Tuesday, March 3, 2020: Was it super for you? It depends on facts and circumstances. Who and what is best for you? Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions related to mental health care, short-term rentals, and retirement because life is about more than just money. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
- Are there tax rules that allow farmers to accelerate depreciation for farm equipment? Farmers can take Section 179 and bonus depreciation, but they have a slower recovery
- How do you keep track of your reimbursable expenses before your corporation makes a profit? Make sure corporation is reimbursing you for all your expenses and report them at corporate level as loss
- What tax rate do I have to pay on an early withdrawal from my IRA? Some exceptions, such as age and financial hardship, but marginal tax rate is about 22% plus 10% penalty
- How can we write off the tuition for our training? If already in a field or career, tuition for training should be written off to business; if not, write off as a startup expense
- My sister and I are partners in our LLC. She is now on disability. How can she receive profit from the business now? No material participation to receive passive income
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