When you do things right, you don’t get sued, harassed, or audited. That’s why Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
- I’m starting a real estate business. How should the LLC be taxed? LLCs choose how they are taxed
- Is there an annual amount you have to pay contractors that require 1099 and W-9 forms? Minimum is $600
- What is a quitclaim? Transfer of interest in county record of your interest
- What is the simplest software or way to log vehicle mileage? MileIQ
- What is a qualified business income (QBI) deduction? Deduct up to 20% QBI, 20% qualified real estate investment trust (REIT) dividends, and qualified publicly traded partnership (PTP) income
- Can you invest money earned through 501(c)(3) to invest in dividends and stocks? Yes
- Can you explain the 100% depreciation changes in the new tax code? Bonus depreciation allows 100% deduction as expense of asset
- Are you familiar with the Deferred Sales Trust concept? Yes, it works to sell a highly appreciated business under an installment note to spread out tax over a lifetime
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