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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.
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Wednesday Feb 06, 2019
Wednesday Feb 06, 2019
Toby Mathis and Jeff Webb of Anderson Advisors are here to ease your nerves and help you make intelligent decisions by answering your tax questions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- If I liquidate a 401(k) and take the cash, what taxes will I pay? If your younger than 59.5, you’ll pay a 10% penalty for a traditional 401(k); penalties are different for a Roth 401(k)
- I have a home office. How do I indicate that on my taxes? Use Schedule C and Form 8829; but go for a business reimbursement, rather than a home office deduction
- My phone is for personal and business use. How do I indicate business use on my tax form? If required to have a phone for business, expense the whole thing by being a corp
- I purchased another vehicle for business use. Do I title it under the name of the business? No, to avoid additional liability and higher insurance costs
- What’s the minimum income required for social security/medicare benefits to receive your four credits? In 2018, you’d have to earn $5,280; in 2019, it goes up to $5,440
- Does the C corp have to be setup in 2018 to carry forward the deductions to next year? No. If you pay during your tax year, it’s not an applicable deduction in that particular year
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