Anderson Business Advisors Podcast

https://andersonadvisors.com/

Tuesday Jun 27, 2023

Here’s How to Reduce Taxes When Investing

Tuesday Jun 27, 2023

Welcome to another episode (#197!) of the Anderson Advisors 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 the requirements and tax implications for selling your home to a relative in installments, how to minimize taxes on profits from crypto-trading, and the pros and cons to investing in stocks within a Roth or Regular IRA/401K.

If you have a tax-related question for us, submit it to taxtuesday@andersonadvisors.

Highlights/Topics:

"Is there a tax ramification of selling my personal home to my daughter via an installment sale? I have lived in the home for more than two years as a primary residence. Will I be able to still use their section 121 exclusion, even though I'm selling to a related party?" – You can sell to your daughter and still be eligible, provided we meet all the other boxes…You can sell to a related party, but you have to recognize all the gain up front.
"I'm considering taking a small salary from my stock trading business. It's a dual LLC Partnership, which means a C-corp and a partnership through Anderson later this year if the C-corp ends up with taxable income. What are the tradeoffs of deferring that into a 401(k), both positives and negatives like income, payroll taxes, and benefit of paying those for Social Security calculation, et cetera?" - As Toby always says, this is a calculate, calculate, calculate moment. If you take it out as salary, then one consideration—there are a lot of different variables here—is your personal tax rate below 21%?
"For our C-corp, we're aware that cleaning services of our personal residence can be deducted from our corporate taxes." It can? Well get into that. "Would the total expense of cleaning be a write-off or would only a portion of the total expense be a write-off since the entire house is not used for business? Would lawn services be treated the same way?" – if you are using part of it as a home office deduction or administrative office reimbursement deduction, either way, you can throw in an element for the cleaning…
"When starting my Infinity Investing journey, should I start purchasing stocks inside of a type of retirement tax-deferred account of some sort, or should it be outside of that in order to use it for leverage or some real estate investing later?" - Here's the easy rule. If you're in a higher tax bracket than you will be when you retire, defer it. If you are in a lower tax bracket now than you will be when you retire, then put it in a Roth.
"I have been learning and experimenting with earning dollars through crypto trading. Can you please tell me how to minimize taxes with profits earned through crypto platforms?" – we do the same trading partnership that we talked about earlier. Set up a partnership, put the account into that partnership.
"My California CPA said that regardless of what type of entity I put my California rental property in, California will still want to get the $800 franchise tax board fee." The Board of Equalization fee. That's the minimum fee they charge. "Would that be true even with a Wyoming Statutory Trust?" - Chief Counsel's Office has already said it's treated as a business trust, and it's not taxable. It's not subject to the $800 a year, period, full stop.
"Does a cash out refi adjust my basis and multifamily apartments? If not, how can we step up in basis before I sell if I have a lot of equity and depreciation already taken?" - Generally speaking, a refi, all you've done is you've changed your equity in your house into cash. You're just changing asset to asset. That doesn't change your depreciable basis in that property.
"How does the Corporate Transparency Act impact the timing of real estate investment decisions from a tax efficiency perspective?" - It doesn't have any impact on your taxes whatsoever. This has nothing to do with taxes at all. I just wanted to get cleared out there for those who are listening.
"In creating a living trust, is it necessary to pay capital gains tax on real estate assets as they are transferred into the trust?" - This is really simple too. There's no taxable transaction moving assets into a living trust. It's a revocable grantor trust. You haven't done anything in the way of taxes.
"I have carried a $600,000 loss since 2011. I am a real estate professional with an S-corp. Is there an alternate way to use that? I can't live long enough at the $20,000–$25,000 max deduction." - You need passive income. You need lots of passive income to wipe out that passive loss. You want to recognize that passive income. You probably don't want to be a real estate professional.

Resources:

taxtuesday@andersonadvisors.com

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

Tuesday Jun 13, 2023

How To Structure A 50/50 Business Partnership

Tuesday Jun 13, 2023

Welcome to podcast episode #196 from Anderson Business Advisors, and this week’s edition of the Tax Tuesday show. Host Eliot Thomas, Esq., Manager of Tax Advisors at Anderson Business Advisors, welcomes Kurt Bergfjord, Esq.,Tax Consultant for ABA and 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 online today including Dana, Jared, Ross, Tanya, Troy, all from different departments, bookkeeping, tax advisors, the nonprofit department, attorneys, etc..

On today’s episode, Kurt and Eliot discuss the dos and don’ts of business partnerships and the best way to structure them, deducting medical expenses incurred outside the U.S. (along with what the IRS allows as an HSA reimbursement), and the usual array of questions around short-term and long-term rentals.

If you have a tax-related question for us, submit it to taxtuesday@andersonadvisors.

Highlights/Topics:

"If bonus and accelerated depreciation were taken in 2022 via a cost seg on Schedule C, how many years does the IRS require that property to meet the active short-term rental criteria after the fact?” - There really is no requirement for you to keep it as a short-term rental from year to year to year. It's a year-by-year, a tax year by tax year determination.
"We have a two member LLC taxes a Sub S or just commonly known as an S-corporation. Two members or two shareholders. Each member/shareholder contributed a substantial amount of money of capital over four years. They're putting a lot of money into this S-corporation, both of them, he or she. Can a member be bought out tax-free by the LLC by giving them a sell price in the form of capital distributions?" - It’s really no different than selling any stock, subtracting the shareholder basis…
"If a medical procedure is performed in Mexico, can you use your health reimbursement account from your C-corporation?" - The actual medical expense certainly could be deductible anywhere. But when we talk about other types of auxiliary medical expenses like lodging and things like that, that is where we have to be a little bit more careful about what deductions we're taking. No personal pleasure or vacation along with it.
"Is there a list of IRS allowable health care expenses that can be reimbursed under Section 105 HRA (Health Reimbursement Arrangement), which is what we often set up with our C-corporations? There is a defined list of allowable reimbursements for HSA plans and FSA, cafeteria plans, but I don't see an IRS specific list for 105 plans. Does the employer have some latitude as to what can be reimbursed?" - Publication 502 will give you a list of commonly deductible medical expenses.
"I purchased my first short-term rental property last year. I've spent a year fixing it up, but it's still not out as a rental. Can I write off my expenses from 2022 for a business that isn't making revenue yet? If so, how? There's no LLC started yet, so this would be on my personal taxes for now." - Usually we look at if its available for rent, but the organizational costs may be deductible. You will have to wait until it is rentable/placed into service to get all the expenses deducted.
"I share ownership of a single family rental property 50/50 with a relative. The other owner has not been involved. If I buy her out, step up in basis, or if she passes her ownership share to me by gift, then will I be responsible if I sell the property down the road for any depreciation that she may have claimed on her tax returns while she owned it?" - There will be depreciation recapture, 1250 or 1245, and some capital gains tax when the partner sells their interest if they realized profit. If gifted, the recipient has to worry about depreciation recap later on upon sale.
"Me and my partner purchased, renovated, and set up a property in Houston for short-term rental. We have a 50/50 LLC.” “We've never partnered before. How do we separate the expenses and income? How do we file?" - All income and expenses are reported on one return, a multi member LLC is taxed as a partnership, each partner will get a K1 form detailing your portion - use that on your personal return.
"I'm a 77-year-old newlywed." Congratulations. "My husband has a trust for his family. Do I need one for my family, or is a will sufficient?" - A will can be contested and waste time and money in probate court. A living trust is much more clear and uncontestable.
"I wanted to know if I can write off any stock trading education through my LLC if I pay myself a W-2, have 401(k) deductions taken out, and put into a self-directed Solo 401(k) plan. I am the only employee. I want to start learning about covered calls and so forth." - maybe set up a partnership
"When you pay your kids to work in your business, is this only allowed with a certain type of business structure, such as an LLC versus a partnership?” - No matter what structure you can always pay your kids to do actual work, but some structures are more efficient, like disregarded entities.
Come out to our June Tax Events

Resources:

Kurt Bergfjord LinkedIn

https://www.linkedin.com/in/kurt-bergfjord-cpa-08873053/

Tax and Asset Protection Events in June

taxtuesday@andersonadvisors.com

https://andersonadvisors.com/real-estate-asset-protection-workshop-training/

https://andersonadvisors.com/

http://aba.link/youtube

https://www.linkedin.com/company/anderson-advisors/?originalSubdomain=fr

https://www.youtube.com/@TobyMathis

https://www.tiktok.com/@tobymathisesq

Wednesday May 31, 2023

Tax Benefits: A Nonprofit vs. A Foundation

Wednesday May 31, 2023

In this episode of Tax Tuesday, tax experts Toby Mathis, Esq., and returning guest Jeff Webb, Esq., CFO of Anderson Business Advisors discuss various tax strategies for real estate, stocks, and nonprofits. Online we have Ander, Dutch, Sergei, Ross, Jared, Elliot, Troy, and all kinds of staff to help answer all your Tax Tuesday questions.

Toby and Jeff cover topics such as 1031 and 721 exchanges, the Section 121 Exclusion, employee stock options, and the tax implications of short-term rentals and Health Savings Accounts (HSAs). They also discuss best practices for reimbursing personal contributions to a business. Submit your tax question to taxtuesday@andersonadvisors.

Highlights/Topics:

"Section 721 and 1031 differences” - It has the same effect as 1031 but you don't pay tax on the sale, But you're not exchanging one property for another…it's a tax-free exchange, but it's a one-and-done.
"Tax benefits of a foundation versus a nonprofit organization?” - The easiest way is - a nonprofit (public charity) DOES stuff, a foundation funds stuff…
"I have two houses I'm selling this year and or at the same time, both were residences for two years at the last five years consecutive. I have just lived in the latest house for the last two years and I've been preparing both to sell. Will I have a problem claiming both of them as residences two of the last five years and I'm selling them at the same time.” - So of the last 60 months, 24 of them you had to have lived in it as your primary residence. That met, then you can exclude, if you're single, $250,000 of capital gain. If you're married, you could exclude up to $500,000 of capital gain. DO NOT SELL AT THE SAME TIME.
“How are stock options taxed?” - Tax treatment varies depending on the type of stock option (ISO, NSO, RSU), time held, and exercise/sale timing.
"LLC taxed as S-Corp with brokerage account….anything similar to trader status?” - I have not seen anything that says any entity can make a mark to market section 475 election. If you're making a mark-to-market election because you're losing so much money in the market, get out of the market and go do something else.
"Does California's 571L form business property tax apply to short-term rentals? - Yes, as short-term rentals are considered active trader businesses and subject to tax.
“Who can qualify for an HSA?” - Eligible individuals must have a high deductible health plan (HDHP) and not be covered by another non-HDHP plan. Can I open an additional HSA with my LLC business? - No, you can only have one HSA per individual, but your LLC can contribute to your existing HSA.
"Anderson made me a C-Corp, I put money in from my personal account to pay expenses. I have to take out the initial $7K … How do I legally and ‘tax-friendly’ take the $7,000 back that I need for my personal reimbursement? - If the initial $7,000 was a loan, you can withdraw it tax-free as repayment; if a capital contribution, the process is different.
Send us your questions, and we do about 50 events a year - check out the event schedule listed in the notes.

Resources:

Infinity Investing

https://infinityinvesting.com/

taxtuesday@andersonadvisors.com

https://andersonadvisors.com/real-estate-asset-protection-workshop-training/

Anderson Advisors on YouTube

https://andersonadvisors.com/

https://www.youtube.com/channel/UCaL-wApuVYi2Va5dWzyTYVw

https://www.youtube.com/@TobyMathis

Learn How to Manage Your Money with Tom Ferry

https://www.tiktok.com/@tobymathisesq

Thursday May 25, 2023

How To Properly Manage Your Money Like The Rich With Tom Ferry and Toby Mathis, Esq.

Thursday May 25, 2023

Are you struggling to manage your money like the rich? If so, you're not alone! In this episode, we’ll hear from Tom Ferry and Toby Mathis, Esq., to help you learn the proper way to manage your money for success. From investing basics to budgeting for the long term, these tips will help you get your financial life under control.

Tom Ferry is the #1 ranked Real Estate Educator by Swanepoel Power 200 and the best-selling author of "Life! By Design" and "Mindset, Model and Marketing!"

Toby Mathis, Esq. is a partner here at Anderson Business Advisors with years of knowledge and has helped countless clients navigate the complex world of taxation and asset protection allowing them to secure their financial goals. We will teach you how to budget, invest, and live a prosperous life with a well-thought-out plan. This video is a must-watch if you want to learn how to manage your money and reach your financial goals properly!

Highlights/Topics:

0:00 - Intro

2:33 - Change Your Mindset

10:20 - Tom's Discovery About the Wealthy

14:18 - 3 Types of Money Managers

20:36 - What Are You Doing with Your Money?

24:48 - Tom's Wealthiest Mentors

34:28 - Investing in Real Estate and Dividends

43:53 - How Do You Make Money?

53:18 - Create Goals

58:38 - Outro

Resources:

Tom Ferry IG

https://www.instagram.com/tomferry/

https://aba.link/TFYTTAP

Free Strategy Session with Tom Ferry

https://aba.link/TFYTSS

Book: The Growth Mindset

https://www.amazon.com/Mindset-Psychology-Carol-S-Dweck/dp/0345472322

Andrew Huberman

https://profiles.stanford.edu/andrew-huberman

https://andersonadvisors.com/

https://www.linkedin.com/company/anderson-advisors/?originalSubdomain=fr

https://www.youtube.com/@TobyMathis

Frank and Sherri Candelaria

https://www.tiktok.com/@tobymathisesq

Tuesday May 23, 2023

Shared Housing: Generate Cash Flow While Saving The World

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/

Kate’s House Foundation

https://kateshousefoundation.org/our-story/

https://andersonadvisors.com/

https://www.linkedin.com/company/anderson-advisors/?originalSubdomain=fr

https://www.youtube.com/@TobyMathis

https://www.tiktok.com/@tobymathisesq

Thursday May 18, 2023

Why You Shouldn’t Listen To Gurus And Quit Your Job

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:

Carl's Youtube

https://www.youtube.com/@coffeewithcarlaba

https://andersonadvisors.com/

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

Flipping Real Estate With An LLC: Tax Pros and Cons

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:

Kurt Bergfjord LinkedIn

https://www.linkedin.com/in/kurt-bergfjord-cpa-08873053/

taxtuesday@andersonadvisors.com

https://andersonadvisors.com/real-estate-asset-protection-workshop-training/

https://andersonadvisors.com/

http://aba.link/youtube

Start Your Non-Profit in 45 Minutes with Anderson Business Advisors

https://www.linkedin.com/company/anderson-advisors/?originalSubdomain=fr

Thursday May 04, 2023

9 Benefits Of Establishing A Family Foundation

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:

Karim Hanafy LinkedIn

https://www.linkedin.com/in/karim-hanafy-3561b71b0/

https://andersonadvisors.com/nonprofit-501c3/

https://andersonadvisors.com/how-to-start-a-nonprofit-workshop/

Toby Mathis on YouTube

https://www.youtube.com/c/tobymathisesq

https://andersonadvisors.com/

Tuesday May 02, 2023

How To Properly Structure Your E-commerce Business

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

https://andersonadvisors.com/real-estate-asset-protection-workshop-training/

https://andersonadvisors.com/

http://aba.link/youtube

https://www.youtube.com/@TobyMathis