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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 Jul 12, 2022
Tuesday Jul 12, 2022
How do you write off your vehicle exclusively for your business? Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- I have an LLC but I want to know if I need one for each of my properties that are short-term rentals (STRs)? You don't need one for every short-term rental. If you can do that, it's a great idea to have one for every rental, but you don't have to.
- Can you write off a new truck purchase for use exclusively for my business? It depends on the size and type of truck. If it qualifies as equipment, you can write off 100% of it. Don't put your car in your business because you have to use it more than 50% or there's adverse tax consequences. If your company owns your truck and you start using it personally, it's a taxable event to you.
- I operate my business out of my home and want to rent the home to my entity so I can write off the mortgage rental expense as a business expense and use a primary residence loan to purchase a new home. Can I achieve this by writing a lease to my business? Never rent to your corporation or rent your house out to a business. Instead, have the business reimburse you.
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:
1202 - Qualified Small Business Stock
https://www.taftlaw.com/news-events/law-bulletins/the-abcs-of-i-r-c-section-1202-qualified-small-business-stock
https://www.irs.gov/businesses/cost-segregation-audit-techniques-guide-chapter-1-introduction
https://www.irs.gov/forms-pubs/about-schedule-c-form-1040
https://www.irs.gov/newsroom/irs-issues-guidance-on-section-179-expenses-and-section-168g-depreciation-under-tax-cuts-and-jobs-act
https://www.law.cornell.edu/uscode/text/26/469
Infinity Investing: How The Rich Get Richer And How You Can Do The Same by Toby
https://www.amazon.com/Infinity-Investing-Rich-Richer-Same/dp/1950863271
https://andersonadvisors.com/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Tuesday Jun 28, 2022
Tuesday Jun 28, 2022
Eliot Thomas and Jeff Webb of Anderson Advisors talk about how to maximize tax deductions for your home office and answer more of your tax questions. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- I have an S corporation. Can I institute a health reimbursement account (HRA) plan? Yes, you can have an HRA and an S Corp. The problem is that you cannot benefit 5% shareholders. An HRA can only be for the employees of the company.
- Can a real estate professional status be claimed year to year with yearly gaps on any years that you may not qualify? Yes, this is an annual test. So, you must re-attain real estate professional status every year or possibly experience passive losses.
- If I personally fund my small business, can I deduct all the monies I put into the business from my business taxes? It depends on the type of business and how it is structured. Basically, you are contributing money to your business. So, even if it's a pass through, if it's a corporation, it's not a deduction, but an investment.
- What expenses can/must be kept/recorded in order to get tax reductions or deductions for a home office? All of them, including your utilities, water, trash removal, HOA fees, gas/electric power, property taxes, cleaning expenses, and mortgage interest. Keep any records around those items. Also, calculate for the depreciation to that area.
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:
https://www.irs.gov/pub/irs-news/fs-08-18.pdf
26 US Code Section 721 Exchange
https://www.law.cornell.edu/uscode/text/26/721
https://www.eisneramper.com/irc-section-199a-aggregation-election-0919/
https://www.law.cornell.edu/uscode/text/26/1244
https://www.investopedia.com/terms/w/washsalerule.asp
https://turo.com/
https://andersonadvisors.com/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Thursday Jun 23, 2022
Thursday Jun 23, 2022
What are funding options for different types of real estate investing? How do you finance deals, and what does it take to put these things together?
Today, Clint Coons of Anderson Business Advisors talks to Kurt Nederveld, CEO and founder of Rainstar Capital Group (RCG). Kurt is an expert when it comes to funding and helps clients gain access to funds that they didn't think they would have access to ordinarily.
RCG has more than 250 lenders on its debt advisory platform that fund against invoices, accounts receivables, commercial real estate, corporate finance, small business,
equipment and rental real estate.
Highlights/Topics:
- What is RCG’s lending platform? It functions on the four Cs: Cash, credit, collateral, and character via a blueprint of the entire process of accessing all product lines and placing a very high focus on education to grow and create generational wealth.
- What does RCG teach clients? Understand their equity story. If RCG can bring in a higher leverage product, it saves clients/investors the equity.
- What is RCG’s process for doing deals with clients/investors that have little to no cash? Based on cash, credit, and collateral, identify which product lines that they can qualify for from the highest leverage perspective, when you break down the capital stack.
- Can RCG do a blanket loan, cross-collateralize assets to take some cash out to roll into a client’s next deal? The ability to grow is limited by your equity. RCG analyzes which properties have the most equity and whether to do individual cash out or refinance.
- What if somebody wants to do traditional house hacking or they're going to be renting out rooms, how would that work with the lenders? Currently, the VRBO and Airbnb strategy is the greatest disruptor in the marketplace. Know your local market and drivers.
- What about flipping? Does RCG have products/strategies for those who want to flip properties? There’s either build-to-sell or build-to-rehab-and-rent models. From a mission perspective, families need homes.
- What is Kurt doing right now in the market? Where does he find most of the money? What type of deals is it chasing? Multifamily and single-family rentals are hot. People always need a place to live. The biggest battle is a lack of inventory.
Resources
https://www.linkedin.com/in/kurtanederveld
https://www.rainstarcapitalgroup.com/
Roster List of Top MSAs
https://grantcardone.com/
https://andersonadvisors.com/clint-coons/
https://www.youtube.com/c/RealEstateAssetProtection
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
Thursday Jun 16, 2022
Thursday Jun 16, 2022
Do you dream about real estate investing replacing your active income? Make no longer having to report to an employer every day, being able to sit back, and collecting mailbox money on a monthly basis a reality.
Today, Clint Coons of Anderson Business Advisors talks to Dustin Heiner, founder of Master Passive Income and Successfully Unemployed.
Dustin is a real estate rental property investor who was able to make enough passive income from his business to quit his job when he was 37 years old. With his podcast, books, courses, and coaching, Dustin now helps other people quit their job by investing in real estate rental properties. He is passionate about his mission to help others become successfully unemployed and never need a job again.
Highlights/Topics:
- How did Dustin get started in real estate investing? He needed to find a job to make sure he could provide for his family and never have to worry about needing a job again.
- What value does Dustin put on himself? Value does not come from your job. Your value is so much more than anybody could ever pay you.
- What did Dustin decide to do? Rather than losing money working just over broke (JOB), start a business:
- As an investor, what did Dustin focus on? Single-family? Commercial? Residential, it's not single-family homes only. It's four units and below because that's what the IRS classifies. Dustin buys more rental properties that make a minimum amount.
- What are ways that Dustin got financing? Conventional mortgage, private money, and portfolio/commercial loans.
- Where does Dustin buy homes for $10,000? There are places that have good homes that other people would want to live in—you may not—that are lower in price.
- Who are the experts and what does Dustin do to vett them? People that live there on the ground. Seek property managers that you trust, can communicate, and have experience.
- What areas is Dustin looking into beyond residential? Syndications, other people that find, buy, and manage multifamily homes, apartment complexes, and hotels.
Resources
https://www.successfullyunemployed.co/
https://masterpassiveincome.com/
Master Passive Income Podcast on Spotify
https://masterpassiveincome.com/spotify
https://masterpassiveincome.com/instagram
https://masterpassiveincome.com/facebook
https://masterpassiveincome.com/youtube
Free Real Estate Investing Course
https://masterpassiveincome.com/freecourse
https://andersonadvisors.com/clint-coons/
https://www.youtube.com/c/RealEstateAssetProtection
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
Tuesday Jun 14, 2022
Tuesday Jun 14, 2022
Should you create a new LLC for your vacation rental? Eliot Thomas and Jeff Webb of Anderson Advisors answer your tax questions. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- I rent my personal residence and my home office is my primary place of business for my S Corp. Am I a good candidate to take advantage of Section 280A deduction or does that fact pattern disqualify me? No, you're not disqualified. Keep the areas separate and you are a good candidate to take advantage of 280A and still have the administrative office reimbursement.
- Is it possible to minimize taxes by selling the C Corp, which holds property via a 1031 exchange and then form an LLC to buy the replacement property? Generally, no. If you're going to have appreciable real estate, a rental, you can't do 1031 on flipping property. It's considered inventory.
- I just bought a lake cabin in Wisconsin where we will be renting it out as VRBO as much as possible, but also using it for some personal use for our family. Will I need to create a new LLC to hold the cabin in and how much of it can I write off given we're unsure about how much it will be rented out, especially the first year? If your personal use exceeds 14 days or 10% of the rental time, it is considered your vacation property and you can’t take losses beyond your income.
- Is there any limit on how long a person should keep tax records? It depends. Most people recommend three to seven years, unless you know you did something wrong. You’ll want to keep all tax records to convince and defend yourself against the IRS.
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:
https://andersonadvisors.com/entity-formation/
https://andersonadvisors.com/section-280a-deduction-explained/
https://www.irs.gov/pub/irs-news/fs-08-18.pdf
Qualified Business Income (QBI) Deduction (199A)
https://www.irs.gov/newsroom/qualified-business-income-deduction
https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-a-comparison-for-businesses
https://www.irs.gov/forms-pubs/about-schedule-k-1-form-1065
https://andersonadvisors.com/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Tuesday Jun 07, 2022
Tuesday Jun 07, 2022
How do you become a real estate millionaire without using your own credit or money? Learn to implement and use various real estate investing strategies to grow your own portfolio.
Today, Clint Coons of Anderson Business Advisors talks to Daniel Kwak about reaching 87 doors in a year and becoming a real estate millionaire by the time he turned 24 years old.
Over the past 7+ years, Daniel and his brother, Sam, have built successful real estate investment companies, educational courses, coaching programs, and software to help emerging real estate professionals grow their own real estate investing businesses. The Kwak Brothers are on a mission to help as many families as possible achieve financial peace of mind.
Highlights/Topics:
- Daniel’s Dream: To constantly learn, experiment, expand, and grow
- Why Daniel got into real estate: Of top 1%, 76% earned money via real estate investing
- Daniel’s Problem: He had no money, no credit, and minus $187.65 in his bank account
- Four Currencies Concept: Time, money, knowledge, and relationships
- Daniel’s Philosophy: Never look for properties but for people to solve their problems
- Daniel’s BOLD Strategy: Build trust with older landlords/property managers to find deals
- Seller Financing Benefits: Tax advantages, make money as bank, and passive income
- Build a business by using FORCE:
- Find the property
- Owner-finance it
- Raise the capital
- Cashflow it
- Expand your empire
- Rent Bubble: Increasing rent has priced out tenants from entering housing market
Resources
daniel@thekwakbrothers.com
https://thekwakbrothers.com/
The Kwak Brothers’ YouTube Channel
https://www.youtube.com/c/TheKwakBrothers/featured
https://www.propstream.com/
https://andersonadvisors.com/clint-coons/
https://www.youtube.com/c/RealEstateAssetProtection
https://andersonadvisors.com/
Anderson Advisors Tax and Asset Protection Event
https://andersonadvisors.com/asset-protection/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
Tuesday May 31, 2022
Tuesday May 31, 2022
What are the pros and cons of a C Corp and S Corp versus an LLC? calculate, calculate, calculate because it's possible to pay dividends out that are not going to be taxable to you.
Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- Do corporations get taxed double? What are the pros and cons of a C Corp, S corp, and an LLC? Double taxation means the C Corp's getting taxed on its income. When it pays out dividends, the shareholders are getting taxed on those dividends. Also, LLC is not a tax designation. An S Corp is similar to a partnership. It has stricter rules about who can be shareholders of your S Corp and it passes through its income expenses down to the shareholders. A C Corp is its own entity/being.
- I own a childcare center that is set up as a corporation and taxed as an S Corp. It has a line of credit of $150,000. I'm a new real estate investor and would like to know if I can lend those funds to myself to purchase a house to buy, repair, rent, refinance, repeat (Brrr) or fix and flip? Yes, you could do that, but make sure there are promissory notes between the S corporation and borrower. However, you do have to repay that money to the S Corporation. Document it, and then honor the document.
- I just received a notice from the IRS asking me to pay taxes on the money withdrawn from my retirement under the CARES Act in 2020. I thought I had three years to pay back the money withdrawn in 2020, which means I still have 2022 to pay back the money that was withdrawn. How do I proceed? You have until 2022 to repay this distribution. However, the IRS technically wants you to pay back taxes on a third of that distribution each year.
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:
https://andersonadvisors.com/entity-formation/
Coronavirus Aid, Relief, and Economic Security (CARES) Act
https://www.irs.gov/newsroom/coronavirus-related-relief-for-retirement-plans-and-iras-questions-and-answers
199A (Qualified Business Income Deduction)
https://www.irs.gov/newsroom/qualified-business-income-deduction
https://andersonadvisors.com/section-280a-deduction-explained/
https://www.irs.gov/forms-pubs/about-form-1099-r
https://tobymathis.com/
https://andersonadvisors.com/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Wednesday May 25, 2022
Wednesday May 25, 2022
What are things that you absolutely want to make sure to avoid like the plague when it comes to estate planning? Absolutely avoid doing nothing. You should have a plan in place.
Today, Toby Mathis of Anderson Business Advisors talks about major mistakes to avoid and choices to make when estate planning and ensuring your legacy. The most important thing is to have the opportunity to put things in place and affect lives for decades, if not centuries, after you're gone.
Highlights/Topics:
- Mistake #1: Doing nothing.
- Mistake #2: Thinking that you're going to live forever.
- Three Choices: Do a simple will, living trust, or go through the probate process.
- Mistake #3: Documenting things, but not actually updating them..
- Mistake #4: Focusing only on your own mortality, not everything else you have to offer.
Resources:
https://tobymathis.com/
https://andersonadvisors.com/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Tuesday May 17, 2022
Tuesday May 17, 2022
How do you calculate taxes for flipping houses? Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- Is there depreciation recapture on a business vehicle when it is sold or no longer used for the business? Depreciation recapture works differently for personal/tangible property than for real estate. So, anything that's not real estate and intangible, such as a car.
- Inherited IRAs: Are distributions taxed no matter what or can you shelter them with cost seg and depreciation from short-term rentals? Can you shelter with long-term rentals? It doesn't matter if the IRA is inherited, the distributions are taxable because you could have cost segs or short-term rentals from somewhere else that are offsetting that income. IRAs, unless it's a Roth IRA, are always going to generate taxable income.
- I am a physician in a single-specialty practice under an LLP. I have set up my personal PLLC in the state. Do I need to set up payroll and give myself a W-2? It depends. Most states require that you're an S-corp. You are going to have to take a reasonable salary that is about a third of all the net profit.
- We made $200,000 on our first flip, we closed in April 2022. How much should we put aside for IRS taxes? Would you happen to know how much we should put aside for state taxes as well? if you were set up as a business before you made the $200,000, then you just made the 200,000 and that's it. Pay the tax.
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:
https://andersonadvisors.com/living-trusts/
https://turo.com/
https://andersonadvisors.com/retirement-plan/
Unrelated Business Income Tax (UBIT)
https://www.irs.gov/charities-non-profits/unrelated-business-income-tax
https://www.irs.gov/forms-pubs/about-form-1065
https://tobymathis.com/
https://andersonadvisors.com/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Tuesday May 10, 2022
Tuesday May 10, 2022
How do you get started in real estate? What is that process? What can you do to scale and grow your own portfolio or take it to the next level? Do you already have a few single-family properties, but want to get involved in multifamily investing?
Today, Clint Coons of Anderson Business Advisors talks to Abel Pacheco, President and Principal of 5 Talents Capital, who loves investing in and owning multifamily properties in Texas.
Abel is a real estate entrepreneur with a proven track record of repositioning properties and delivering quality renovated housing products to market and consistent returns to investment partners. He has experience in acquiring distressed properties, handling renovations, raising private capital, and managing single and multifamily investment properties.
Highlights/Topics:
- 5 Talents Capital: Abel buys apartment buildings and allows people that don’t have much time available to invest in commercial multifamily real estate via syndications.
- Cash Flow Positive: Don't overlook the amount of time that you have available for side hustles and to make more money.
- Education and Knowledge: Learn about wholesaling, seller financing, hard money loans, and finding motivated sellers for free from conferences, YouTube, and Google.
- Knowledge: After educating yourself on different ways to invest, it takes mental and tactical shifting to find properties.
- Networking: Unlock your mindset. You don't have to do everything yourself. You don't have to know everything. You just have to partner with people that are experts.
- Create Luck: It's where planning meets opportunity. Then, when that opportunity is there and you plan for it, you better be ready to take action and be willing to move forward.
- In multifamily, net worth equates to the size of the loan amount, equity enough to buy the deal, general partners need their own money for a deal.You have to have experience.
- Where to Find Deals: Off- and on-market. In commercial real estate, almost all the deals actually trade through brokers.
Resources:
https://www.linkedin.com/in/abelpacheco/
https://www.facebook.com/bullpacheco/
https://www.instagram.com/abeljpacheco/?hl=en
http://www.5talents.capital/
https://podcasts.apple.com/us/podcast/5-talents-podcast-passive-investing-cashflow-wealth/id1531901889
https://www.meetup.com/
Rich Dad, Poor Dad by Robert Kiyosaki
https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1543626610
The ABCs of Real Estate Investing
https://www.amazon.com/ABCs-Real-Estate-Investing-Investors/dp/1937832031
https://andersonadvisors.com/clint-coons/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ