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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 May 23, 2023
Tuesday May 23, 2023
In this episode of Anderson Business Advisors, Toby Mathis, Esq, speaks with Sherri and Frank Candelario, real estate investors who have turned the shady addiction recovery housing industry on its ear. Sherri and Frank became involved in the industry after their adopted daughter Kate developed substance abuse issues.
Frank and Sherri started Kate’s House Foundation, and have trained 1000s of people to duplicate the Kate’s House Model of Level II Medically Assisted Treatment homes in great neighborhoods like theirs in the Seattle area.
We’ve discussed opportunities like this in other episodes - this is a niche segment of real estate investing that can be both profitable and an incredible way to help individuals who are struggling get back on their feet.
Highlights/Topics:
- An adopted daughter from Russia with substance abuse issues
- The shady underbelly of the addiction recovery industry
- Bucking the 50-year system of shared housing
- Discovering value in the people society has discarded
- Government grants funneled to the Candelarias for their excellent housing
- Becoming Federal contractors
- Medication and shared housing
- Preventing young adults from going to prison
- Being able to buy real estate after you obtain a government contract
- Focusing on recovery housing and drug courts
- Amazing non-profit donations to the Kate’s House Foundation
- A goal of housing in every state in the country
- February 2024 bus tour of their homes
- Reach out to Sherri and Frank and take their course to learn how to do what they do
Resources:
https://frankandsherri.com/
https://kateshousefoundation.org/our-story/
https://andersonadvisors.com/
Anderson Business Advisors LinkedIn
https://www.linkedin.com/company/anderson-advisors/?originalSubdomain=fr
https://www.youtube.com/@TobyMathis
https://www.tiktok.com/@tobymathisesq
Thursday May 18, 2023
Thursday May 18, 2023
In this episode, Toby Mathis, Esq, speaks with Carl Zoellner, Esq. Managing Attorney at Anderson, to debunk the myth of quitting your job as a means to achieving financial success. They discuss the importance of maintaining a consistent lifestyle and leveraging a good-paying job in order to invest in passive income. The conversation also touches on the potential dangers of following ‘guru’ advice and how to find your passion while focusing on its economic benefits.
Carl and Toby emphasize the significance of channeling your energy into something that can eventually replace your current income while still enjoying the perks of a stable job. They also discuss the concept of tax breaks and how they can play a crucial role in your financial planning journey. Tune in for an insightful conversation on leveraging your employment for long-term financial stability and building a solid financial foundation without quitting your job.
Highlights/Topics:
- Debunking guru advice to quit jobs for a better lifestyle
- Importance of maintaining a consistent, comfortable lifestyle
- Dangers of following unproven investment advice
- Leveraging a good paying job to invest in passive income
- Understanding hype versus logic in investing
- Emphasizing the role of passion in financial success
- Importance of living below one's means
- Transitioning from active to passive income sources
- Creative financing deals in real estate
- Staying the course with investment fundamentals
- Balancing passion, skill, and economic benefit
- Importance of patience in investing
Resources:
https://www.youtube.com/@coffeewithcarlaba
https://andersonadvisors.com/
Anderson Business Advisors LinkedIn
https://www.linkedin.com/company/anderson-advisors/?originalSubdomain=fr
https://www.youtube.com/@TobyMathis
https://www.tiktok.com/@tobymathisesq
https://andersonadvisors.com/
Tuesday May 16, 2023
Tuesday May 16, 2023
Welcome to another episode of the Tax Tuesday show. Host Eliot Thomas, Esq., Manager of Tax Advisors at Anderson Business Advisors, welcomes Kurt Bergfjord, CPA for Entrepreneurial Business Services at Mazars, to help answer your questions. We send a big thank you to all our people online answering your questions today including Dutch, Sergei, Jared, Kurt, and many others.
On today’s episode, experienced tax advisor Kurt Bergford and Eliot discuss the three capital gain tax brackets, tax tips for real estate investors, S-Corps and LLCs, and financial planning strategies for families.
If you have a tax-related question for us, submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- Is it true that you don't pay capital gains or dividend taxes if you make less than $40,000? If your total combined income is under 40K, there are no such taxes.
- I've been contributing to an HSA for several years. Can I withdraw funds from an HSA for prior medical expenses without a penalty? If so, how far can I go back? - as long as you have receipts, hold on to them and get the reimbursement in later years.
- Filing out state taxes. What are the pitfalls? Do we have to submit a whole state return if you have an investment in that state? - Your ‘resident state’ will tax your income from other states. You may have to file a non-resident income tax return in other states.
- Our LLCs, taxes of Partnership sold five long-term rental properties and it acquired one new rental property in a 1031, light, kind exchange. The original LLC still owns additional properties. How soon can we move the newly acquired property into a new LLC to be taxed as an S corporation? - Its not so much about the time frame but moving from one taxpayer to another ..it may disqualify your 1031
- We decided to be treated as an S corp. I've heard that we need to determine our W-2 salary based on our level of engagement each of the members have in the business. How can we determine our percentages? - To determine the percentage of ownership in an S Corporation, consider factors such as comparable technical knowledge, experience, and the average wage for the role.
- I'm thinking of transferring my primary residency into an LLC that I own and turning it into a rental. Can you explain how I should make the transfer so that I can get the 121 exclusion and have higher basis for the property in the LLC? - The 121 exclusion can be utilized by selling the primary residence to an LLC taxed as an S-corp, allowing for rental property depreciation.
- Can you speak about how options are taxed… would I pay capital gains on the spread or the total I received? Is it a capital loss? Is the cost basis lowered? Brokerage displays a lower cost-basis…This is difficult and complex…the credit spread occurs when you sell at one strike price, and buy another at different strike price…
- Do you recommend putting a flip into an LLC, If we buy and hold, later decide to sell, how does one change the LLCs, and how important to have the same address on the LLC… Living Trusts- should every property be included? Would you add homes if you’re only going to have them for 6 months. – Yes, if you’re flipping, don’t put it in your name. We want liability to stay in the LLC. You can use the same name but we don’t recommend it.
- Filing my 2022 as an S-Corp, my CPA recommended a profit-sharing plan, can I put it into a SEP-IRA, which do you recommend? - You need earned income from the business.
- I heard I can pay my kids without tax implications, what can I pay them? - Great strategy, put them to work, it's a tax deduction to your business. They need to do actual work. In 2023 it should be lower than their standard deduction of $13,800.
- Rapid-fire chat questions answered at the end of the show
Resources:
https://www.linkedin.com/in/kurt-bergfjord-cpa-08873053/
taxtuesday@andersonadvisors.com
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/
https://andersonadvisors.com/
http://aba.link/youtube
Anderson Business Advisors LinkedIn
https://www.linkedin.com/company/anderson-advisors/?originalSubdomain=fr
Thursday May 04, 2023
Thursday May 04, 2023
In this episode, Toby Mathis, Esq., of Anderson Business Advisors welcomes Karim Hanafy, Esq., head of Anderson Business Advisors’ Non-Profit Division. Karim and Toby will go over nine benefits of establishing a family foundation, the various tax benefits, and show you how you can get started today.
Karim Hanafy is a nonprofit attorney with over 20 years of experience forming nonprofit organizations, obtaining 501(c)(3) tax-exempt status, advising with ongoing compliance, and assisting with annual tax reporting. Karim previously worked in the Tax Exempt Division at the IRS, and he uses his IRS experience to advise nonprofit organizations on the application process and ongoing compliance.
Highlights/Topics:
- Karim’s background, the IRS, and journey to Anderson
- Legacy planning and asset protection
- Non-profits are not just for the wealthy
- The list of benefits
- Annual donation limits - public vs private, cash vs. stock
- Growing assets ‘tax efficiently’
- Family can serve as board members
- Control is maintained by the family
- Payout requirements - private vs public
- Working for a foundation after retirement
- Deferring your salary from a non-profit
- Avoiding estate taxes
- Next steps to starting a non-profit
- Public charity or private foundation?
- File with the IRS - Karim has been getting approved with lightning speed- 100% of Anderson’s filings are approved
- Funding the non-profit
- Contact Anderson Business Advisors or come to our Non-Profit Workshops
Resources:
https://www.linkedin.com/in/karim-hanafy-3561b71b0/
Start Your Non-Profit in 45 Minutes with Anderson Business Advisors
https://andersonadvisors.com/nonprofit-501c3/
Sign Up for Anderson’s Non-Profit Workshop
https://andersonadvisors.com/how-to-start-a-nonprofit-workshop/
https://www.youtube.com/c/tobymathisesq
https://andersonadvisors.com/
Tuesday May 02, 2023
Tuesday May 02, 2023
Welcome to another episode of the Tax Tuesday show. Host Toby Mathis, Esq., joins our regular guest Eliot Thomas, Esq., Manager of Tax Advisors at Anderson Business Advisors, to help answer your questions.
On today’s episode, Eliot and Toby answer listener inquiries, including a mother and son who want to set up an e-business together, a question about filing an extension for your taxes, which is almost always a good idea, and a question about writing off a pool that is required for a medical condition, (which is a surprisingly common question!)
If you have a tax-related question for us, submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- I had to put more money into my LP for stock options trading- what is the easiest way to handle this addition to my LP? - You can put cash in, or capital contribution - there are no tax implications putting money in, or taking money out.
- Is it a good practice to file an extension? Yes it is - if you rush, you may have to do an amendment…it gives you time to breathe. I don’t know any instance when it is a bad idea.
- If I plan to leave investment property to my children, is it better to purchase and leave it to them in trust, or put their names on title? - They may have stepped up basis issues later on. I don’t recommend gifting things when you are still alive. If the kid is on the title, the child could have liability issues, and you lose the step up in basis.
- No activity in LLC for 2022- Do I need to file tax forms? - if its a partnership and absolutely no transactions, file a ‘no activity’ return. S-corps and C-Corps must file.
- What is bonus depreciation on residential property? Is there a disadvantage for carrying forward a large loss? - Bonus depreciation is just the ‘speeding up’ of straight-line depreciation. No real issues with carrying the loss forward…but it depends on your income.
- What is the best tax structure to set up eBusiness, for a co-owner son and mom - S or C Corp have better tax options than a partnership? Is mom materially participating?
- Pool installation for minor son, is it possible to do a tax deduction? - if it is for medical reasons, it is a possibility. You must document that this is the only option.
- 1099 income, how much to contribute to solo IRA/401K? Employee and employer contributions? – There is a calculation, and a maximum of 66K in 2023, yes, you can- but I wouldn't. Talk to your tax professional
- Federal tax rate for capturing depreciation on property from a previous 1031? - if its 1250 real estate, or 1245, in order to figure this out you have to do a cost seg.
- My AGI is 300K, I gifted to charity 90K – and thought I could also gift 90K in non-cash. Tax preparer said non-cash giving. - There is a 60% limit for cash donations. Non-cash has different limitations, depending on the non-profit.
- My only source of income is from 4X trading, 5K trades a year, 10 hours a day, what are the benefits in creating an entity to pay less taxes? I’m borrowing 15-30K, usually paying interest of 2K a month. - You want to have a note, and records of the interest. A C-corp would allow for some deductions and reimbursements, and be able to write off expenses.
Resources:
taxtuesday@andersonadvisors.com
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/
https://andersonadvisors.com/
http://aba.link/youtube
https://www.youtube.com/@TobyMathis
https://www.tiktok.com/@tobymathisesq
Thursday Apr 27, 2023
Thursday Apr 27, 2023
Is it possible for government restrictions to kill your business?
In this episode, Toby Mathis, Esq, of Anderson Business Advisors welcomes entrepreneur Lars Jacobson, who purchased an entire town called Jake’s Landing right on the Canadian border. Lars shares his story of how border shutdowns, Covid restrictions, and lack of promised support from the US government have nearly killed the town’s business (and are still being enforced!). Canadians were accustomed to driving just minutes over the US border for cheaper gas, convenient shopping, and for dining and entertainment at the area’s casino. Tune in to hear this real-life story of government restrictions almost wiping out an entire town’s economy. Donate to help this town recover by clicking the Venmo link in the resources section.
Highlights/Topics:
- Buying a town- it was a calling from God
- Jake’s Landing and its businesses
- Charging less for goods and services in town - serving Canadians
- Border closing for Covid - it hit the town hard
- Unable to get SBA supplemental support
- Ridiculous Covid restrictions that have not been lifted at the border
- Business has only recovered 30% of the previous levels
- News coverage and meetings with local politicians have not helped
- The US is still handcuffing our own citizens with outmoded Covid restrictions that are killing small businesses
Resources:
Help Support Jake’s Landing USA with Venmo
https://account.venmo.com/u/JakesLandingUSA
https://jakeslandingusa.com/
https://www.facebook.com/jakeslandingporthill/
https://www.youtube.com/c/tobymathisesq
https://andersonadvisors.com/
Tuesday Apr 25, 2023
Tuesday Apr 25, 2023
Want to invest in real estate, but don’t know how to pick the best city to invest in? Mid-term rentals might be your option. Join Clint Coons, Esq. and Dr. Rachel Gainsbrugh as they discuss the secrets of maximizing mid-term rentals that can generate up to $60,000 a year. Dr. Rachel Gainsbrugh of Short Term Gems to help us explore the benefits of this strategy and its potential for a wide range of investors in the real estate market.
Highlights/Topics:
- Gainsborough’s background
- Why start with short-term rentals?
- The luxury niche and mid-term rentals
- What standard “luxury” means in rentals today
- Competing with REITs
- Your avatar/customer dictates what properties you should invest in
- Serving large families for both vacations/displaced
- Allowing pets increased revenue by 30%
- Most displaced families want to stay near their work/school
- Where to list mid-term rentals
- How does the revenue/ROI/amount of effort compare – short vs. mid vs. long
- How to access training in Dr. Rachel’s methods
Resources:
Learn More About Dr. Rachel Gainsbrugh!
https://www.linkedin.com/in/dr-rachel-gainsbrugh
https://www.shorttermgems.com/
https://www.shorttermgems.com/75gems
https://www.shorttermgems.com/join
https://www.shorttermgems.com/75gems
https://www.shorttermgems.com/media
https://www.shorttermgems.com/join-our-facebook-group
https://www.furnishedfinder.com/?gclid=CjwKCAjw0ZiiBhBKEiwA4PT9zw4A88skpF6sv-wj39emMCtr5pAq_uIz3_7K8AetwnbT8BLr4Xe0gxoCI84QAvD_BwE
https://www.corporatehousingbyowner.com/
https://www.alesolutions.com/
https://andersonadvisors.com/
https://andersonadvisors.com/podcast/
https://www.youtube.com/channel/UC5GX-U6VbvMkhSM1ONBiW8w
Thursday Apr 20, 2023
Thursday Apr 20, 2023
Is it possible for real estate investors to increase their profits with a fractional CFO? The answer is yes. Fractional CFOs can significantly reduce risk and increase profit margins for real estate investors in a number of ways. What is a fractional CFO? The CFO is the Chief Financial Officer and fractional means part-time. A Fractional CFO is a way to utilize the CFO’s skills at a fraction of the full CFO price tag.
In this episode, Toby Mathis, Esq, of Anderson Business Advisors welcomes David Richter, Founder and Owner of SimpleCFO. David empowers business owners to make more profit and live life on their terms with the SimpleCFO Fractional CFO program. He is also the author of “Profit First for Real Estate Investing.” Toby and David discuss the benefits of incorporating a CFO into your real estate investing business. David has an interesting range of solutions that will help investors increase their business revenue, owner’s pay, cash reserves, and more!
Highlights/Topics:
- David’s background as an investor, and starting a fractional CFO
- What a Chief Financial Officer (CFO) does
- 3 reasons investors need these services
- The “hope and pray plan” and comparison system
- Making money is easy - what to do next is the hard part
- Profit first, allocating bank accounts for taxes, etc.
- Sales - Profit = Expenses with the Profit First system
- Getting clarity around how much you actually need to keep
- SimpleCFO’s structure and meeting schedule with clients
- At what point should you get in touch with SimpleCFO? Click the link below
Resources
Download the FULL Ebook of Profit First For Real Estate Investing
https://simplecfo.com/anderson/
https://andersonadvisors.com/
Tuesday Apr 18, 2023
Tuesday Apr 18, 2023
Welcome to another episode of the Tax Tuesday show. Host Toby Mathis, Esq., joins our regular guest Eliot Thomas, Esq., Manager of Tax Advisors at Anderson Business Advisors, to help answer your questions. Even though it’s tax season, we have nine Anderson staffers on board to answer your questions
On today’s episode, Eliot and Toby answer listener questions including inquiries about purchasing a bar/restaurant and all the aspects you need to take into consideration around this difficult industry, a few questions (as usual) around rental properties and when/if you can take deductions and write off losses, and an interesting code question about oil and gas and intangible drilling costs (IDC).
If you have a tax-related question for us, submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- If you have a corporation with your children as board members, can you write off vehicle, maintenance, and gas? - If they are not employees, they are eligible for “reimbursements” not written off as business expense.
- Spouse and I are filing joint 2022 return, she had a $6000 W2, can I make a $3000 contribution, or must it be made to her IRA because it’s her W2? - If you made less than the $13K deduction, no taxes are owed. If you contribute to a Roth, no taxes….
- Can you discuss Tax benefits of retirement funds to fund/start/loan my business? - buy shares of a C Corp with your retirement fund.
- Tax effects of intangible costs for oil and gas? - IDCs can give you a 100% deduction in certain cases
- Paid kids $12K for my rental business, should I issue a 1099? If its disregarded or a partnership, kids under 17 can be issued a W2, if under age 18 no taxes due.
- Bought a house in 2022 with plans to rent, still working on repairs, do I get tax benefits for this project? - No, it has to be placed into service to be eligible for losses/expenses…
- How do I do cost seg if I purchased and rented out in 2022? Accelerated depreciation? - Cost seg is all about depreciation, yes you can do it to take advantage. Once cost seg is done, extend until Oct 15.
- I purchased Airbnb 2022, and put into use same day, purchased furniture/renovated, my accountant says I have a loss and am unable to do bonus depreciation? – There are other factors, but did you materially participate? If so, yes that is ordinary loss.
- When should I file as S-Corp instead of disregarded entity? not single entity…. - Don’t put real estate rentals in a corporation, when you take it out it’s taxable…
- Is there an AGI limit for claiming passive losses on a return? - If you have rental activity, under $100K, you can write off $25K. Can they be carried forward? How to claim next year? - Yes, passive losses can be carried forward as “suspended”.
- I’m considering purchasing a bar/restaurant in FL, already established but not doing well, what should I consider before doing this purchase? - Are you buying the assets, or the entity that owns the bar - if the entity, you may inherit any legal issues and no depreciation. If you buy assets, you can depreciate assets at the price you paid.
Resources:
taxtuesday@andersonadvisors.com
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/
https://andersonadvisors.com/
http://aba.link/youtube
https://www.youtube.com/@TobyMathis
https://www.tiktok.com/@tobymathisesq
Thursday Apr 13, 2023
Thursday Apr 13, 2023
Did you know that you can generate great rental income from unusual short-term rentals like tiny homes, yurts, teepees, and Airstreams?
In this episode, Clint Coons, Esq., of Anderson Business Advisors, welcomes Rob Abasolo, creator of the Robuilt YouTube channel, and professional short-term rental coach at Host Camp Coaching. Clint and Rob discuss the process of identifying great locations, building or placing rentals such as teepees and yurts, tiny homes and airstreams on your property (or rented property) near popular cities and tourist attractions to build wealth.
Highlights/Topics:
- How Rob left Kansas for LA
- Renting on Airbnb to cover the mortgage
- Building tiny houses and the challenges involved
- Getting started - rules and regs, financing
- Calculating your Airbnb potential revenue
- Get into the rental business with a house hack
- Tiny homes, small homes, regular homes
- Get coaching from Rob at HostCamp
- Yurts, glamping, teepees, and airstream rentals
- Checking your municipalities for rules and regs on unusual rentals
Resources:
https://ogw4vc0ko58.typeform.com/hostcamp#source=anderson
https://www.youtube.com/channel/UCdIM_XmhsVYbBhl3pgPq3dA
https://andersonadvisors.com/
https://andersonadvisors.com/podcast/
https://www.youtube.com/channel/UC5GX-U6VbvMkhSM1ONBiW8w