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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.
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Tuesday Sep 24, 2019
Tuesday Sep 24, 2019
Celebrate the 100th episode of Tax Tuesday, where Toby Mathis and Jeff Webb of Anderson Advisors bring tax knowledge to the masses. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- Is there a preferred tax structure for a foreign investor compared to a U.S. investor? United States taxes worldwide income, if you’re a U.S. resident and there’s a treaty between the United States and other country
- I’m an independent contractor through a company that sends me a 1099. Can I be self-employed through LLC I created, or do I need to be an employee and have taxes taken out? You’re an employee of your S Corp; you can’t get a 1099 as a contractor
- Do you have to file a tax return, if you have an LLC owned by a solo 401(k)? No, unless it’s a partnership with more than $250,000
- If I own a timeshare (not as an investment), and I go there one week a year, are there tax deductions I can take? Very few are deductible and difficult to get
- Do IRS Section 179 Depreciation Rules apply equally to C and S corps? Yes
- I am remodeling an apartment building. Is cost segregation an option? What are the reporting requirements? Report depreciation of cost segregation of recent remodel
- What are the advantages of qualifying as a real estate professional? Real estate losses are no longer passive, but active to offset your personal income
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:
Pre-order Book Deal: Tax-Wise Business Ownership
Real Estate Professional Requirements
What You Should Know About The New 20% Pass-Through Tax Deduction
Individual Taxpayer Identification Number (ITIN)
Modified Accelerated Cost Recovery System (MACRS)
Anderson Advisors Tax and Asset Protection Event