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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 Mar 23, 2021
Tuesday Mar 23, 2021
Are you lucky to be alive and taking care of your taxes? Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- If a non-profit (NP) organization opened a trading account and got options income less than $50,000, does the NP file an income tax return (besides a 990-N)? If you have gross receipts less than $50,000, you only need to file a 990-N (e-Postcard)
- Are losses from gambling deductible? If you have gambling losses, they are deductible on Schedule A as long as you have gambling winnings on tax return
- I have a rental property that is owned by my self-directed IRA. Does it need to be in an entity or is it safe in the IRA? Individual owner of an IRA is always personally reliable for the acts of the IRA, so put in an LLC or self-directed IRA
- How do you claim the solar credit on your personal residence? Use Form 5695 - Residential Energy Credits; put in how much you paid for solar and multiply times percentage credit (26%)
- Doing a cost segregation on a condo that was purchased out of my inherited trust to pay off other beneficiaries. Can I take bonus depreciation? Yes, and you can write-it off twice if you inherit it
- Can I include my roof replacement for the solar tax credit? You can write-off roof if for dual usage; roof replacement is not part of the solar installation and labor
- How is the in-home office deduction being treated since most of us have been working from home? Still a red flag for realtors? If you are an employee, there is no home-office deduction; the home office is only for sole proprietors and if you’re being taxed on Schedule C and receive a 1099, then you can deduct reasonable expenses
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 (Free 1-day virtual event on March 27)
http://aba.link/MarchTAP
Infinity Investing: How The Rich Get Richer And How You Can Do The Same by Toby Mathis
http://aba.link/infinitybook
IRS - Coronavirus (COVID) Tax Relief
https://www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments
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/charities-non-profits/charitable-organizations
https://www.irs.gov/charities-non-profits/annual-electronic-filing-requirement-for-small-exempt-organizations-form-990-n-e-postcard
https://www.law.cornell.edu/uscode/text/26/168
https://www.section179.org/
https://andersonadvisors.com/retirement_plan/
https://www.investopedia.com/terms/s/self-directed-ira.asp
https://andersonadvisors.com/entity_formation/
https://andersonadvisors.com/using-cost-segregation-residential-real-estate/
https://andersonadvisors.com/living_trusts/
Homeowner’s Guide to the Federal Tax Credit for Solar Photovoltaics
https://www.energy.gov/sites/prod/files/2020/01/f70/Guide to Federal Tax Credit for Residential Solar PV.pdf
Real Estate Professional Requirements
https://www.irs.gov/pub/irs-utl/33-Real Estate Professionals.pdf
https://www.irs.gov/businesses/small-businesses-self-employed/home-office-deduction
https://www.investopedia.com/terms/s/section1245.asp
https://www.investopedia.com/terms/u/unrecaptured-1250-gain.asp
https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0
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.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-k-1-form-1065
https://home.treasury.gov/policy-issues/cares
72t - Substantially Equal Periodic Payments
https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-substantially-equal-periodic-payments
Setting Every Community Up for Retirement Enhancement (SECURE) Act
https://www.investopedia.com/secure-act-4688468
https://turbotax.intuit.com/
Form 5695 - Residential Energy Credits
https://www.irs.gov/forms-pubs/about-form-5695
https://www.law.cornell.edu/uscode/text/26/48
https://www.irs.gov/forms-pubs/about-form-8829
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 Mar 16, 2021
Tuesday Mar 16, 2021
When the COVID-19 pandemic hit, the Canada/U.S. border closed, putting great stress on businesses and families on both sides who depend on international traffic.
In this episode, Toby Mathis of Anderson Advisors talks to Lars Jacobson, a businessman and entrepreneur who has owned and operated his own businesses for more than 20 years.
Lars and his family left southern California and moved to the panhandle of Idaho. He expected to semi-retire, buy 100 acres of land, and become a farmer. However, plans changed. In June 2019, Lars and his family acquired the “Little Town of Porthill, Idaho” that includes a convenience store, gas station, restaurant, and package depot on the Canadian border.
Highlights/Topics:
- Picking up Packages: People don't want to ship packages from the United States to Canada because it's so expensive to get them across the border.
- Starting a Business: After living in southern California, Lars shared things by learning, travelling, and teaching entrepreneurialism.
- Forget about Retiring: After a year or so, God told Lars to buy a town. Wait, what? Pray about it and make it a family adventure.
- God is Good: Business was fantastic and awesome, but when the coronavirus hit, the border closed, and God gave Lars a challenge. Whatever happens, persevere.
- How much longer until the border opens? Remain hopeful and keep calling because nobody seems to have a clue.
- What about the Americans? The closest town nearby has a couple of supermarkets, gas stations, and fastfood, but is about a half-hour away and costs much more money.
- Got Money? The Economic Injury Disaster Loans (EIDLs) and Paycheck Protection Program (PPP) was supposed to be given to people and businesses that needed it.
- Was it enough? No, Lars’ business is losing more than $10,000 monthly and still cutting back. All the employees were laid off except a maintenance person. Everybody’s gone.
- Financial and Emotional Impact: Consider every option and do everything possible after losing what you worked so hard for all your life. Get yourself and your assets and liabilities structured, organized, and prepared.
Resources:
https://jakeslandingusa.com/
GoFundMe - Save Jake’s Landing
https://www.gofundme.com/f/save-jake039s-landing?utm_medium=copy_link&utm_source=customer&utm_campaign=p_lico+share-sheet
Economic Injury Disaster Loan (EIDL)
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/covid-19-economic-injury-disaster-loans
Paycheck Protection Program (PPP)
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
https://www.allsearchinc.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 Mar 09, 2021
Tuesday Mar 09, 2021
Don’t be embarrassed or feel like an idiot when it comes to taxes. You’re not alone. A little knowledge goes a long way. Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- What are the requirements for being a real estate professional, and what are the benefits? Either you or your spouse must have 750 hours and greater than 50 percent of personal services in real estate, and both spouses must materially participate per property unless the aggregation election is selected; and the benefits are that you get to write off losses that you typically wouldn’t be able to write off as a landlord
- I have a fully depreciated rental in a high-tax state. Can I do a 1031 exchange and buy some farmland in a different state and not pay taxes to the high-tax state? Yes, temporarily, unless or until you sell the farmland property
- I have an S-Corp business. I hired my 12-year-old son to work and he gets a W-2 with an annual income of about $1,400. Does he need to file a tax return? If he does not file a tax return, will that increase my chances of getting an audit for my business? If your son makes less than the standard deduction, he does not need to file a tax return, and your business is unlikely to be audited
- Can I write off my monthly car payment if it’s financed and in my corporation’s name? Write off the expenses and interest, but depreciate the car if in the corporation's name; you may have more income from that vehicle than the vehicle is worth–track and reimburse your mileage
- I have a rental property that is owned by a self-directed IRA. Does it need to be in an entity or is it safe in the IRA? Having the property in an LLC within the IRA is preferred, especially if there are other assets in the IRA
- On a “subject to” deal, who pays capital gains and who pays depreciation recapture when the owner grants the deed to the “subject to” buyer? Seller takes care of their own capital gains and depreciation recapture; buyer resets basis and starts depreciation
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:
Infinity Investing Workshop (Free 1-day virtual event on March 13)
https://andersonadvisors.com/
https://andersonadvisors.com/taxtoolbox/
https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0
https://andersonadvisors.com/entity_formation/
Real Estate Professional Requirements
https://www.irs.gov/pub/irs-utl/33-Real Estate Professionals.pdf
https://www.law.cornell.edu/uscode/text/26/469
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.mileiq.com/
https://andersonadvisors.com/retirement_plan/
https://www.investopedia.com/terms/s/self-directed-ira.asp
https://www.irs.gov/credits-deductions/opportunity-zones-frequently-asked-questions
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.irs.gov/charities-non-profits/charitable-organizations
https://www.irs.gov/forms-pubs/about-form-1120
https://andersonadvisors.com/using-cost-segregation-residential-real-estate/
https://www.irs.gov/forms-pubs/about-schedule-k-1-form-1065
https://www.fha.com/fha_loan_requirements
https://andersonadvisors.com/living_trusts/
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 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/