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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.
Episodes
Tuesday Nov 19, 2019
Tuesday Nov 19, 2019
Taxes can be fun. Just ask those who attended the recent Tax-Wise Workshop and Tax Tuesdays hosted by Toby Mathis and Jeff Webb of Anderson Advisors. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- I have a corporation, but it does not earn income. Do I still need to file a return? Yes, you’re required to file a return every year of its existence
- If I am self-employed, or own a small business, are the health insurance premiums tax deductible? Yes, health insurance premiums, but you can’t write-off other costs
- What are the differences between a Solo 401(k), Qualified Retirement Plan (QRP), and Cash Balance Pension? Most 401(k)s and QRPs are defined contribution and/or profit sharing plans; Cash Balance Pension is a defined benefit plan
- How do I sell a husband-and-wife owned C Corp to reduce taxes? Whenever selling a business, try to sell the company’s shares for long-term capital gains
- Can I offset gains from rents with depreciation? Yes
- I have eight units in my own name. Will I save on taxes this year, if I transfer them under my LLC? No, it doesn’t make any difference; there’s no real benefit to doing it that way
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:
Qualified Retirement Plan (QRP)
Foreign Earned Income Exclusion
Real Estate Professional Requirements
Passive Activity Losses - Section 469
Capital Gains Exclusion/Section 121
Section 105 Health Plan Reimbursement
Unrelated Business Income Tax (UBIT)
Anderson Advisors Tax and Asset Protection Event