Anderson Business Advisors Podcast

Tax Tuesday with Toby Mathis 07-07-2020

July 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:

Infinity Investing Workshop 

http://aba.link/iiw

Tax-Wise Business Ownership by Toby Mathis

https://andersonadvisors.com/shop/

1-day Online Tax-Wise Class

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

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

1031 Exchange

https://www.irs.gov/businesses/small-businesses-self-employed/like-kind-exchanges-real-estate-tax-tips

CARES Act

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/

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

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

Self-Employment Tax

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

Internal Revenue Service (IRS)

https://www.irs.gov/

Tax Cuts and Jobs Act (TCJA)

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

Federal Realty Trust (FRT)

https://www.federalrealty.com/

1099 Form

https://www.irs.gov/businesses/small-businesses-self-employed/am-i-required-to-file-a-form-1099-or-other-information-return

Traders in Securities

https://www.irs.gov/taxtopics/tc429

Form 4797

https://www.irs.gov/pub/irs-pdf/f4797.pdf

Charitable Organizations

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

Form 2553

https://www.irs.gov/forms-pubs/about-form-2553

Affordable Care Act (ACA) 

https://www.healthcare.gov/

QuickBooks

https://quickbooks.intuit.com/

Peachtree

https://www.sage.com/en-us/products/peachtree/

JD Edwards

https://www.oracle.com/applications/jd-edwards-enterpriseone/

Home Office Deduction

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

Schedule C

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

Cost Segregation

https://andersonadvisors.com/podcast/cost-segregation-with-brett-hansen-replay/

Toby Mathis

http://tobymathis.com/

Anderson Advisors

https://andersonadvisors.com

Anderson Advisors Events

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

Events@andersonadvisors.com

mailto:Events@andersonadvisors.com

Anderson Advisors Tax and Asset Protection Event

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

Tax-Wise Workshop

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

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/

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