Anderson Business Advisors Podcast

Tax Tuesdays with Toby Mathis 02-18-2020

February 25, 2020

What’s the answer to all tax questions? Calculate, calculate, calculate. Fortunately, Toby Mathis and Jeff Webb of Anderson Advisors provide additional information to help you determine what makes sense from a tax standpoint. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

  • What do you have to file when you have an S Corp and take a salary? Payroll tax forms, possible registration with state, county, and/or city for withholding
  • I’m a small business owner who didn’t make any income last year. Do I have to file? Depends on type of small business, but filing is recommended, especially for losses  
  • How much of my remodel can I claim on my taxes as expenses vs. improvements? Remodel tends to mean improvements; separate improvements from repairs
  • Can you claim both the home office deduction and the Section 280A for the same C Corp? No, for technical reasons; reimburse yourself for home office costs and corporate use of house for meetings
  • How do you report real estate rental income for properties in a trust? Depends on type of trust and how it’s taxed; may be taxable to grantor
  • What determines your state residency when you live in a non-fixed location (RV, boat, etc.)? States typically follow the 183-day primary rule, so depends on where you spent most of your nights, as well as where you’re registered to vote and your driver’s license 
  • I have a family limited partnership that is going to get a large sum of money. I plan to put it all into a nonprofit. Any taxes owed? A large sum of money is typically a source of  adjusted gross income (AGI), which is only 60% deductible  

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:

Wills and Trusts

Employer Identification Number (EIN)

Individual Retirement Arrangements (IRAs) 

Traditional and Roth IRAs

26 US Code 280A

Real Estate Professional Requirements

UBIT

UDFI

Capital Gains Exclusion/Section 121

Form 1099-INT

Schedule K-1

Unemployment Insurance

Workers' Comp

Professional Employer Organization (PEO)

ADP

Paychex

Patriot Software

Schedule C

Self-Employment Tax

Cost Segregation Tax Breaks!

Section 179 Tax Depreciation

Depreciation Recapture

Bonus Depreciation

MACRS Depreciation

Form 1041

Form 1040

Schedule E

Form 2553

Form 1128

Form 1040-NR

Opportunity Zones

501(c)(3)

Rollovers as Business Startups (ROBS)

1031 Exchange

SECURE Act

PayPal

Airbnb/Short-term Rentals

HELOC

Form 1099-COD

American Home Shield Warranty

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