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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 Oct 06, 2020
Tuesday Oct 06, 2020
Are you ready for the debates and upcoming election? In the meantime, Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions about Donald Trump’s and Joe Biden’s tax returns. Maybe you, too, can become a multimillionaire. William H. Rehnquist once stated, “There is nothing wrong with a strategy to avoid the payment of taxes. The Internal Revenue Code doesn’t prevent that.” Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- Can you withdraw some earnings from a Roth IRA, if you held it for five years or more and you are not older than 59.5 years old? Yes, you can take out earnings without being penalized or forced with required distributions
- If I live in one state and use my home office for a tax deduction, but have rented an apartment in another state for business purposes, can I use the apartment and utilities for a business deduction? Apartment in other state probably needs to be rented by entity or business; don’t do a home office, but an administrative office in your home
- What are the laws for purchasing a vehicle for business to use as a deduction? If business buys vehicle, track mileage and don’t fall below 50%; if you buy it, track miles and get reimbursement (55 to 58 cents per mile)
- Is there a way to get around being taxed from the gains/profit from doing flips? Find other expenses to run against that income
- If you rent out a condo and take depreciation on it, and then the following year, decide to live in the condo yourself, what do you do about the depreciation? Depreciation stays where it’s at until you decide to sell the property
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
https://andersonadvisors.com/tax-wise/
Donald Trump’s Taxes (New York Times)
https://www.nytimes.com/interactive/2020/09/27/us/donald-trump-taxes.html
https://www.maralagoclub.com/
https://www.oyez.org/justices/william_h_rehnquist
https://www.law.cornell.edu/uscode/text/26/7213A
26 U.S. Code Section 469(c)(7)
https://www.law.cornell.edu/uscode/text/26/469
https://www.law.cornell.edu/uscode/text/26/26
https://www.law.cornell.edu/uscode/text/26/280A
http://www.irs.gov/pub/irs-drop/rr-14-02.pdf
https://andersonadvisors.com/living_trusts/
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/tax-reform
Capital Gains Exclusion/Section 121
https://www.irs.gov/taxtopics/tc701
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.mileiq.com/
Real Estate Professional Requirements
https://www.irs.gov/pub/irs-utl/33-Real%20Estate%20Professionals.pdf
https://www.irs.gov/credits-deductions-for-individuals
https://www.irs.gov/charities-non-profits/charitable-organizations
https://www.sbc.senate.gov/public/index.cfm/guide-to-the-cares-act
Healthcare Reform (Affordable Care Act)
https://www.healthcare.gov/
https://www.irs.gov/forms-pubs/about-schedule-a-form-1040
https://www.irs.gov/forms-pubs/about-schedule-e-form-1040
https://www.irs.gov/forms-pubs/about-schedule-k-1-form-1065
https://www.irs.gov/taxtopics/tc554
https://www.irs.gov/forms-pubs/about-form-w-2
https://www.irs.gov/pub/irs-news/fs-08-18.pdf
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/