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.
- 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
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