Anderson Business Advisors Podcast

Tax Tuesdays with Toby Mathis 03-17-2020

March 24, 2020

Despite delays, closures, and quarantines due to the Coronavirus (COVID-19), you still need to file your taxes. So, Toby Mathis and Jeff Webb of Anderson Advisors spent St. Patrick’s Day answering tax questions to help you through this difficult time. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

  • What are the updates on the tax impact of COVID-19? 
    • April 15: Deadline to file your taxes still applies, but individuals that owe less than $1 million and businesses that owe less than $10 million can file a 90-day grace period extension to pay their taxes without being charged penalties and interest
    • Families First Act: Passed by House of Representatives, but still under review by Senate because major mistakes need to be corrected to address Family and Medical Leave Act (FMLA) and other payments 
  • If I get married while owning a property in an LLC, will my spouse also be protected under the same LLC? LLC is not necessarily protecting you and your spouse, but the property in the LLC and whatever happens to it
  • If I purchase a business from someone, how does the entity transfer over? Two types of business purchases: Stock purchases or asset acquisitions
  • My business started in 2019, and we don’t have money for a CPA. Can I submit a 1065 partnership form for my small business myself? Yes, you can, but it’s not recommended because failing to file a 1065 on time has a $205 penalty per month/per partner 

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:

Anderson’s Guide to Creating Your Private Vault by Greg Boots (Coupon Code: PV2020 for $20 off)

Tax-Wise Business Ownership by Toby Mathis

Coronavirus Tax Relief

Families First Act

Family and Medical Leave Act (FMLA)

SECURE Act

Individual Retirement Arrangements (IRAs) 

Traditional and Roth IRAs

501(c)(3)

Form 1065

Form 1099

Form 8832

Form 1120

Real Estate Professional Requirements

Self-Employment Tax

Wills and Trusts

Freddie Mac

Fannie Mae

Capital Gains Exclusion/Section 121

Section 338(h)(10) Election

Schedule C

Cost of Goods Sold (COGS

How to Buy a Business

Business Structures

UBIT

UDFI

Section 179 Tax Depreciation

Depreciation Recapture

Bonus Depreciation

1031 Exchange

Opportunity Zones

Cost Segregation Tax Breaks!

Form 1040

Form 1040-NR

Rollovers as Business Startups (ROBS)

Form 2553

Employer Identification Number (EIN)

Affordable Care Act

CoreVest

Toby Mathis

Anderson Advisors

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