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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.
Episodes
Wednesday Jul 31, 2019
Wednesday Jul 31, 2019
As Americans, taxes are one of our biggest expenses; even more than housing, food, and clothing combined. Taxes are overpaid by about a billion dollars every year. Toby Mathis and Jeff Webb of Anderson Advisors save you money by answering your tax questions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- How many stock option trades must you make in a year to be considered a professional trader by the IRS? Activity has to be regular and frequent
- Is TurboTax comparable to using a certified public accountant (CPA)? No, because tax-based computer systems don’t ask the right questions
- How many rental properties should I own before creating a C Corp? It’s not about how many properties, but how much you’re making/earning
- Can you have multiple 401(k) plans? Yes
- Does a leasing real estate subsidiary pass-through have to pay self-employment tax? When renting real estate, nobody pays self-employment tax; it’s not earned income
- Can you explain the depreciation recapture for a property that was never depreciated? If you can deduct or depreciate, you must recapture (Publication 946)
- What’s the rule for claiming meals and entertainment; is it still 50%? TCJA took away entertainment write-offs, but writing off meals can be 50-100%
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:
Tax Benefits for Education: Information Center
Publication 15-B (2019), Employer's Tax Guide to Fringe Benefits
Tax Cuts and Jobs Act, Provision 11011 Section 199A - Qualified Business Income Deduction FAQs
The Ultimate Guide to Real Estate Taxes
Section 1250 Recapture
Form 4797
Anderson Advisors Blueprint/Strategy Session
Anderson Advisors Tax and Asset Protection Event
Tax-Wise 2019 3-in-1 Offer/2-for-Tuesday Bulletproof