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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 Nov 10, 2020
Tuesday Nov 10, 2020
What’s the next big thing to invest in? Have you been paying attention to skyrocketing shares in companies, such as SpaceX, Spotify, Lyft, or Rivian?
In this episode, Toby Mathis of Anderson Advisors talks to Drew Spaventa, who runs a venture capital firm that specializes in private investments.
Accredited investors work with The Spaventa Group to access late-stage private companies that people want a piece of before going public.
Highlights/Topics:
- Pain Point: Once a primary investor comes in, what about other retail investors?
- Private vs. Public: Gain access to secondary market within private industry with insiders
- Placements: Pick private companies w/available shares, valuation, revenue, recognition
- Risk and Reward: Make sure to have extra money in bank because you could lose it all
- Next Big Things: Food alternatives, financial tech, space, mixed reality, electric vehicles
- Cash Flow vs. Carrot Fee: Short- or long-term investments and option to buy/sell shares
Resources:
https://thespaventagroup.com/
Drew Spaventa on Twitter: @DrewSpavy
https://twitter.com/drewspavy?lang=en
The Spaventa Group on Facebook: https://www.facebook.com/thespaventagroup
The Spaventa Group on LinkedIn: https://www.linkedin.com/company/the-spaventa-group/
Drew Spaventa’s Email: dspaventa@thespaventagroup.com
Drew Spaventa’s Phone: 631.210.7263
https://www.spacex.com/
https://www.wework.com/
https://impossiblefoods.com/
https://www.beyondmeat.com/
https://rivian.com/
https://www.chime.com/
https://robinhood.com/
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 Nov 03, 2020
Tuesday Nov 03, 2020
What could happen to the step-up in basis and estate tax depending on what state you live in and how you vote in the upcoming presidential election? Before you take drastic action to change your tax plan, 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:
- I’m a computer engineer in California with a 350k salary. This year, I got an extra bonus of about 100k and received 70k short-term capital gain from investment. Is there anything I can do by the end of this year to still save on tax? Yes, maximize your retirement plan contributions and offset capital gains by harvesting capital gain losses
- Our beneficiary IRAs become self-directed (SD) IRAs to purchase rental properties. We are retirement age, but don’t have to take required minimum distribution (RMD), yet. Our goal for this year is to pay 12 percent taxes on AGI. That percentage may increase in future years. Can we convert the SD IRAs to Roths? There is no limitation as far as age is concerned to convert a traditional IRA into a Roth IRA; if you have an RMD, then you have to pay the RMD before converting the traditional into a Roth IRA
- I am a high-income earner and have a short-term rental in service for 12/2020. In order to take advantage of tax benefits, would you recommend cost segregation this year and use losses toward active income? A short-term rental does not always go on Schedule C; substantial services must be provided to short-term tenants and average stay must be seven days or less or will go on Schedule E
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 Toolbox (aba.link/TaxToolbox) (Only $595, Regularly $1,500)
http://aba.link/taxtoolbox
Neuro Diverse Living (NDL) Inaugural Fundraiser and Silent Auction (ndl2020.org/silentauction)
http://ndl2020.org/silentauction
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
https://www.irs.gov/tax-reform
St. Louis Federal Reserve Economic Data (FRED)
https://fred.stlouisfed.org/
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://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/credits-deductions-for-individuals
https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0
https://www.irs.gov/businesses/cost-segregation-audit-techniques-guide-chapter-1-introduction
https://www.conservationeasement.us/what-is-a-conservation-easement/
Real Estate Professional Requirements
https://www.irs.gov/pub/irs-utl/33-Real%20Estate%20Professionals.pdf
https://www.mileiq.com/
https://www.irs.gov/businesses/small-businesses-self-employed/home-office-deduction
https://www.irs.gov/taxtopics/tc554
https://www.irs.gov/pub/irs-pdf/i1099gi.pdf
Puerto Rico Tax Incentives (Act 20 and 22)
http://puertoricotaxincentives.com/
https://www.irs.gov/charities-non-profits/charitable-organizations
https://www.hud.gov/
https://www.congress.gov/116/bills/hr748/BILLS-116hr748enr.pdf
Old Age, Survivors, and Disability Insurance (OASDI)
https://www.investopedia.com/terms/o/oasdi.asp
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/forms-pubs/about-form-w-2
Paycheck Protection Program (PPP)
https://www.sba.gov/funding-programs/loans/paycheck-protection-program
https://www.irs.gov/forms-pubs/about-form-1065
Unrelated Debt-Financed Income (UDFI)
https://ira123.com/learn/understanding-udfi/
http://tobymathis.com/about-toby-mathis/
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
Anderson Advisors Tax and Asset Protection Event
https://andersonadvisors.com/asset-protection/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Tuesday Oct 27, 2020
Tuesday Oct 27, 2020
Do you freak out about your money when the stock market crashes or during other financial crises? Do you need someone to listen and offer sound stock market strategies?
In this episode, Toby Mathis of Anderson Advisors talks to Erik Dodds, an independent fiduciary who focuses on stock market investing. Also, Erik is the managing consultant for Anderson Financial Services (AFS) and mastermind for the Infinity Investing Workshop.
Erik finds talking about stocks, dividends, mutual funds, and other financial matters to help people with their money is fun!
Highlights/Topics:
- Current Marketplace: COVID takes market down at rapid pace and creates panic
- Future Marketplace: Erik predicts possible bigger, better stimulus in February
- Advice for Traders: Take some winnings off table; no need to actively trade all the time
- Preferred Portfolio Options: Hedge from volatility indices/instruments to cash balance
- Puts and Calls (Naked or not): What they are, how they work—always protect yourself
- Select System: Traders need to be disciplined on when to buy and sell; keep it simple
- Dividend Kingdom: Are you an aristocrat or king stock/option? What’s the difference?
- Growth vs. Value: Pay for consistency and cash flow, not up years
- Real Estate and Stocks: Don’t fight feds that keep rates low—buy assets
Legal Disclaimer
Futures, stocks, and options trading involves substantial risk of loss and is not suitable for every investor. The valuation of futures, stocks, and options may fluctuate, and, as a result, clients may lose more than their original investment. The impact of seasonal and geopolitical events is already factored into market prices. The highly leveraged nature of futures trading means that small market movements will have a great impact on your trading account and this can work against you, leading to large losses or can work for you, leading to large gains.
If the market moves against you, you may sustain a total loss greater than the amount you deposited into your account. You are responsible for all the risks and financial resources you use and for the chosen trading system. You should not engage in trading unless you fully understand the nature of the transactions you are entering into and the extent of your exposure to loss. If you do not fully understand these risks you must seek independent advice from your financial advisor.
CRG Wealth, LLC ("RIA Firm") is a registered investment adviser located in Las Vegas, NV. CRG Wealth, LLC may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements.
CRG Wealth, LLC, Canyon Ridge Group, LLC, and their representatives do not provide legal, tax preparation, or accounting advice. Persons who provide such advice do so in a capacity other than in the capacity of working with the above-referenced firms.
Anderson Financial Services, LLC, Anderson Business Advisors are unaffiliated with Canyon Ridge Group, LLC & CRG Wealth, LLC.
Resources
Infinity Investing Workshop
https://infinityinvestingworkshop.com/mm/
https://www.bobevansgrocery.com/
https://www.linkedin.com/in/bobfitts1
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 Oct 20, 2020
Tuesday Oct 20, 2020
In case you missed it, Oct. 15 was another tax deadline. However, you still have some time to decide who you want to vote for in the upcoming presidential election: Donald Trump or Joe Biden? Toby Mathis of Anderson Advisors answers your tax questions about the impact of their proposed tax plans. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- What are the differences between Donald Trump’s and Joe Biden’s proposed tax plans?
- Individual Rates: Trump to lower-middle rates; Biden to increase top-bracket rates
- Corporate Rates: Trump wants 21%; Biden wants 28%
- Dividends: Trump wants 0, 15, 23.8%; Biden wants 0, 15, 23.8, 43.4%
- Credits: Biden wants to increase child credits to give families more money
- Payroll Taxes: Trump to forgive OADSI; Biden to add OADSI
- Estate Taxes: Trump to keep TCJA; Biden to expire it with no step up
- Itemized Deductions: Trump to remove miscellaneous itemized deductions; Biden to reset deductions and add SALT
- What are actions that you may want to take in 2020/2021 considering Trump’s vs. Biden’s proposed tax plans?
- 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:
Tax Toolbox (Only $595, Regularly $1,500)
http://aba.link/taxtoolbox
https://www.irs.gov/tax-reform
Old Age and Disability Survivor’s Insurance (OADSI)
https://www.investopedia.com/terms/o/oasdi.asp
State and Local Tax (SALT) Limitation
https://www.efile.com/state-and-local-tax-deduction-salt/
https://www.investopedia.com/terms/s/section-1231.asp
http://www.irs.gov/pub/irs-drop/rr-14-02.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
Real Estate Professional Requirements
https://www.irs.gov/pub/irs-utl/33-Real%20Estate%20Professionals.pdf
https://www.irs.gov/credits-deductions-for-individuals
https://www.irs.gov/pub/irs-news/fs-08-18.pdf
https://www.irs.gov/forms-pubs/about-form-w-2
https://andersonadvisors.com/living_trusts/
https://www.irs.gov/taxtopics/tc554
https://www.irs.gov/charities-non-profits/charitable-organizations
Internal Revenue Service (IRS)
https://www.irs.gov/
https://www.irs.gov/forms-pubs/about-form-1099-misc
https://www.uscourts.gov/services-forms/bankruptcy
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
Unrelated Debt-Financed Income (UDFI)
https://ira123.com/learn/understanding-udfi/
https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-provision-11011-section-199a-qualified-business-income-deduction-faqs
3115 Change of Accounting Method
https://www.irs.gov/forms-pubs/about-form-3115
https://www.irs.gov/businesses/cost-segregation-audit-techniques-guide-chapter-1-introduction
https://www.irs.gov/forms-pubs/about-schedule-a-form-1040
https://www.irs.gov/forms-pubs/about-schedule-e-form-1040
https://www.law.cornell.edu/uscode/text/26/280A
https://www.mileiq.com/
Healthcare Reform (Affordable Care Act)
https://www.healthcare.gov/
https://andersonadvisors.com/tax-wise/
http://tobymathis.com/about-toby-mathis/
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
Anderson Advisors Tax and Asset Protection Event
https://andersonadvisors.com/asset-protection/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Thursday Oct 08, 2020
Thursday Oct 08, 2020
Are you a real estate investor that wants to learn how to keep more of what you earn? Seek simplified and easily understandable legal and tax strategies from a uniquely qualified guide to plan your income goals and accumulate wealth.
Today, Clint Coons of Anderson Business Advisors talks to Greg Boots, a licensed attorney and insurance agent. Also, Greg is a Certified Financial Educator (CFEd®) and Retirement Income Certified Professional (RICP®).
Greg is an authority on business formation, estate planning, and retirement planning strategies. He works with clients nationwide on executive wealth accumulation, non-qualified plans, retirement income planning, and college funding. He has extensive experience working with professional practices on executive compensation and business continuation goals. Also, Greg is active in retirement income planning for federal employees.
Highlights/Topics:
- Life and Death: Insurance is a valuable tool in spite of traditionally designed policies
- Capital Accumulation: Create something that can be actively used for entire lifetime
- Types of Life Insurance Policies:
- Term: Inexpensive, but no value until death
- Perm: Lifetime benefits with cash growth component
- Index Universal Life (IUL) Policy: Links to upside growth of stock market performance
- Zero Risk: Never lose underlying capital with protection from stock market corrections
- Private Vault: Capital reserve actively utilized any time to get into other investments
- Policy Money: Always access money tax free by taking out loan and dictating terms
- Compounding Capital: Take money out and policy continues to grow
- Premium Finance: Borrow policy money to accumulate wealth via super safe funding
Resources
The Private Vault by Greg Boots
https://www.amazon.com/Private-Vault-Gregory-J-Boots-ebook/dp/B00G71IKNA
Free Consultation and Strategy Session with Greg Boots
https://aba.link/gregconsult
https://www.govinfo.gov/app/details/USCODE-2011-title26/USCODE-2011-title26-subtitleF-chap79-sec7702
https://www.daveramsey.com/
https://www.suzeorman.com/
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 Oct 06, 2020
Tuesday Oct 06, 2020
Are you ready for the debates and upcoming election? In the meantime, Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions about Donald Trump’s and Joe Biden’s tax returns. Maybe you, too, can become a multimillionaire. William H. Rehnquist once stated, “There is nothing wrong with a strategy to avoid the payment of taxes. The Internal Revenue Code doesn’t prevent that.” Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- Can you withdraw some earnings from a Roth IRA, if you held it for five years or more and you are not older than 59.5 years old? Yes, you can take out earnings without being penalized or forced with required distributions
- If I live in one state and use my home office for a tax deduction, but have rented an apartment in another state for business purposes, can I use the apartment and utilities for a business deduction? Apartment in other state probably needs to be rented by entity or business; don’t do a home office, but an administrative office in your home
- What are the laws for purchasing a vehicle for business to use as a deduction? If business buys vehicle, track mileage and don’t fall below 50%; if you buy it, track miles and get reimbursement (55 to 58 cents per mile)
- Is there a way to get around being taxed from the gains/profit from doing flips? Find other expenses to run against that income
- If you rent out a condo and take depreciation on it, and then the following year, decide to live in the condo yourself, what do you do about the depreciation? Depreciation stays where it’s at until you decide to sell the property
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/iiw
https://andersonadvisors.com/tax-wise/
Donald Trump’s Taxes (New York Times)
https://www.nytimes.com/interactive/2020/09/27/us/donald-trump-taxes.html
https://www.maralagoclub.com/
https://www.oyez.org/justices/william_h_rehnquist
https://www.law.cornell.edu/uscode/text/26/7213A
26 U.S. Code Section 469(c)(7)
https://www.law.cornell.edu/uscode/text/26/469
https://www.law.cornell.edu/uscode/text/26/26
https://www.law.cornell.edu/uscode/text/26/280A
http://www.irs.gov/pub/irs-drop/rr-14-02.pdf
https://andersonadvisors.com/living_trusts/
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/tax-reform
Capital Gains Exclusion/Section 121
https://www.irs.gov/taxtopics/tc701
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.mileiq.com/
Real Estate Professional Requirements
https://www.irs.gov/pub/irs-utl/33-Real%20Estate%20Professionals.pdf
https://www.irs.gov/credits-deductions-for-individuals
https://www.irs.gov/charities-non-profits/charitable-organizations
https://www.sbc.senate.gov/public/index.cfm/guide-to-the-cares-act
Healthcare Reform (Affordable Care Act)
https://www.healthcare.gov/
https://www.irs.gov/forms-pubs/about-schedule-a-form-1040
https://www.irs.gov/forms-pubs/about-schedule-e-form-1040
https://www.irs.gov/forms-pubs/about-schedule-k-1-form-1065
https://www.irs.gov/taxtopics/tc554
https://www.irs.gov/forms-pubs/about-form-w-2
https://www.irs.gov/pub/irs-news/fs-08-18.pdf
http://tobymathis.com/about-toby-mathis/
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
Anderson Advisors Tax and Asset Protection Event
https://andersonadvisors.com/asset-protection/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Tuesday Sep 29, 2020
Tuesday Sep 29, 2020
Need a vacation, but don’t think you can afford it? Invest in short-term rentals to spend time relaxing with friends and family to realize that life goes on. However, Airbnb-style investing isn’t for everyone. Unless, you know how to do it right and treat it as a business.
Today, Clint Coons of Anderson Business Advisors talks to Richard Fertig, founder of Short Term Rental University (STRU).
Richard provides insight to overcome challenges that make short-term rentals create cash flow. They’re supposed to be a value add to your life and income, not a distraction.
Highlights/Topics:
- Why start STRU? Out of frustration with the Airbnb platform.
- What is your personality type and approach? Hands-on or outsource and automation.
- Why short-term rentals? Single largest rate of return out of all real estate investments.
- Would you stay there? There are properties/places all over that are desirable locations.
- Is there competition? Narrow niche to charge a premium and be unique, not generic.
- What about reviews? Trust feedback from peers; guests rate hosts, hosts rate guests.
- Is it a way to make easy money? Depends on location, location, location.
- How has COVID impacted rentals? If you're in the right location, you can have the best year yet.
- Where are the best places? Places off the beaten path or on people’s bucket list.
- What are the general guidelines? Depends on budget; the same number of baths/bedrooms.
- What are the common mistakes to avoid?
- Find something interesting, and then price it at a premium.
- Attract your tribe to be much more profitable.
- Don’t invest in condos where 300 other people are competing against you.
- Don’t view occupancy as a Key Performance Indicator (KPI).
Resources
YT Playlist with Best Videos for STR Hosts Starting Their Journey
https://geni.us/cYwzHGy
https://www.youtube.com/struniversity
https://www.facebook.com/groups/113927182423791/
https://www.airbnb.com/
https://www.vrbo.com/
https://www.airdna.co/
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
Thursday Sep 24, 2020
Thursday Sep 24, 2020
Who can or wants to work forever? If not, then learn how to invest in cash flowing rental properties as a passive way to make money.
Today, Clint Coons of Anderson Business Advisors talks to Kathy Fettke, co-CEO of Real Wealth Network and host of the Real Wealth Show and Real Estate News podcasts. Also, Kathy is the best-selling author of Retire Rich with Rentals.
Kathy is passionate about teaching people how to better understand real estate market cycles to thrive during booms and protected during busts. She helps people build passive income streams through high cashflow real estate investments.
Highlights/Topics:
- 1031 Exchange: Overcome fear of going other places to invest and make money
- Top Factors: Job growth, population growth, affordability plus infrastructure investment
- Appreciation: Find it anywhere and everywhere by getting ahead of growth and progress
- COVID: Massive migration accelerated to leave high-priced markets for new normal
- Landlord/Tenant Laws: Proposition 13 passed in California drives up taxes, kills profit
- Where to invest? Texas, Florida, and Alabama due to job growth and lower taxes
- Lack of Supply: When market collapsed, demand increased for affordable housing
- Rent Collection: People don’t want to get evicted; continue to pay for place to live
- Manipulated Economy: Nothing makes sense or is predictable
- Real Estate Survival Rate: Depends on what federal reserve does with interest rates
Resources
http://realwealthnetwork.com/
https://www.realwealthnetwork.com/category/podcast/real-wealth-show/
https://www.realwealthnetwork.com/category/podcast/real-estate-news/
https://www.amazon.com/Retire-Rich-Rentals-Ongoing-Forever/dp/1500881589
https://www.realwealthnetwork.com/learn/how-to-do-a-1031-exchange-rules-definitions/
kathyfettke@realwealthnetwork.com
Kathy Fettke’s Phone: 888.796.3896
https://www.californiataxdata.com/pdf/Prop13.pdf
Paycheck Protection Program (PPP)
https://www.sba.gov/funding-programs/loans/paycheck-protection-program
Extreme Success by Rich Fettke
https://www.amazon.com/Extreme-Success-Program-Succeed-Struggle/dp/0743223144
Rich Dad Poor Dad by Robert Kiyosaki
https://www.richdad.com/
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 Sep 22, 2020
Tuesday Sep 22, 2020
Give your children a purpose, not money. Toby Mathis and Jeff Webb of Anderson Advisors answer tax questions related to passive versus active income reported on payroll for people of all ages to flipping properties and real estate investments. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- If I have a small business, do I need to make it an LLC to hire my children, or can I just be an independent contractor and hire them? LLC is not required for small businesses, but it is recommended for liability protection; your children’s wages should be run through payroll, even if they don’t have social security numbers
- I just bought a house, paid 30k in cash, and spent about $15k in rehab. What expenses of this deal can I write off, besides the rehab cost? Depends on whether you are flipping the property or using it as an investment property; capitalize all of it because you can’t write off the expenses as repairs
- If I am a real estate professional in 2020, can I offset previous years’ passive losses in this year? No, only for 2020 and only for years you were a real estate professional
- Can you put a primary residence into a land trust and/or LLC to maintain anonymity, if you have a commercial bank loan? If not, are there other options available? LLC or land trust is possible, but it’s not the best idea because it could impact homestead
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:
The Tax Toolbox (only $595; regularly $1,500)
http://aba.link/ttb920
https://andersonadvisors.com/tax-wise-workshop-for-businesses-investors/
https://www.irs.gov/pub/irs-news/fs-08-18.pdf
Real Estate Professional Requirements
https://www.irs.gov/pub/irs-utl/33-Real%20Estate%20Professionals.pdf
https://andersonadvisors.com/living_trusts/
https://www.irs.gov/credits-deductions/opportunity-zones-frequently-asked-questions
https://www.irs.gov/credits-deductions/businesses/invest-in-a-qualified-opportunity-fund
https://www.irs.gov/forms-pubs/about-form-8996
Capital Gains Exclusion/Section 121
https://www.irs.gov/taxtopics/tc701
https://www.sbc.senate.gov/public/index.cfm/guide-to-the-cares-act
Individual Retirement Arrangements (IRAs)
https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras
https://www.irs.gov/retirement-plans/traditional-and-roth-iras
Small Business Administration (SBA)
https://www.sba.gov/
https://www.irs.gov/businesses/small-businesses-self-employed/am-i-required-to-file-a-form-1099-or-other-information-return
https://www.irs.gov/forms-pubs/about-form-w-2
https://www.irs.gov/taxtopics/tc554
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/cost-segregation-audit-techniques-guide-chapter-1-introduction
https://www.irs.gov/tax-reform
Healthcare Reform (Affordable Care Act)
https://www.healthcare.gov/
26 U.S. Code Section 469(c)(7)
https://www.law.cornell.edu/uscode/text/26/469
https://www.law.cornell.edu/uscode/text/26/280A
https://www.mileiq.com/
https://www.maralagoclub.com/
https://www.irs.gov/forms-pubs/about-schedule-a-form-1040
https://www.irs.gov/forms-pubs/about-schedule-c-form-1040
https://fred.stlouisfed.org/
Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster
https://www.whitehouse.gov/presidential-actions/memorandum-deferring-payroll-tax-obligations-light-ongoing-covid-19-disaster/
Economic Injury Disaster Loan (EIDL)
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance
Paycheck Protection Program (PPP)
https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf
Paycheck Protection Program (PPP) Flexibility Act
https://www.investopedia.com/paycheck-protection-program-flexibility-act-of-2020-an-overview-4846944
https://www.irs.gov/credits-deductions-for-individuals
https://www.irs.gov/charities-non-profits/charitable-organizations
The Private Vault by Greg Boots
https://www.amazon.com/Private-Vault-Gregory-J-Boots-ebook/dp/B00G71IKNA
http://tobymathis.com/about-toby-mathis/
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
Anderson Advisors Tax and Asset Protection Event
https://andersonadvisors.com/asset-protection/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Tuesday Sep 15, 2020
Tuesday Sep 15, 2020
Do you and your family want to live a better life? Be intentional and deliberate. Most families and businesses don’t realize that the financial transformation they are seeking is not in alignment, but opposed to the transformation they desire.
In this episode, Toby Mathis of Anderson Advisors talks to Eric Dunavant, president and CEO of Paradiem. Since 2007, Eric’s leadership has guided multiple families and businesses to discover greatness, growth, governance, and generosity that makes an impact every day. Before Paradiem, Eric served as a vice president at Charles Schwab and was an associate at Fidelity Investments in charge of managing money market mutual funds.
Eric is a Certified Financial Planner (CFP), Qualified Kingdom Advisor, and Financial Planning Association affiliate. In addition to his certifications, Eric was named New Orleans City Business Money Maker, New Orleans Area Five Star Professional Wealth Manager, and Safe Harbor’s Real Man of St. Tammany Parish. Eric’s book, What If We’ve Been Doing It All Wrong, focuses on how your worldview often interrupts all your financial thinking and behavior.
Highlights/Topics:
- Meaning and Purpose: Paradiem means beyond the day, and Eric’s organization empowers families and businesses to live a better story by being more intentional.
- ROI: Return on investment versus return on intention, which is more important? Too many families focus too much on return on investment, not return on intention.
- Mission, Vision, Values: Culture eats strategy for breakfast, so make sure values are aligned to have a real direction that’s bigger than dollars.
- Business owners and families tend to take on trajectory building wealth, rather than no real purpose when stress and anxiety come along.
- Unintended Consequences: Start small, but over time, they lead to miscommunication, and eventually, addiction.
- Be Deliberate: Money doesn't cause problems and is not an issue. Money can magnify and expose all the areas being neglected and ignored inside your family and life.
- Finances Fragment Families: After Eric’s mom died, his dad pursued business growth and not doing what he was told—workaholic, not home, and not focused on health.
- Four categories of families should focus on to think beyond where they are today:
- Greatness: Why does your story matter?
- Growth: What is the ROI of your story?
- Governance: Who tells your story?
- Generosity: What can your family come together on to make a difference?
- Walk the Walk, Talk the Talk: Start conversations, voice opinions, gain feedback, minimize friction, and achieve buy-in to discover, build, and teach family values.
- How healthy is your family? Resources are available to transform your family.
- What are you willing to work on? There's not anything that's completely out of reach, if you're willing to do the work and go into the pain and darkness of it.
Resources
Family Impact Kit: eric@paradiem.org
Website: https://paradiem.org/
https://paradiem.org/
What If We’ve Been Doing It All Wrong by Eric Dunavant
https://www.amazon.com/What-Weve-Been-Doing-Wrong-ebook/dp/B0733WBKT5
https://www.drucker.institute/perspective/about-peter-drucker/
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