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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 Sep 22, 2020
Tuesday Sep 22, 2020
Give your children a purpose, not money. Toby Mathis and Jeff Webb of Anderson Advisors answer tax questions related to passive versus active income reported on payroll for people of all ages to flipping properties and real estate investments. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- If I have a small business, do I need to make it an LLC to hire my children, or can I just be an independent contractor and hire them? LLC is not required for small businesses, but it is recommended for liability protection; your children’s wages should be run through payroll, even if they don’t have social security numbers
- I just bought a house, paid 30k in cash, and spent about $15k in rehab. What expenses of this deal can I write off, besides the rehab cost? Depends on whether you are flipping the property or using it as an investment property; capitalize all of it because you can’t write off the expenses as repairs
- If I am a real estate professional in 2020, can I offset previous years’ passive losses in this year? No, only for 2020 and only for years you were a real estate professional
- Can you put a primary residence into a land trust and/or LLC to maintain anonymity, if you have a commercial bank loan? If not, are there other options available? LLC or land trust is possible, but it’s not the best idea because it could impact homestead
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:
The Tax Toolbox (only $595; regularly $1,500)
http://aba.link/ttb920
https://andersonadvisors.com/tax-wise-workshop-for-businesses-investors/
https://www.irs.gov/pub/irs-news/fs-08-18.pdf
Real Estate Professional Requirements
https://www.irs.gov/pub/irs-utl/33-Real%20Estate%20Professionals.pdf
https://andersonadvisors.com/living_trusts/
https://www.irs.gov/credits-deductions/opportunity-zones-frequently-asked-questions
https://www.irs.gov/credits-deductions/businesses/invest-in-a-qualified-opportunity-fund
https://www.irs.gov/forms-pubs/about-form-8996
Capital Gains Exclusion/Section 121
https://www.irs.gov/taxtopics/tc701
https://www.sbc.senate.gov/public/index.cfm/guide-to-the-cares-act
Individual Retirement Arrangements (IRAs)
https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras
https://www.irs.gov/retirement-plans/traditional-and-roth-iras
Small Business Administration (SBA)
https://www.sba.gov/
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/forms-pubs/about-form-w-2
https://www.irs.gov/taxtopics/tc554
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
https://www.irs.gov/businesses/cost-segregation-audit-techniques-guide-chapter-1-introduction
https://www.irs.gov/tax-reform
Healthcare Reform (Affordable Care Act)
https://www.healthcare.gov/
26 U.S. Code Section 469(c)(7)
https://www.law.cornell.edu/uscode/text/26/469
https://www.law.cornell.edu/uscode/text/26/280A
https://www.mileiq.com/
https://www.maralagoclub.com/
https://www.irs.gov/forms-pubs/about-schedule-a-form-1040
https://www.irs.gov/forms-pubs/about-schedule-c-form-1040
https://fred.stlouisfed.org/
Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster
https://www.whitehouse.gov/presidential-actions/memorandum-deferring-payroll-tax-obligations-light-ongoing-covid-19-disaster/
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
https://www.irs.gov/credits-deductions-for-individuals
https://www.irs.gov/charities-non-profits/charitable-organizations
The Private Vault by Greg Boots
https://www.amazon.com/Private-Vault-Gregory-J-Boots-ebook/dp/B00G71IKNA
http://tobymathis.com/about-toby-mathis/
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
Anderson Advisors Tax and Asset Protection Event
https://andersonadvisors.com/asset-protection/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/