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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 Feb 23, 2021
Tuesday Feb 23, 2021
It’s never a good idea to gift things to somebody. Instead, make them work for it. Take care of yourself, your family, and your taxes. Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- How do I gift my son a fully depreciated rental property without causing a tax consequence? Typically, gifts do not cause tax consequences; however, it is not always wise to do so
- We are considering purchasing a vehicle, which will be used about probably 75% of the time for our real estate business. Should we purchase it in the LLC (an S Corp) or personally? What are the advantages and disadvantages of both? Consider liability, tax consequences, cost factor, and value of vehicle; unless it’s a maintenance or utility vehicle, put it in your personal name and get reimbursed for the mileage because commercial insurance is much more expensive
- Excluding the 1031 Exchange, is there any way to legally avoid paying depreciation recapture tax when you sell a rental property? Don’t have a gain on your sale
- I have several vendors refusing to give me their W-9, and I have to threaten to withhold payments. When should I collect and not collect W-9? Vendors need to complete the W-9, but you are not required to issue them 1099s—although you should anyway
- Can we sell our home on an installment sale to an Intentionally Defective Grantor Trust (IDGT) and then lease it back? And at the same time, have the depreciation and other costs flow to our return because of IDGT taxation rules? IDGT is an irrevocable trust that is not actually irrevocable because of adding ‘Grantor’ wording to make it intentionally defective for tax purposes
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:
Tax and Asset Protection Workshop (Free 1-Day Virtual Event on Feb. 27)
http://aba.link/TAP227
https://andersonadvisors.com/living_trusts/
https://www.mileiq.com/
Real Estate Professional Requirements
https://www.irs.gov/pub/irs-utl/33-Real Estate Professionals.pdf
https://www.entrepreneur.com/encyclopedia/doing-business-as-dba
https://andersonadvisors.com/entity_formation/
https://www.irs.gov/pub/irs-news/fs-08-18.pdf
https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act
https://www.investopedia.com/terms/d/depreciationrecapture.asp
https://www.irs.gov/forms-pubs/about-form-w-9
Intentionally Defective Grantor Trust (IDGT)
https://www.investopedia.com/terms/i/igdt.asp
https://www.irs.gov/taxtopics/tc701
https://www.fha.com/fha_loan_requirements
https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0
https://www.irs.gov/forms-pubs/about-form-1099-misc
https://andersonadvisors.com/retirement_plan/
https://www.investopedia.com/terms/s/self-directed-ira.asp
Unrelated Business Income Tax (UBIT)
https://www.irs.gov/charities-non-profits/unrelated-business-income-tax
https://www.conservationeasement.us/what-is-a-conservation-easement/
Solar Investment Tax Credit (ITC)
https://www.seia.org/initiatives/solar-investment-tax-credit-itc#:~:text=Quick%20facts,large%2Dscale%20utility%20solar%20farms.
Taxpayer Certainty and Disaster Tax Relief Act of 2020
https://www.finance.senate.gov/download/section-by-section_-taxpayer-certainty-and-disaster-tax-relief-act-of-2020
https://www.investopedia.com/terms/s/stepupinbasis.asp#:~:text=A%20step%2Dup%20in%20basis%20is%20the%20readjustment%20of%20the,for%20tax%20purposes%20upon%20inheritance.&text=The%20asset%20receives%20a%20step,of%20property%20transferred%20at%20death.
https://www.congress.gov/116/bills/hr748/BILLS-116hr748enr.pdf
https://www.irs.gov/charities-non-profits/charitable-organizations
https://www.irs.gov/credits-deductions/opportunity-zones-frequently-asked-questions
Rollovers as Business Start-Ups (ROBS)
https://www.irs.gov/retirement-plans/rollovers-as-business-start-ups-compliance-project
http://tobymathis.com/about-toby-mathis/
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
Anderson Advisors Tax and Asset Protection Workshop
https://andersonadvisors.com/asset-protection/
Anderson Advisors Tax-Wise Workshop
https://andersonadvisors.com/tax-wise-workshop-for-businesses-investors/
Anderson Advisors Infinity Investing Workshop
https://andersonadvisors.com/investing-workshop-passive-income-generating-machine/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Thursday Feb 18, 2021
Thursday Feb 18, 2021
What’s the difference between 831(b) and 401(k) planners? Not much, just a different tax code. Both allow clients to put away profits today to weather tomorrow’s storms.
In this episode, Toby Mathis of Anderson Advisors talks about captive insurance with Van Carlson, CEO and founder of Strategic Risk Alternatives (SRA).
Van has more than 25 years of experience within the risk management industry. He began his career with Farmers Insurance Group as an agent. Now, he focuses SRA on risk management primarily and facilitates SRA to assess and solve for clients’ risks. Van’s primary goal is to continue the upward growth of SRA and develop new products to bring to market.
Highlights/Topics:
- S. Tax Code and Americans: The tax code is used for tax planning, but should be used for its original purpose to be a risk mitigation tool.
- Umbrella Policy and Casualty Insurance: You find out how good of a policy you have when you need it. An umbrella policy isn’t over the top, but it doesn’t cover everything.
- COVID-19: Read the fine print of policies and seek advice from agents. Pandemic coverages are not considered a coverage under the Business Interruption Endorsement.
- Captive Insurance: Set up your own insurance company—you own it and you're paying premiums you deduct. The insurance company doesn't have to pay tax on premiums.
- Who is it for and what type of risk could it insure? Risk is not a problem. Business owners that are advanced in their thought processes and more forward-thinking recognize and understand asset protection and the risk it takes.
- Actual Physical Loss: Business Interruption Policy pays for your employees and building loans, unless it doesn't have direct physical loss.
- Right to Defend on Liability Policies: Even if there's no coverage but you get sued, general liability policies cover the legal defense. Lawsuits are going to be the next big thing when people, guests, and patients, not employees, contract COVID.
- Rules and Regulations: Two tax codes allow you to defer income out of your business. 401(k) for the retirement of yourself and employees, and 831(b) to build up reserves, take profits today and in the future.
- Four-Part Test: Do transfer risk, risk distribution, insure only things that can happen by accidents (not business risks), and act in a principal’s insurance to elect under 831(b).
- Gross Revenue: Cap it because if your gross revenue goes up, your premium increases. The more gross revenue you have, the more exposure you have for claims.
- Cancel Culture: Detrimental to businesses; have cash on hand because banks aren't going to help you out all of a sudden.
- Declare a Dividend: Take it out as a long-term dividend rate and shut it down, pull out capital gains, or put it to work.
- Investment Agreement: What can be done with the reserves? There are rules, but for the most part, clients just leave it to the bank and go forward with the risk.
- Brand Damage: Dependent on third-party vendors, you can’t go and unlock your door, open it, and open for business. Get there, reach in, and obtain client information.
Resources:
Strategic Risk Alternatives (SRA)
https://strategicriskalternatives.com/
mailto:info@strategicriskalternatives.com
https://www.captive.com/articles/the-basics-of-the-831(b)-election-for-captives
https://www.irs.gov/retirement-plans/401k-plans
Business Interruption Insurance Policy
https://www.investopedia.com/terms/b/business-interruption-insurance.asp
https://www.investopedia.com/terms/e/errors-omissions-insurance.asp
Health Insurance Portability and Accountability Act (HIPAA)
https://www.hhs.gov/hipaa/for-professionals/privacy/laws-regulations/index.html
Paycheck Protection Program (PPP)
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
https://andersonadvisors.com/tobymathis-2/
https://andersonadvisors.com/
Anderson Advisors Tax and Asset Protection Event
https://andersonadvisors.com/asset-protection/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
Tuesday Feb 09, 2021
Tuesday Feb 09, 2021
Tax season is near. Toby Mathis and Jeff Webb of Anderson Advisors answer your bookkeeping, real estate, and other tax-related questions. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- What happens when you donate a business vehicle that you used Section 179 on in 2019 and 2020 and then you donate it to a non-profit organization in 2021? If you take Section 179 before five years of ownership, you will need to recapture the gain
- I have a rental in Phoenix, Arizona, that I am installing solar on. I’ve seen that I would qualify for the 26% federal tax credit as well as take the depreciation for the remaining amount that is being financed. Is this accurate? You can take a 26% credit for personal solar, but a deduction lowers your income; for business purposes, you can take 26% plus depreciation
- If I invested in an Opportunity Zone last year with capital gains, I understand the taxes are deferred until 2026. Are those taxed at 2020 rates or 2026 tax rates? The 2026 rates because the income, not the taxes on that income, is being deferred until 2026
- I’m selling a house that I inherited. I am on Social Security disability. Will the sale of the house affect my status? A sale of a home or any property has no affect on your Social Security; only early retirement income impacts your disability status
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:
Tax and Asset Protection Workshop (Free 1-Day Virtual Event on Feb. 27)
http://aba.link/TAP227
https://www.section179.org/section_179_deduction/
https://www.irs.gov/charities-non-profits/charitable-organizations
https://www.kars4kids.org/
https://www.irs.gov/forms-pubs/about-form-940
https://www.irs.gov/forms-pubs/about-form-941
https://www.irs.gov/forms-pubs/about-schedule-a-form-1040
https://www.irs.gov/forms-pubs/about-schedule-c-form-1040
Solar Investment Tax Credit (ITC)
https://www.seia.org/initiatives/solar-investment-tax-credit-itc#:~:text=Quick%20facts,large%2Dscale%20utility%20solar%20farms.
https://www.law.cornell.edu/uscode/text/26/38
https://www.law.cornell.edu/uscode/text/26/48
https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act
https://www.investopedia.com/terms/d/depreciationrecapture.asp
https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0
https://www.irs.gov/credits-deductions/opportunity-zones-frequently-asked-questions
https://andersonadvisors.com/living_trusts/
https://andersonadvisors.com/what-is-a-homestead-exemption/?highlight=homestead%20exclusion
https://www.congress.gov/116/bills/hr748/BILLS-116hr748enr.pdf
https://andersonadvisors.com/retirement_plan/
Real Estate Professional Requirements
https://www.irs.gov/pub/irs-utl/33-Real Estate Professionals.pdf
https://www.irs.gov/pub/irs-news/fs-08-18.pdf
https://www.irs.gov/forms-pubs/about-form-1099-misc
https://www.irs.gov/businesses/small-businesses-self-employed/self-employment-tax-social-security-and-medicare-taxes
Old-Age, Survivors, and Disability Insurance (OASDI)
https://www.ssa.gov/policy/docs/progdesc/sspus/oasdi.pdf
https://andersonadvisors.com/entity_formation/
https://tax.thomsonreuters.com/blog/consequences-of-a-section-754-election/
https://www.mileiq.com/
https://www.irs.gov/businesses/cost-segregation-audit-techniques-guide-chapter-1-introduction
https://www.irs.gov/tax-reform
https://www.irs.gov/taxtopics/tc701
http://tobymathis.com/about-toby-mathis/
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
Anderson Advisors Tax and Asset Protection Workshop
https://andersonadvisors.com/asset-protection/
Anderson Advisors Tax-Wise Workshop
https://andersonadvisors.com/tax-wise-workshop-for-businesses-investors/
Anderson Advisors Infinity Investing Workshop
https://andersonadvisors.com/investing-workshop-passive-income-generating-machine/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Tuesday Feb 02, 2021
Tuesday Feb 02, 2021
COVID-19 has created massive changes in the commercial working environment. The pandemic has taken a bite out of commercial spaces, retail is getting decimated, and people are starting to reconsider office space. According to the IDC, 1.8 billion people in the workforce worldwide are working permanently two or more days a week outside their primary office space.
In this episode, Toby Mathis of Anderson Advisors talks to Frank Cottle, founder of Alliance, which has about 1,200 facilities representing 30-million square feet of space in 54 countries.
Frank is one of the largest players in the virtual office space and has a unique global management perspective. He has been in the service office industry and flexible workspace sector for 40 years.
Highlights/Topics:
- Remote Work:
- One day a week equals a 20% vacancy factor in commercial office space
- Two days a week, it’s 40%
- Today, most people now work three-and-a-half days a week at home
- Corporate America: Office space isn’t needed; policies to work wherever you want
- Who wants to commute? Nobody, especially when told not to take public transportation
- Real Estate Cyclicality: Good and bad markets sometimes equal vacancy or waiting list
- Repurpose Space: If not used for original intent, turn it into residential, retail, other uses
- New Hybrid Office: Work from home, near home, or electronically commute to office
- Property vs. Technology: Property companies require capital, don’t scale on same basis
- Membership Care/Pass: Allows access to office facilities worldwide anytime, anywhere
- Flexible vs. Fixed Office Space: Seek solutions to get away from inefficient fixed cost
- Conference Rooms: Use for Zoom, Teams, Webex, GoToMeeting—it’s all ubiquitous
- Constant Change: With every new lease and tenant, how can you make improvements?
- Unreimbursed Business: Provide complete remote workspace technology or access to it
- Dual Hybrid Model: When the government stops making rules, we’re back to normal
- Virtual Office vs. Virtual Address: What’s the difference? Pay as-needed or 24/7
- Office Space Models:
- Classic: People, place, and technology provide business growth
- Incubator: Same thing but provides mentoring
- Accelerator: Does what an incubator, but provides access to capital
Resources:
https://alliancevirtualoffices.grsm.io/AndersonPodcast
https://allwork.space/
https://www.idc.com/
https://www.wework.com/
International Workplace Group (IWG)
https://www.iwgplc.com/
https://www.regus.com/
https://www.spacesworks.com/
https://www.upflex.com/
https://www.deskpass.com/
https://www.upwork.com/l/dz/freelancers-in-collo/
https://www.swift.com/our-solutions/interfaces-and-integration/alliance-access
Tony Hsieh’s American Tragedy: The Self-Destructive Last Months Of The Zappos Visionary
https://www.youtube.com/watch?v=lBZt_wngSQA
https://zoom.us/zoomrooms
https://www.microsoft.com/en-us/microsoft-teams/log-in
https://www.webex.com/
https://www.gotomeeting.com/
https://cube-usa.com/
https://www.nokia.com/networks/products/flexi-zone/
https://www.bizspace.co.uk/
https://novelcoworking.com/
https://www.epa.gov/clean-air-act-overview
https://www.irs.gov/forms-pubs/about-schedule-a-form-1040
https://www.officeevolution.com/
https://venturex.com/
All Good Works Foundation – Office Leasing Meets Nonprofit
https://andersonadvisors.com/podcast/all-good-works-foundation-office-leasing-meets-nonprofit/
https://andersonadvisors.com/tobymathis-2/
https://andersonadvisors.com/
Anderson Advisors Tax and Asset Protection Event
https://andersonadvisors.com/asset-protection/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
Tuesday Jan 26, 2021
Tuesday Jan 26, 2021
Practicing social distancing to avoid getting sick and livin’ la vida loca to experience the calm before the storm of tax season, Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- How can you accelerate a large capital loss carryforward instead of just offsetting from capital gains every year? To get rid of large capital loss carryforwards, there must be capital gains to offset them
- When would it make sense for stock/options traders to do the mark-to-market election? If you’re a trader, you should do 750+ trades per year and expect no time off or W-2 income; you need to do the mark-to-market election sooner than later (by April 15) and if you’re going to lose lots of money
- Is there any additional tax benefit besides the federal solar tax credit when you install the solar on a rental property? Yes, the current tax credit is 26 percent for 2020 through 2022, and 87 percent of the solar installation cost can be depreciated
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:
Anderson Advisors Tax and Asset Protection Workshop on Jan. 30, 2021
http://aba.link/TAP130
Real Estate Professional Requirements
https://www.irs.gov/pub/irs-utl/33-Real Estate Professionals.pdf
https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0
https://www.irs.gov/pub/irs-pdf/f1065sk1.pdf
https://www.irs.gov/charities-non-profits/charitable-organizations
https://www.mileiq.com/
https://www.congress.gov/116/bills/hr748/BILLS-116hr748enr.pdf
Small Business Administration (SBA)
https://www.sba.gov/
Paycheck Protection Program (PPP)
https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp
Economic Injury Disaster Loan (EIDL)
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loans
https://www.irs.gov/businesses/small-businesses-self-employed/home-office-deduction
Solar Investment Tax Credit (ITC)
https://www.seia.org/initiatives/solar-investment-tax-credit-itc#:~:text=Quick%20facts,large%2Dscale%20utility%20solar%20farms.
https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act
https://www.investopedia.com/terms/d/depreciationrecapture.asp
https://www.irs.gov/taxtopics/tc429
https://www.irs.gov/tax-reform
https://www.irs.gov/forms-pubs/about-form-1065
https://www.irs.gov/forms-pubs/about-form-2553
https://www.irs.gov/forms-pubs/about-form-8332
https://www.irs.gov/pub/irs-news/fs-08-18.pdf
https://www.irs.gov/businesses/cost-segregation-audit-techniques-guide-chapter-1-introduction
State and Local Tax (SALT) Deduction
https://taxfoundation.org/tax-basics/salt-deduction/
http://tobymathis.com/about-toby-mathis/
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
Anderson Advisors Tax and Asset Protection Workshop
https://andersonadvisors.com/asset-protection/
Anderson Advisors Tax-Wise Workshop
https://andersonadvisors.com/tax-wise-workshop-for-businesses-investors/
Anderson Advisors Infinity Investing Workshop
https://andersonadvisors.com/investing-workshop-passive-income-generating-machine/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Tuesday Jan 19, 2021
Tuesday Jan 19, 2021
What does every real estate investor need to know in 2021? Obtain the right insurance at the right time for your properties. Make sure if something goes wrong, you're protected.
Today, Clint Coons of Anderson Business Advisors talks to Shawn Woedl, President and CEO of the National Real Estate Insurance Group (NREIG). Shawn’s responsible for overseeing all aspects of the agency, specifically focused on maintaining strong carrier and industry relationships, developing new and innovative product offerings, and managing internal sales and service processes. He is an industry recognized speaker and educator with an emphasis in commercial property insurance
Shawn has helped grow NREIG into the largest insurance program in the country, insuring more than 88,000 locations. Through Shawn’s efforts, NREIG has expanded to accommodate investment properties up to 20 units, vacation rentals, and non-performing notes. He has enhanced coverage options for terrorism, earthquake and sinkhole, tenant protector plan, and cyber liability to fill gaps that investors may experience in their property and liability coverage.
Highlights/Topics:
- If you're going to be a landlord, you're going to buy property, and you're going to hold it long-term, what type of policy or coverage do you need? At minimum, you need property and liability coverage.
- What’s covered and what’s not? Not every carrier is the same. Read your policies to figure out vacancy versus occupied provisions.
- A tenant’s pet gets sprayed by a skunk, and everything smells like skunk. If I'm a landlord and the tenants vacate, how do I protect against that type of event? Require your tenant to carry renter's insurance and make sure that policy has a provision that covers damage by pets.
- What about toxic mold? Most property policies do exclude that completely. Build into policies at least a sub-limit. If a lender says you’ve got to have limited mold coverage, that sub-limit will provide enough coverage to satisfy them.
- When I build out my portfolio and have eight properties, do I need to acquire a separate policy for each property, or can I get an umbrella policy that covers everything? You don't necessarily need eight policies for eight locations. Doing that puts you at the mercy of the underwriter on what they want to assign as property and liability rates for each risk.
- What about an excess liability policy? There are two options: Umbrellas go over multiple lines of coverage, and excess liabilities go to one line of coverage.
- Would we use the word, ‘additional insured in this policy’ anywhere? The only place to put additional insured or who would be listed as additional insured would be your lender.
- Do you need to see documents when doing this? What do you need from the client to put something like this together for the policy? No closing documents. Carriers don’t ask for that. They’re okay with just what the insured provides.
- When we’re setting up structures, anonymity is important. You’ll put it in the name of the trust, that’s no big deal? It’s in the name of the trust, but you can list the trustee in the name insured in addition to that actual trust name.
- Is there a special type of policy you need with an Airbnb? Not really. The Airbnb industry took the insurance industry by storm. For the longest time, trying to obtain insurance coverage for an Airbnb was difficult because liability exposure was written differently. Insurance coverage is not cheap on the liability side.
Resources
National Real Estate Insurance Group (NREIG)
https://nreig.com/
https://nreig.com/resources/
NREIG's Tenant Protector Plan (TPP)
https://nreig.com/products/tenant-protector-plan/
https://affiliate.nreig.com/anderson
Real Estate Investors Association (REIA)
https://nationalreia.org/
https://andersonadvisors.com/clint-coons/
https://andersonadvisors.com/
Anderson Advisors Tax and Asset Protection Event
https://andersonadvisors.com/asset-protection/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
Tuesday Jan 12, 2021
Tuesday Jan 12, 2021
It’s the first Tax Tuesday of the year. This time, you’re not only listening but watching Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- If we received PPP in our business, then get approved for forgiveness, will we still be able to deduct the rents and utilities we applied for the PPP to? Any loan forgiveness is not taxable, anything paid for with PPP is fully deductible, and any PPP loan forgiveness gives you basis
- I recently read that Elon Musk is moving his private foundation from California to Texas. Is there a tax advantage for moving a private foundation or a nonprofit from California to Texas? No tax advantage, but both states highly regulate nonprofits
- Do you have to be married to create an entity that allows you to hire your children? No, as long as they are your children
- How long after the sale of a primary residence do you have to apply the proceeds to a new home purchase to avoid taxation? No law ceased to exist, refer to Section 121 Exclusion and 1031 Exchange
- I’m 70 years old and haven’t made a deposit to my Roth in 10 years. Am I free to withdraw all my account without penalty, or am I limited by cost basis? Once you have the Roth for at least five years and over 59.5 years old; you can take it all out, but then you have no protected active income stream
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:
Post-Pandemic Real Estate Investing Class with Toby Mathis and Aaron Addams
http://aba.link/REI2021
Paycheck Protection Program (PPP)
https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp
https://www.irs.gov/charities-non-profits/charitable-organizations
California State Board of Equalization - Proposition 19
https://www.boe.ca.gov/prop19/
https://www.californiataxdata.com/pdf/Prop13.pdf
Community Property with Right of Survivorship
https://lslcpas.com/real-estate-ownership-community-property-right-survivorship-better-joint-tenancy/
https://www.irs.gov/taxtopics/tc553
Individual Retirement Arrangements (IRAs)
https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras
https://www.irs.gov/retirement-plans/traditional-and-roth-iras
https://www.irs.gov/businesses/small-businesses-self-employed/home-office-deduction
https://www.mileiq.com/
https://www.congress.gov/116/bills/hr748/BILLS-116hr748enr.pdf
Real Estate Professional Requirements
https://www.irs.gov/pub/irs-utl/33-Real%20Estate%20Professionals.pdf
https://www.irs.gov/pub/irs-pdf/i1099gi.pdf
https://andersonadvisors.com/living_trusts/
Small Business Administration (SBA)
https://www.sba.gov/
https://www.dol.gov/general/aboutdol/majorlaws#:~:text=The%20Fair%20Labor%20Standards%20Act,most%20private%20and%20public%20employment.&text=It%20requires%20employers%20to%20pay,the%20regular%20rate%20of%20pay.
https://www.irs.gov/taxtopics/tc554
https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0
https://www.irs.gov/newsroom/hobby-or-business-irs-offers-tips-to-decide
26 U.S. Code Section 121 Exclusion
https://www.law.cornell.edu/uscode/text/26/121
https://www.irs.gov/pub/irs-news/fs-08-18.pdf
https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act
https://www.irs.gov/credits-deductions/opportunity-zones-frequently-asked-questions
https://www.law.cornell.edu/uscode/text/26/1244
Economic Injury Disaster Loan (EIDL)
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loans
Old-Age, Survivors, and Disability Insurance (OASDI)
https://www.ssa.gov/policy/docs/progdesc/sspus/oasdi.pdf
Tax-Wise Business Ownership by Toby Mathis
https://andersonadvisors.com/shop/
http://tobymathis.com/about-toby-mathis/
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
Anderson Advisors Tax and Asset Protection Workshop
https://andersonadvisors.com/asset-protection/
Anderson Advisors Tax-Wise Workshop
https://andersonadvisors.com/tax-wise-workshop-for-businesses-investors/
Anderson Advisors Infinity Investing Workshop
https://andersonadvisors.com/investing-workshop-passive-income-generating-machine/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Tuesday Dec 15, 2020
Tuesday Dec 15, 2020
How are you doing, really? Just don’t watch or listen to the news because it’s tough living in paradise—whether it’s California, Hawaii, or Iceland. However, Toby Mathis and Jeff Webb of Anderson Advisors are still here to offer answers to your tax questions with a side of awesome sauce. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- How much can you give to charity and receive a full credit, even if filing a standard deduction? Choose between taking a standard deduction or an itemized deduction on Schedule A to give a cash donation to charity and write-off 100 percent of it against your adjusted gross income (AGI)
- What is Section 1202? Can a corporation managing real estate qualify for 26 U.S. Code Section 1202? Section 1202 refers to partial exclusion(s) for gain from certain small business stock and designed to get people to invest in manufacturing-type companies
- The recently passed California Proposition 19 will allow California to reassess any non-primary residence properties transferred to heirs at market rate? Yes, starting Feb. 16, 2021; for more information, visit the state’s Board of Equalization
- I’m trying to meet my goal of $50K for Infinity investing. I have about $30K that I could use to buy stocks, ETF, etc. Could I use all $30K to purchase stocks without violating the annual $6,000 contribution limit? Learn how to be a stock market landlord, buy assets, settle liabilities, and systematically make passive income to not work again
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:
http://aba.link/taxtoolbox
Real Estate Professional Requirements
https://www.irs.gov/pub/irs-utl/33-Real%20Estate%20Professionals.pdf
https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0
https://www.irs.gov/charities-non-profits/charitable-organizations
Form 1023 - Application for Recognition of Exemption
https://www.irs.gov/forms-pubs/about-form-1023
Form 1024 - Application for Recognition of Exemption
https://www.irs.gov/forms-pubs/about-form-1024
https://www.irs.gov/forms-pubs/about-schedule-a-form-1040
https://www.irs.gov/forms-pubs/about-schedule-c-form-1040
https://www.irs.gov/pub/irs-pdf/f1040sd.pdf
https://www.irs.gov/forms-pubs/about-schedule-e-form-1040
Internal Revenue Code Section 1202
https://www.irs.gov/pub/irs-regs/ia2694.txt
California State Board of Equalization - Proposition 19
https://www.boe.ca.gov/prop19/
https://www.californiataxdata.com/pdf/Prop13.pdf
https://andersonadvisors.com/living_trusts/
https://www.irs.gov/forms-pubs/about-form-709
https://www.medicare.gov/
Social Security Administration
https://www.ssa.gov/
Individual Retirement Arrangements (IRAs)
https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras
https://www.irs.gov/retirement-plans/traditional-and-roth-iras
https://www.irs.gov/taxtopics/tc554
Community Property with Right of Survivorship
https://lslcpas.com/real-estate-ownership-community-property-right-survivorship-better-joint-tenancy/
https://www.irs.gov/pub/irs-news/fs-08-18.pdf
https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act
https://www.irs.gov/credits-deductions/opportunity-zones-frequently-asked-questions
https://www.hud.gov/
https://www.irs.gov/taxtopics/tc553
https://taxfoundation.org/tax-basics/salt-deduction/
https://www.irs.gov/forms-pubs/about-schedule-k-1-form-1065
https://www.irs.gov/forms-pubs/about-form-5498
https://www.conservationeasement.us/what-is-a-conservation-easement/
Alternative/Renewable Energy Tax Credits
https://www.americanprogress.org/issues/green/reports/2020/05/28/485411/renewable-energy-tax-credits-case-refundability/
Unrelated Debt-Financed Income (UDFI)
https://www.irs.gov/pub/irs-tege/eotopicn86.pdf
https://www.congress.gov/116/bills/hr748/BILLS-116hr748enr.pdf
https://www.irs.gov/tax-reform
https://afsplan.com/erik-dodds-2/
Tax-Wise Business Ownership by Toby Mathis
https://andersonadvisors.com/shop/
http://tobymathis.com/about-toby-mathis/
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
Anderson Advisors Tax and Asset Protection Workshop
https://andersonadvisors.com/asset-protection/
Anderson Advisors Tax-Wise Workshop
https://andersonadvisors.com/tax-wise-workshop-for-businesses-investors/
Anderson Advisors Infinity Investing Workshop
https://andersonadvisors.com/investing-workshop-passive-income-generating-machine/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Tuesday Dec 01, 2020
Tuesday Dec 01, 2020
What’s the difference between President Donald Trump’s current tax laws versus tax policies/proposals from President-elect Joe Biden? Toby Mathis and Jeff Webb of Anderson Advisors provide only the good, bad, and painful facts—not a partisan party. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- What are the differences between Trump vs. Biden tax plans?
- Additional payroll taxes on high-earners
- Increased income tax on high-income individuals
- Increased capital gains rate imposed on high-income individuals
- Tax wealth ideas include annual wealth tax and greater estate/gift taxes
- Increase corporate income tax rate
- Eliminate 199A
- What should be done in 2020/2021, if you’re worried about tax increases?
- Gain Harvesting
- Roth Conversion
- 100% AGI
- Carryforward NOLs
- Wait on Harvesting Losses
- Gifting
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:
Here's where Biden and Trump stand on your taxes
Individual Retirement Arrangements (IRAs)
Unrelated Debt-Financed Income (UDFI)
Unrelated Business Income Tax (UBIT)
Rollovers as Business Start-ups (ROBS)
Real Estate Professional Requirements
Alternative/Renewable Energy Tax Credits
U.S. Government Accountability Office (GAO)
Social Security Administration
Pease Limitation on Itemized Deductions
Paycheck Protection Program (PPP)
Tax-Wise Business Ownership by Toby Mathis
Anderson Advisors Tax and Asset Protection Workshop
Anderson Advisors Tax-Wise Workshop
Tuesday Nov 17, 2020
Tuesday Nov 17, 2020
Did you vote and submit your ballot for the U.S. General Election on Nov. 5, 2020? Then, your focus may have shifted to taxes. Toby Mathis and Jeff Webb of Anderson Advisors answer tax questions related to personal and professional matters. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- If a new C Corp is started and the owner is the only employee during the initial years, does the owner/employee still need to draw a salary, even if the C Corp is not profitable for the first few years? With a C Corp, there are no salary requirements; compensation is anything of value, such as a salary or car or you may not be paid at all
- Does the IRS consider your business a hobby if you have not turned a profit within five years? Three of 5 years is presumed to be a hobby
- How can I live in a home owned by my LLC that is not producing income? Putting your primary residence in an LLC is a bad idea; may cost you an unlimited exclusion (equity) or effect your 121 exclusion
- Real estate investor start-up expenses on education, classes, materials - can I write all that off my taxes once my LLC is formed? Put those expenses in a corporation, not LLC, because the corporation has to make money before expenses can be deducted
- I am a physician and work for a university hospital. During the pandemic, I have been working from home. Can I get a deduction for rent? If you are a W-2 employee for the university hospital, there is no reimbursement for rent; if you are a 1099 employee, you can get a home office deduction
- I used the HELOC of my primary residence to purchase an investment property. Any tax deduction/advantage I can take? You can’t use HELOC interest as mortgage interest on Schedule A; can only be used to improve or buy your house
- I have insurance policies in India and would like to bring the money once they are matured. Do I need to pay taxes on this money? Depends if you are a citizen or resident of the United States; use designation 15CB from chartered accountant in India that states money has been paid
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:
http://aba.link/taxtoolbox
Here's where Biden and Trump stand on your taxes
https://www.cnbc.com/2020/10/20/heres-where-biden-and-trump-stand-on-your-taxes.html
Real Estate Professional Requirements
https://www.irs.gov/pub/irs-utl/33-Real%20Estate%20Professionals.pdf
https://www.congress.gov/116/bills/hr748/BILLS-116hr748enr.pdf
Individual Retirement Arrangements (IRAs)
https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras
https://www.irs.gov/retirement-plans/traditional-and-roth-iras
https://www.irs.gov/credits-deductions-for-individuals
https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0
https://www.healthcare.gov/glossary/health-savings-account-hsa/
https://www.irs.gov/tax-reform
https://www.irs.gov/businesses/small-businesses-self-employed/business-structures
https://www.irs.gov/forms-pubs/about-form-1065
https://www.conservationeasement.us/what-is-a-conservation-easement/
Alternative/Renewable Energy Tax Credits
https://www.americanprogress.org/issues/green/reports/2020/05/28/485411/renewable-energy-tax-credits-case-refundability/
https://www.irs.gov/charities-non-profits/charitable-organizations
1099 Formhttps://www.irs.gov/pub/irs-pdf/i1099gi.pdf
https://www.irs.gov/pub/irs-pdf/i1099gi.pdf
https://www.irs.gov/forms-pubs/about-form-w-2
https://www.law.cornell.edu/uscode/text/26/183
Hobby or Business? IRS Offers Tips to Decide
https://www.irs.gov/newsroom/hobby-or-business-irs-offers-tips-to-decide
https://www.irs.gov/taxtopics/tc701
https://andersonadvisors.com/living_trusts/
https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act
https://www.investopedia.com/terms/d/depreciationrecapture.asp
https://www.irs.gov/businesses/small-businesses-self-employed/home-office-deduction
https://www.irs.gov/forms-pubs/about-schedule-a-form-1040
https://www.irs.gov/forms-pubs/about-schedule-c-form-1040
https://www.irs.gov/forms-pubs/about-schedule-e-form-1040
https://www.irs.gov/taxtopics/tc554
https://casetext.com/case/woody-v-commissioner-of-internal-revenue-1
https://www.investopedia.com/mortgage/heloc/
Small Business Administration (SBA)
https://www.sba.gov/
Economic Injury Disaster Loan (EIDL)
https://www.sba.gov/funding-programs/disaster-assistance
https://www.irs.gov/credits-deductions/opportunity-zones-frequently-asked-questions
https://www.irs.gov/pub/irs-news/fs-08-18.pdf
St. Louis Federal Reserve Economic Data (FRED)
https://fred.stlouisfed.org/
https://www.incometaxindia.gov.in/forms/income-tax%20rules/103120000000007843.pdf
http://tobymathis.com/about-toby-mathis/
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
Anderson Advisors Tax and Asset Protection Workshop
https://andersonadvisors.com/asset-protection/
Anderson Advisors Tax-Wise Workshop
https://andersonadvisors.com/tax-wise-workshop-for-businesses-investors/
Anderson Advisors Infinity Investing Workshop
https://andersonadvisors.com/investing-workshop-passive-income-generating-machine/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/