Anderson Business Advisors Podcast

Tax Tuesdays with Toby Mathis 10-01-2019

October 8, 2019

Be in the know before filing your tax forms to avoid big surprises and losses. For fun and educational answers to your tax questions, Toby Mathis and Jeff Webb of Anderson Advisors are willing, able, and ready to help. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

  • How can I take full advantage of excess depreciation on passive real estate investments? Cost segregation, MACRS, and bonus depreciation through TCJA  
  • What is the best way to set up an Airbnb business that is a solely-owned, single-family house? If average guest’s stay is 7 days or less, pay self-employment tax and take depreciation   
  • If I sell my personal residence, what’s the best way to use the funds from the sale for a residential assisted living (RAL) startup? Create LLC, obtain inside/outside liability insurance, borrow money, and deduct costs  
  • I traveled via RV across and outside the country and needed WiFi to conduct business. Can any part of the travel expense be deducted? If travel is more than 50% for leisure, you can’t write off business expenses; otherwise, write off RV, WiFi, mileage, other costs 

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

Tax Cuts and Jobs Act (TCJA)

Cost Segregation Tax Breaks!

Modified Accelerated Cost Recovery System (MACRS)

Bonus Depreciation

Real Estate Professional Requirements

Passive Activity Losses - Section 469

Unrelated Business Income Tax (UBIT)

Roth IRAs

501(c)(3)

K-1

Workers' Compensation

Schedule A

Health Savings Account (HSA)

Airbnb

Stepped-up Basis

Types of Trusts

Self-Employment Tax

Capital Gains Exclusion/Section 121

Depreciation Recapture

Schedule C

Schedule E

Real Estate Investment Trust (REIT)

1031 Exchange

Kiddie Tax

Form 1099

Home Office Deduction

Opportunity Zones FAQ

Opportunity Zone Heat Map

MileIQ

Section 280A Deduction

Save A Vet With A Pet – 1 Veteran Foundation

Toby Mathis

Anderson Advisors

Anderson Advisors Tax and Asset Protection Event

Tax-Wise Workshop

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

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