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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
Wednesday Jan 03, 2024
Wednesday Jan 03, 2024
In this episode, Toby Mathis, Esq, of Anderson Business Advisors welcomes Jen and Stacy Conkey, the founders of Remote Multifamily Investing Academy.
As the visionaries behind the Remote Multifamily Investing Academy™, Jen and Stacy have disrupted the status quo. They've developed the #1 Multifamily Academy for scaling in multifamily real estate, emphasizing the underestimated power of joint ventures before diving into larger syndications. With Jen & Stacy, you're not just getting advice; you're getting a transformative experience. They're not just knowledgeable; they're relatable, enthusiastic, and ready to make a real impact.
Highlights/Topics:
- Three important roles to make a team
- Finding the role that appeals to you, joining a team
- The state of multi-family right now
- Interest rates and the economy
- What to look for when underwriting
- Cash flow and property values
- Seller financing
- Overcoming mental blockages- the arrow-breaking experience
- Favorite success stories
- Build your wealth in multifamily first!
Resources:
Remote MultiFamily Investing Academy
https://rmfiacademy.com/training-library/
https://rmfiacademy.com/training-library/
https://www.remfia.com/before-you-book-a-call
https://bit.ly/jenandstacy
Learn Next Level Passive Income Strategies Through Real Estate Investing
https://infinityinvesting.com/infinity-investing-workshops/
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=10-ways-to-reap-huge-benefits-from-a%20-501(c)(3)
https://www.youtube.com/c/tobymathisesq
https://andersonadvisors.com/
Wednesday Dec 27, 2023
Wednesday Dec 27, 2023
Welcome to our last Tax Tuesday for 2023, where tax experts Eliot Thomas, Esq., Manager of Tax Advisors at Anderson, and returning guest Jeff Webb, CPA, CFO of Anderson Business Advisors share their expert advice on topics like crypto taxes, reimbursement for moving expenses if you’re in the military, and investing in real estate with your IRA. You’ll hear how to protect yourself when flipping houses, by creating the right kind of entity to hold those properties. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- "How can training costs including travel be tax deductible? If we got some costs regarding starting up our corporation, maybe some education or something like that, can we deduct it? If so, how?" - training costs can be deductible in certain cases.
- "We've been engaged two years. I want to get married in July of 2024. I make $85,000 a year, and he makes $120,000 with W-2 jobs. I'm wanting to become a real estate professional next year and make income from my for-rentals. Am I able to keep more of his income if we file jointly after we're married? What type of strategy would help him keep more of his money?" - There’s a lot that can be done here - retirement plans, S-corp, hiring your spouse, etc.
- "Once the purchase of a property is finalized, should cost seg study process be started immediately after? And can you double dip the cost segregation process, meaning before and after upgrades/repairs?" - If I am not a real estate professional. If I do a cost seg, I might just be creating a giant passive loss that I can't use…
- "Does depreciation taken from a syndication have to be paid back when the property is sold?" - You will receive a K-1 from the partnership that is a syndication, and it will show your gain on the property. Yes, you’re going to have to recapture.
- "Are there advantages of investing in trading securities, stocks, bonds, commodities, futures, et cetera, in an entity account rather than in an individual account? Any kind of benefits, maybe setting up certain structures for that?" – There is, and it primarily comes from income shifting.
- "How do we do real estate investing if we have an IRA fund?" - You can invest, but you cannot be involved in any way in the running of that property
- "When are crypto earnings taxed?" - It depends on where the income is coming from.
- "As a member of the armed forces, are my travel expenses from overseas location back to my property location stateside tax deductible? If we're doing some traveling there, we're in the armed forces, what can we do as far as any deductions if possible?" - If you have overseas travel on a change station, make sure you're seeing an accountant to do your taxes that knows what the heck he's talking about and what you're doing.
- "Is it better to have a separate entity for flipping, such as an LLC or corporation, or should I report it as an individual?" - do not flip in your own name. There’s plenty that can go wrong…
- "I am a new real estate agent. Does the time I spend searching for a property in my local market, including travel time, and my family count towards the 750 hours needed to qualify for rep status, even if we end up not buying the property this year?" - first of all, we can't use travel time usually as far as rep status.
- "Is it possible, feasible, or legal to incorporate yourself and transfer all your assets to the new company while also deducting expenses used to support the new business, in other words, yourself?" - No, you can't make your personal expenses into business expenses. The real answer is just a flat-out no.
Resources:
https://infinityinvesting.com/
taxtuesday@andersonadvisors.com
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=how-to-select-the-best-entity-for-flipping-houses
https://andersonadvisors.com/
https://www.youtube.com/@TobyMathis
https://www.tiktok.com/@tobymathisesq
https://www.youtube.com/@ClintCoons
Friday Dec 22, 2023
Friday Dec 22, 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 ten benefits of either donating to, or setting up your own 501(c)(3). From donor-advised funds to public vs. private foundations, Toby and Karim explain all the pros and cons.
Karim 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:
- End-of-year tax reductions by donating to charities
- Setting up your own 501(c)(3) can be your legacy
- Giving through a donor-advised fund with Vanguard, Schwab, Fidelity, etc.
- Tax benefits of donating to a public charity
- Cash, appreciated assets, public and private foundations
- Tax deductible items, time, travel, and expenses paid on behalf of a non-profit
- GoFundMe donations and tax deductibility
- Managing and controlling the spending of your own 501(c)(3)
- Timing of tax benefits for contributions
- Public charity vs. private foundation
- 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/
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=10-ways-to-reap-huge-benefits-from-a%20-501(c)(3)
https://www.youtube.com/c/tobymathisesq
https://andersonadvisors.com/
Wednesday Dec 13, 2023
Wednesday Dec 13, 2023
In today’s episode, Toby Mathis, Esq. welcomes Tyler Sasse (“Sassy”), owner, founder, and lead instructor of Western Welding Academy in Gillette, Wyoming. Voted "#1 Welding School in the World", Western Welding Academy is the only pipe welding school in the country solely owned and operated by real pipeline/pipe welders. Toby and Tyler discuss teaching work ethic and integrity, how welders can make huge annual salaries after the academy’s 6-month program, the deficit of skilled workers and needs within the construction and other industries, and how to apply to attend this valuable trade school program.
Tyler Sasse’s well-earned nationwide reputation is one of quality and knowledge. He holds American Welding Society (AWS), Certified Welding Inspector (CWI), and many other welding certifications. His ability to lead and manage people allowed him to be involved in some of the country’s largest construction projects.
Highlights/Topics:
- Tyler’s path to building his school
- How much money can you make welding?
- Teaching work ethic and integrity
- The tuition cost of welding school that includes 7 certifications
- Employer programs that will pay back your tuition
- Income share agreements- you only pay when you’re working
- Student numbers and industry stats
- The ‘blue-collar tour’ speaking with high school students
- How to apply and what to expect
- Learning welding vs. working at entry-level jobs
- Ratio of women to men at the school
Resources:
https://www.westernweldingacademy.com/
https://www.youtube.com/channel/UCKNdRVnrxkYIeV5HAmPvzww
https://www.miashare.com/
https://www.westernweldingacademy.com/events/blue-collar-tour-2024?utm_source=Website_direct&utm_medium=homepage&utm_campaign=Website_direct_homepage_who_we_are_button__who-we-are_financial_aid_button__financial-aid-options_2024_blue_collar_tourlearn_more_button
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=welding-podcast
https://www.youtube.com/c/tobymathisesq
https://andersonadvisors.com/
Tuesday Dec 12, 2023
Tuesday Dec 12, 2023
Welcome to another episode of Tax Tuesday, where tax experts Toby Mathis, Esq., and returning guest Jeff Webb, CPA, CFO of Anderson Business Advisors share their expert advice on writing off business expenses, end-of-the-year options for saving on tax deductions, inquiries about organizational vs. startup expenses, and how to borrow from your life insurance policy to invest in real estate. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- All my LLCs are disregarded…. I’m in the process of setting up…What are some of the write-offs for 2023? - You normally can’t write off until the business has begun operating, but the cost of setting up, you can grab that, but you have to have income to benefit from those write offs.
- Can I 1031 a long-term rental single-family residential.. into short-term AirBnB rental.. Then do a cost seg? - Yes, but there’s a timing issue…the long-term rental cannot extend into the next/same year.
- How do I write off biz expenses before the bix makes money? - There are ‘organizational’ and ‘startup’ expenses that you can write off, of $5K each….but it also ‘depends’
- If we are flipping a home within 6 months, can we write off depreciation, closing costs etc.? - The home is considered ‘inventory’..if you bought it with intent to sell, no matter how long you own it, it is ‘dealer property’
- My husband owns and operates an electrical business… if a client doesn’t pay, is it considered a loss? Is it tax deductible? - You don’t recognize income until it is paid to you. You can only write off expenses.
- Please discuss pros and cons of borrowing from my life insurance to purchase real estate? Is any of the interest tax deductible? – The interest on the property is deductible. Different policies have different ways of accounting for the loan. I don’t see a lot of ‘cons’.
- How do I offset passive losses other than increasing rents and paying off debt?.. What can I do before the end of the year so I can use this year’s taxes? At this time of year, there’s very little you can do, you only get the portion from now until the end of the year.
- I am a licensed contractor working part-time as a salaried employee… am I a real estate professional for tax purposes? - Yes… if you’re the owner, and you have 750+ hours working in the real estate business… more than 50% of your time.
- Can I create a 401k for my real estate biz? Will this affect my employer’s 401k- Yes, but you can only contribute the total amount allowed by the individual by the IRS. You have to have an ‘active’ business, not passive income.
- Is there an age limit for hiring our kids? We have 6 and 13-year-olds. - Yes, but you have to have them working on actual tasks to be paid. Sweeping, modeling, acting, etc. What is the market value of those tasks? Labor laws don’t apply - you can put YOUR OWN kids to work, and pay them, at any age.
Resources:
https://infinityinvesting.com/
taxtuesday@andersonadvisors.com
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/
https://andersonadvisors.com/
https://www.youtube.com/@TobyMathis
https://www.tiktok.com/@tobymathisesq
https://www.youtube.com/@ClintCoons
Wednesday Dec 06, 2023
Wednesday Dec 06, 2023
In this episode, host Toby Mathis, Esq., welcomes regular guest Eliot Thomas, Esq., Manager of Tax Advisors at Anderson Business Advisors, to discuss several questions about taxation and S-Corps. Other topics include paying your children to work on your real estate properties, paying medical deductibles with your HSA, and of course minimizing capital gains taxes on stocks you’ve purchased. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- Is there any differences between bonus depreciation and 179 depreciation and, if yes, what are the differences? - They are completely different, though easily confused, and you can use them together.
- if I set up my LLC for real estate investing but I have not bought anything yet, can I ride off the courses I have enrolled in to educate myself and equipment? - if it is true investing, then probably you wouldn't be able to deduct. There isn't any place in the tax returns to deduct something like that.
- Can I run a payroll payroll for my son, who was 18 years old, to manage my real estate properties? What is the maximum amount that I can pay him to support me in my business? - There isn't necessarily any limit. It's just that, whatever you have to be reasonable for the services that the child is providing.
- Can you pay the high deductible health insurance premiums from the HSA? - you can pay ANY deductible out of an HSA.
- I'm a Big Dog and I have lots of questions about forming my LLC for a fix and split business and how to effectively write off expenses for 2023. I haven't set up my LLC yet and I'm in the middle of rehabbing a house that we won't be able to put on the market until next year. Is it too late to set up the LLC and get those write offs for this year? Does it matter if I'm not making any money yet? Should my LLC be filed as an escort? But I would have to be earning income and paying myself something, right? Can you explain how it all works? - So lawsuits are all over a place when you're rehabbing. So get that set up. All your costs that you're incurring are inventory, which means we don't get it deduct anything until a year you sell it.
- What are the benefits of taxing my beauty salon as an S-corp? -you can write off like the percentage of the use of the home under many different theories. You could be using net square footage, you could be using the room methodology, you could be using gross square, or whatever is your best interest.
- Can you roll over money from a current 401k account into a solo 401k account to invest in real estate? Can you please explain the taxes I would be responsible for paying on any gains made on a real estate investment using money in a solo 401k? - typically you can’t move it if you’re still employed. There aren’t any taxes.
- what is the tax way to invest in the stock market and protect capital gains to minimize them? - we like to set up a partnership, put the trading into the partnership, and that partnership will be composed of a portion that goes to the individual, maybe 80, 90%, the rest to a C corporation.
- I own rental properties and manage them myself Currently. I don't need the income right now. That's a great situation to be in. What are some strategies to get that income into a retiring account such as a solo 401k, since it's not earned income? - if it's a rental, you're going to want to hit in your 1040, which means it's probably a partnership.
- I am looking for tax treatment benefit of a DST Stands for Delaware statutory trust, not a deferred sales trust, delaware statutory trust. It would be done through a 1031 exchange, so I understand that part, but it sounds like not only would I get a new depreciation schedule, but I get more. Granted, I should get more just due to the new asset purchase price. Right, what are the flags for a DST investment? - What are red flags? I think the things we always talked about is - it's just not very liquid when you have that Delaware statutory trust.
Resources:
Tuesday Dec 05, 2023
Tuesday Dec 05, 2023
In today’s episode, Toby Mathis, Esq. welcomes Shane Sams, CEO and Co-Founder of Flippedlifestyle.com. Shane is one half of the dynamic duo at FlippedLifestyle.com with his wife Jocelyn. The Sams Family built an online membership business that generates hundreds of thousands of dollars per year in profit, while only requiring a few hours of work per week. Now they help other people build & grow online memberships of their own.
Highlights/Topics:
- Shane’s path to finding his own side gig
- Librarians and their challenges
- Selling what you know and solving problems
- Startup costs and hosting platforms
- The moment Shane decided to change paths
- Yard sales to get start-up money
- The Toddler Apocalypse blog
- Some great monetization ideas
- What are people charging per month?
- Crazy ideas that worked - chickens and needle felting
- You can probably achieve your goals with an online business
- First steps to take
Resources:
https://www.flippedlifestyle.net/a/2147732658/ZQEgEiNx
https://www.youtube.com/c/tobymathisesq
Infinity Investing
https://infinityinvesting.com/
Friday Dec 01, 2023
Friday Dec 01, 2023
In this episode, Clint Coons, Esq. speaks with Seth Williams and Neil Clements, experienced real estate investors who are joining us to discuss land investment deals that may be a little off the beaten path. From sending out blind offers by mail, to water and mineral rights, to subdividing parcels, Seth and Neil give you the inside track on challenges and opportunities within this lucrative space in real estate investing.
Seth Williams is the founder of REtipster.com; an online community that offers real-world guidance for real estate investors.
Neil Clements is an avid real estate investor who builds his wealth by capitalizing on investment opportunities no one else pays attention to. He is passionate about teaching wealth-building strategies through real estate and how to find opportunities off the beaten path.
Highlights/Topics:
- What’s the state of land deals today?
- Make sure you have a ‘pivot’ once you purchase
- Parent and child land parcels
- Sending offers by mail, text, and ringless voicemail
- Perc tests, subdividing, water and using AI
- Mineral rights in TX land deals
- Some typical numbers on recent deals
- Time frames on turning deals
- Explaining ‘entitlements’
- Due diligence
- Doing land deals remotely, Land ID mapping software
- Blind offers, how to find the right agent
- How Neil and Seth started working together
Resources:
https://retipster.com/
neil@swiftlandoffers.com
https://www.rliland.com/
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=land-investing-demystified-proven-strategies-for-finding-lucrative-deals
https://andersonadvisors.com/
https://andersonadvisors.com/podcast/
https://www.youtube.com/channel/UC5GX-U6VbvMkhSM1ONBiW8w
Tuesday Nov 21, 2023
Tuesday Nov 21, 2023
Did you know you could be sued if your tenant’s dog bites someone? In this episode, Toby Mathis, Esq. welcomes Shawn Woedl, President and CEO of the National Real Estate Insurance Group. Shawn is an industry-recognized speaker and educator with an emphasis on Commercial Property and Premises Liability, and shares the top four lawsuits his company sees every day. From slip and falls to discrimination and dog bites, tune in to find out how to protect yourself from these common scenarios.
Highlights/Topics:
- Top lawsuits as seen at National Real Estate Insurance Group
- Lawsuit sizes - how much is being paid out?
- The cost of carrying insurance and deductibles
- Submitting claims and potential policy increases
- Umbrella and excess coverage
- Tenant discrimination
- Dog bites and “vicious breed” exclusions
- Renovations and contractors
- Mold
Resources:
https://affiliate.nreig.com/Anderson
Download the PREMISES LIABILITY Policy PDF
https://drive.google.com/file/d/16iz1d8almLd2sgENkWFXQUA-sxe3vI6x/view?usp=sharing
https://www.youtube.com/c/tobymathisesq
https://andersonadvisors.com/
Tuesday Nov 14, 2023
Tuesday Nov 14, 2023
In today’s Tax Tuesday episode, tax experts Toby Mathis, Esq., and returning guest Jeff Webb, CPA, the CFO of Anderson Business Advisors, discuss some interesting tax questions including questions around gifting your home or property to your children while you’re still alive (tip: don’t do it), passive vs. active income on rental properties, and how/when you’re able to use a loan from your investment accounts to purchase real estate.
Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- "Could I still qualify for the Qualified Business Income Deduction for rental activities even if they do not have the real estate professional status?" – Qualified Business Income Deduction, 199A. Could you still qualify for QBI for rental activities even if you don't have real estate professional status? The answer is yes.
- "I have a question about incurring expenses and paying them with my personal credit card. How do I recoup that money that was used for my business but charged to my personal credit card? My LLC is less than a year old." The simple answer is yes, you can pay for stuff with a personal credit card and deduct it in your entity.
- "Suppose a Florida LLC has a piece of land bought three years ago and hired a construction company to build a single house when the house is sold." Can I allocate part of the profit to the sale of the land, long-term capital gain, and the other part to ordinary income?" - You've now converted it into inventory that you're selling, so no. As a matter of fact, it doesn't play off against ordinary income, it is ordinary income. The entire sale of this property is ordinary income.
- "How do I use my 401(k) or IRA to invest in real estate?" - If it's an IRA, you need a self-directed IRA, where you're pretty much the custodian.
- "My husband's father wants to sign his house over to us. My husband's sister also owns 65% of the property." What tax advantages are there for us, his dad, and his sister? And what tax issues does it raise for us? Should we start an LLC or some other structures?" - I'm not a fan of signing over a principal residence to my children. If Dad gives it to you before he passes, he just made it all taxable.
- "What is the best way to use funds from my S-corp to pay taxes? Since the corporation taxes flow through to my personal taxes, I understand I need to pay my personal taxes for my personal account, but the money is really in the business account. Can I use a distribution? And is there a dollar amount limit for such a transaction?" – if you're profitable and distributing money, you really need to pay some kind of salary.
- "If I elect to aggregate rental properties into one activity, for example, managing, operating single-family homes as rentals and limited partnership interest in a multi-family syndication. What happens if years down the road, one of the assets is sold from the aggregate group? What are the tax and legal implications?" - If I sell a property that I've aggregated with other properties, just treat it like any other sale of property.
- "Is it tax-wise to pass on single-family rental home properties before my death to my kids? We have plenty of income, and passing on a few of them to our two kids might even lower our tax bracket. Each rental property is in a separate LLC, and we've owned them for 7–8 years now." - Based on the way we answered the previous question about gifting, I think it's a bad idea, especially if you had it for seven or eight years.
- "If I elect to aggregate rental properties into one activity, for example, managing, operating single family homes as rentals, limited partnership interest in a multifamily syndication, and electing all of my investment real estate as one activity,” which you can do, it's called an aggregation election, “what happens if years down the road, one of the assets is sold from the aggregate group? What are the tax and legal implications?" - you wouldn't aggregate into those circumstances. If you’re going to be selling it soon, but you don't lose the loss carry forward, you use it against passive income.
- "We have two newly opened short-term rental Airbnbs. We want to do cost segregation and do bonus depreciation for the 2023 tax year. We're logging our time for the 500 hours rule. I heard that a small business should be taxed as S-corps to save on self-employment taxes, but others say don't put Airbnbs in an S-corp because they're passive. What to believe?" - Short-term rentals are a trade or business. If you are materially participating in them, then it's active ordinary income or loss.
- Send us your questions, and check out the event schedule listed in the resources section.
Resources:
https://infinityinvesting.com/
taxtuesday@andersonadvisors.com
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=how-to-use-your-401k-or-ira-to-invest-in-real-estate
https://andersonadvisors.com/
https://www.youtube.com/@TobyMathis
https://www.tiktok.com/@tobymathisesq