Anderson Business Advisors Podcast

Tax Tuesdays with Toby Mathis 03-31-2020

April 7, 2020

As most of us experience financial hardship due to the COVID-19 pandemic, there is support through the new Coronavirus Aid, Relief, and Economic Security (CARES) Act. When doing your federal and state income taxes, stay up to date and safe. Toby Mathis and Jeff Webb of Anderson Advisors continue to practice social distancing to answer your tax questions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

  • What are updates on the tax impact of COVID-19? 
    • Tax Grace Period: July 15, not April 15 is deadline to file your federal taxes
    • Families First Act: Addresses FMLA and other payments  
    • CARES Act: Options for everyone, from forgivable loans to stimulus checks 
  • Is the stimulus check based on adjusted gross income (AGI) or taxable income? AGI for 2018 or 2019 determines if you qualify for stimulus check
  • How to apply for stimulus check, if you qualify? No need to apply, IRS direct deposit  
  • Can a partnership LLC be assigned directly to a living trust? Yes
  • Can I hire someone outside the United States to do my bookkeeping? Don’t do it
  • What are the best practices for a small business to record and track its profit/loss expenses? Check your numbers and hire a qualified bookkeeper

For all questions/answers discussed, sign up to be a Platinum member to view the replay!

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Resources:

Unlock Free Money from the New Stimulus Bill - CARES Act with Clint Coons and Toby Mathis

Tax-Wise Business Ownership by Toby Mathis

Infinity Investing Workshop 

CARES Act

Paycheck Protection Program (PPP)

Economic Injury Disaster Loan (EIDL)

Coronavirus Tax Relief

Families First Act

Family and Medical Leave Act (FMLA)

SECURE Act

Individual Retirement Arrangements (IRAs) 

Traditional and Roth IRAs

COVID-19 and the Family and Medical Leave Act Questions and Answers

501(c)(3)

K-1 Form

Form 1065

Form 1099

Employer Identification Number (EIN)

Affordable Care Act

Wills and Trusts

Tax Cuts and Jobs Act (TCJA)

1031 Exchange

Capital Gains Exclusion/Section 121

QuickBooks

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