Tax Tuesdays with Toby Mathis 10-29-2019

Afraid of taxes? Spooked about getting audited? Halloween isn’t the only day of the year that most of us fear. So, Toby Mathis and Jeff Webb of Anderson Advisors provide fast, fun, and educational answers to your tax questions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

• How can I minimize taxes for someone with no children and no longer able to itemize  miscellaneous deductions under new tax laws? Depends on where income comes from 
• Can you get lender financing for a property deposit from a self-directed IRA? Not likely because IRA can’t be collateral, but a 401(k) can be used
• Are horses and their expenses tax deductible? Yes; some are also depreciable
• What do you need to do to use the Medical 105 Plan and reimburse your medical  expenses? Corporation with plan document is required; show receipts for reimbursement  
• What does DBA mean? Doing business as (a.k.a., Fictitious Name)
• Should I form an LLC or Corporation for rental properties? Corporation should be your last choice; LLC is not a tax designation; put rental properties on your personal return
• If I purchase one or more vehicles, with the intent of renting them out, should I title them in an LLC? Yes, due to liability; also have immaculate maintenance records, commercial insurance, and titled to renter’s LLC
• Can I offset gains from rents with depreciation? Yes; rental income is offset by all your rental property expenses, including depreciation
• Can a small, newly set up LLC buy a property? Yes, seasoning requirement isn’t required

For all questions/answers discussed, sign up to be a Platinum member to view the replay!

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Resources:

Pre-order Book Deal: Tax-Wise Business Ownership

1031 Exchange

Real Estate Professional Requirements

Types of Trusts

Schedule A

Schedule C

Schedule E

K-1

Form 1065

Uniform Limited Liability Company Act (ULLCA)

Roth IRAs

Health Savings Account (HSA)

Home Office Deduction

Tax Cuts and Jobs Act (TCJA)

Depreciation Recapture

Bonus Depreciation

Passive Activity Losses - Section 469

501(c)(3)

Opportunity Zones FAQ

Opportunity Zone Heat Map

Capital Gains Exclusion/Section 121

Modified Accelerated Cost Recovery System (MACRS)

Cost Segregation Tax Breaks!

401(k)

403(b)

IRC 183

Section 105 Health Plan Reimbursement

Forms of Compensation 26USC61

Section 1244 Stock Loss

Rollovers as Business Start-Ups (ROBS)

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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