621.7K
Downloads
342
Episodes
Real Estate Investors, Stock Traders, and Business Owners guide to preserve their wealth, protect their assets, and prosper in the future.
Episodes
Tuesday Oct 20, 2020
Tuesday Oct 20, 2020
In case you missed it, Oct. 15 was another tax deadline. However, you still have some time to decide who you want to vote for in the upcoming presidential election: Donald Trump or Joe Biden? Toby Mathis of Anderson Advisors answers your tax questions about the impact of their proposed tax plans. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- What are the differences between Donald Trump’s and Joe Biden’s proposed tax plans?
- Individual Rates: Trump to lower-middle rates; Biden to increase top-bracket rates
- Corporate Rates: Trump wants 21%; Biden wants 28%
- Dividends: Trump wants 0, 15, 23.8%; Biden wants 0, 15, 23.8, 43.4%
- Credits: Biden wants to increase child credits to give families more money
- Payroll Taxes: Trump to forgive OADSI; Biden to add OADSI
- Estate Taxes: Trump to keep TCJA; Biden to expire it with no step up
- Itemized Deductions: Trump to remove miscellaneous itemized deductions; Biden to reset deductions and add SALT
- What are actions that you may want to take in 2020/2021 considering Trump’s vs. Biden’s proposed tax plans?
- Gain Harvesting
- Roth Conversion
- 100% AGI
- Carryforward NOLs
- Wait on Harvesting Losses
- Gifting
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:
Tax Toolbox (Only $595, Regularly $1,500)
http://aba.link/taxtoolbox
https://www.irs.gov/tax-reform
Old Age and Disability Survivor’s Insurance (OADSI)
https://www.investopedia.com/terms/o/oasdi.asp
State and Local Tax (SALT) Limitation
https://www.efile.com/state-and-local-tax-deduction-salt/
https://www.investopedia.com/terms/s/section-1231.asp
http://www.irs.gov/pub/irs-drop/rr-14-02.pdf
Individual Retirement Arrangements (IRAs)
https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras
https://www.irs.gov/retirement-plans/traditional-and-roth-iras
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/pub/irs-news/fs-08-18.pdf
https://www.irs.gov/forms-pubs/about-form-w-2
https://andersonadvisors.com/living_trusts/
https://www.irs.gov/taxtopics/tc554
https://www.irs.gov/charities-non-profits/charitable-organizations
Internal Revenue Service (IRS)
https://www.irs.gov/
https://www.irs.gov/forms-pubs/about-form-1099-misc
https://www.uscourts.gov/services-forms/bankruptcy
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
Unrelated Debt-Financed Income (UDFI)
https://ira123.com/learn/understanding-udfi/
https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-provision-11011-section-199a-qualified-business-income-deduction-faqs
3115 Change of Accounting Method
https://www.irs.gov/forms-pubs/about-form-3115
https://www.irs.gov/businesses/cost-segregation-audit-techniques-guide-chapter-1-introduction
https://www.irs.gov/forms-pubs/about-schedule-a-form-1040
https://www.irs.gov/forms-pubs/about-schedule-e-form-1040
https://www.law.cornell.edu/uscode/text/26/280A
https://www.mileiq.com/
Healthcare Reform (Affordable Care Act)
https://www.healthcare.gov/
https://andersonadvisors.com/tax-wise/
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/