltering summer and the July 15 deadline to pay your income taxes is fast approaching. Don’t worry because Toby Mathis and Jeff Webb of Anderson Advisors offer a bevy of knowledge to avoid getting burned. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- What is the most tax-efficient way for 401(k) to Roth 401(k) conversion? Entire amount does not need to be converted in one year, or you’ll take a major tax hit
- How do I start a real estate business with income from our current businesses? Is this possible? Yes, pull money out of businesses to establish new real estate entity
- How do I elect trader status? State that you are a trader or select mark-to-market election method of accounting for securities traders
- How can I identify tax breaks at certain income levels? If your income is below the $100,000 threshold, use standard deduction, IRAs, and more to not pay any or much tax
- What is the easiest or best accounting software to keep up with your business expense and get the best tax reductions? Most prevalent software used for accounting and bookkeeping services is QuickBooks
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:
http://aba.link/iiw
Tax-Wise Business Ownership by Toby Mathis
https://andersonadvisors.com/shop/
https://andersonadvisors.com/tax-wise-workshop/
Individual Retirement Arrangements (IRAs)
https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras
https://www.irs.gov/retirement-plans/traditional-and-roth-iras
https://www.irs.gov/businesses/small-businesses-self-employed/like-kind-exchanges-real-estate-tax-tips
https://home.treasury.gov/policy-issues/top-priorities/cares-act
Economic Injury Disaster Loan (EIDL)
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance
Paycheck Protection Program (PPP)
https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf
Paycheck Protection Program (PPP) Flexibility Act
https://www.investopedia.com/paycheck-protection-program-flexibility-act-of-2020-an-overview-4846944
Small Business Administration (SBA)
https://www.sba.gov/
https://andersonadvisors.com/living_trusts/
https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act
https://www.investopedia.com/terms/d/depreciationrecapture.asp
Real Estate Professional Requirements
https://www.irs.gov/pub/irs-utl/33-Real%20Estate%20Professionals.pdf
Capital Gains Exclusion/Section 121
https://www.irs.gov/taxtopics/tc701
https://www.irs.gov/taxtopics/tc554
Internal Revenue Service (IRS)
https://www.irs.gov/
https://www.irs.gov/tax-reform
https://www.federalrealty.com/
https://www.irs.gov/businesses/small-businesses-self-employed/am-i-required-to-file-a-form-1099-or-other-information-return
https://www.irs.gov/taxtopics/tc429
https://www.irs.gov/pub/irs-pdf/f4797.pdf
https://www.irs.gov/charities-non-profits/charitable-organizations
https://www.irs.gov/forms-pubs/about-form-2553
https://www.healthcare.gov/
https://quickbooks.intuit.com/
https://www.sage.com/en-us/products/peachtree/
https://www.oracle.com/applications/jd-edwards-enterpriseone/
https://www.irs.gov/businesses/small-businesses-self-employed/home-office-deduction
https://www.irs.gov/forms-pubs/about-schedule-c-form-1040
https://andersonadvisors.com/podcast/cost-segregation-with-brett-hansen-replay/
http://tobymathis.com/
https://andersonadvisors.com
https://andersonadvisors.com/all-events/
mailto:Events@andersonadvisors.com
Anderson Advisors Tax and Asset Protection Event
https://andersonadvisors.com/asset-protection/
https://andersonadvisors.com/tax-wise-workshop/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/