Anderson Business Advisors Podcast

Tax Tuesdays with Toby Mathis 07-23-2019

July 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:

Standard Deduction

Tax Benefits for Education: Information Center

Publication 15-B (2019), Employer's Tax Guide to Fringe Benefits

Trader Status

Schedule C

Schedule D

Schedule E

Tax Cutting Jobs Act (TCJA)

Tax Cuts and Jobs Act, Provision 11011 Section 199A - Qualified Business Income Deduction FAQs

Market-to-Market Election 

Qualcomm

TurboTax

Aggregation Election/199A

Cost Segregation

Publication 946

IRS Data Book 2018

The Ultimate Guide to Real Estate Taxes

Form 1098

Airbnb

1031 Exchange

Section 1250 Recapture
Form 4797

401(k) Contribution Limits

Self-employment Tax

Home Office Deduction

Veil Piercing

W-9

K-1

H&R Block

Types of Trusts and Wills

Toby Mathis

Anderson Advisors

Anderson Advisors Blueprint/Strategy Session 

Anderson Advisors Tax and Asset Protection Event

Tax-Wise Workshop

Tax-Wise 2019 3-in-1 Offer/2-for-Tuesday Bulletproof

Infinity Investing Workshop (use code: FREETAX)

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