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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 19, 2019
Tuesday Nov 19, 2019
Taxes can be fun. Just ask those who attended the recent Tax-Wise Workshop and Tax Tuesdays hosted by Toby Mathis and Jeff Webb of Anderson Advisors. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- I have a corporation, but it does not earn income. Do I still need to file a return? Yes, you’re required to file a return every year of its existence
- If I am self-employed, or own a small business, are the health insurance premiums tax deductible? Yes, health insurance premiums, but you can’t write-off other costs
- What are the differences between a Solo 401(k), Qualified Retirement Plan (QRP), and Cash Balance Pension? Most 401(k)s and QRPs are defined contribution and/or profit sharing plans; Cash Balance Pension is a defined benefit plan
- How do I sell a husband-and-wife owned C Corp to reduce taxes? Whenever selling a business, try to sell the company’s shares for long-term capital gains
- Can I offset gains from rents with depreciation? Yes
- I have eight units in my own name. Will I save on taxes this year, if I transfer them under my LLC? No, it doesn’t make any difference; there’s no real benefit to doing it that way
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:
Qualified Retirement Plan (QRP)
Foreign Earned Income Exclusion
Real Estate Professional Requirements
Passive Activity Losses - Section 469
Capital Gains Exclusion/Section 121
Section 105 Health Plan Reimbursement
Unrelated Business Income Tax (UBIT)
Anderson Advisors Tax and Asset Protection Event
Tuesday Nov 12, 2019
Tuesday Nov 12, 2019
Did you ever have a lemonade stand when you were a kid? Work in the family business? Eventually, go on to handle tenant coordination, project management, and retail/restaurant pad site development? Today, Clint Coons of Anderson Business Advisors talks to Pam Goodwin, founder of Goodwin Commercial. Being an entrepreneur at such a young age inspired Pam to start her own company to guide local and national clients with commercial real estate acquisitions, lease obligations, and consulting services.
Highlights/Topics:
- What is a ground lease? Purchase commercial land, find tenant, lease property to them, collect revenue, and sell land at cap rate
- What to look for when buying commercial property? Explore community to determine what type of use is missing and re-develop property
- What is a single-tenant net lease? Single tenants are those that lease commercial properties (i.e., Taco Bell, McDonald’s, and Wendy’s)
- How to find profitable commercial real estate? Perform due diligence, team up with experts, and attend commercial real estate networking events
- What’s the future of commercial real estate? Still a growth market, but slowing down
- Where to invest in commercial real estate? Georgia, Texas, and Oklahoma are among “hot” markets to find opportunities; buy in the path of progress
Resources
One Cent Lemonade to Million Dollar Deals
Winning Ways in Commercial Real Estate
International Council of Shopping Centers (ICSC)
Small Business Administration (SBA)
Tuesday Nov 05, 2019
Tuesday Nov 05, 2019
Afraid of taxes? Spooked about getting audited? Halloween isn’t the only day of the year that most of us fear. So, Toby Mathis and Jeff Webb of Anderson Advisors provide fast, fun, and educational answers to your tax questions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- How can I minimize taxes for someone with no children and no longer able to itemize miscellaneous deductions under new tax laws? Depends on where income comes from
- Can you get lender financing for a property deposit from a self-directed IRA? Not likely because IRA can’t be collateral, but a 401(k) can be used
- Are horses and their expenses tax deductible? Yes; some are also depreciable
- What do you need to do to use the Medical 105 Plan and reimburse your medical expenses? Corporation with plan document is required; show receipts for reimbursement
- What does DBA mean? Doing business as (a.k.a., Fictitious Name)
- Should I form an LLC or Corporation for rental properties? Corporation should be your last choice; LLC is not a tax designation; put rental properties on your personal return
- If I purchase one or more vehicles, with the intent of renting them out, should I title them in an LLC? Yes, due to liability; also have immaculate maintenance records, commercial insurance, and titled to renter’s LLC
- Can I offset gains from rents with depreciation? Yes; rental income is offset by all your rental property expenses, including depreciation
- Can a small, newly set up LLC buy a property? Yes, seasoning requirement isn’t required
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:
Pre-order Book Deal: Tax-Wise Business Ownership
Real Estate Professional Requirements
Uniform Limited Liability Company Act (ULLCA)
Passive Activity Losses - Section 469
Capital Gains Exclusion/Section 121
Modified Accelerated Cost Recovery System (MACRS)
Section 105 Health Plan Reimbursement
Rollovers as Business Start-Ups (ROBS)
Anderson Advisors Tax and Asset Protection Event
Tuesday Oct 29, 2019
Tuesday Oct 29, 2019
Do you know much about your parents and grandparents? Where they came from? How they lived? Today, Toby Mathis of Anderson Business Advisors talks to Chad Ketcher of Generation Bridge Media. Chad captures the lives of senior citizens on video to help them create a personal legacy and bridge the generational gap. Otherwise, all is lost and left behind for future generations.
Highlights/Topics:
- Why drawn to conversations with senior citizens? Most fascinating and interesting people willing to share great stories and wisdom
- Why build a bridge between high schoolers and seniors (over 60 years old)? Show current teenagers what it was like to be teenagers decades ago
- Why did Chad create a Memory Planning Toolkit? Offers worksheets that spark specific memory points to document or video stories from senior citizen’s perspective
- Why video instead of write your legacy? Video captures non-verbal communication, from hand gestures to eye rolling; 93% of our communication is non-verbal
- Who was the prankster, crazy uncle, or bridezilla in your family? Lives are built on remembering family dynamics and personalities that create classic moments
- What is Chad’s process? Have camera, will travel for in-person interviews where seniors communicate and pass down their values, beliefs, and messages
- What’s the most interesting story told to Chad? Gordy Sundin, a professional athlete who went from majors to minor league and released; Gordy felt safe to share and confess deep and meaningful things with his family that had never been said before
Resources
Exclusive offer from Generation Bridge for Anderson Business Advisors
Generation Bridge Media on YouTube
Generation Bridge Media on Facebook
Tuesday Oct 22, 2019
Tuesday Oct 22, 2019
As they attend an Executive Retreat in Maui, Toby Mathis and Michael Bowman of Anderson Advisors help you watch out for sharks, especially when it comes to taxes. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- Can I take advantage of business deductions, if I don’t directly own rental properties, but invest in real estate as a limited partner in syndications and funds that generate K-1s? No; have one entity for investments and one entity to manage investments entity
- Regarding the 280A Form, how do I get reimbursed? You don’t have to report payment as income or pay taxes on it
- Can the Charitable Purpose Board’s activities take place in another country? Yes, approve it in the United States, but perform activities in another country
- If I purchase a property within an opportunity zone and start a business based from that building, do I still need to improve the property? Yes, substantially improve the property
- If a person uses cost segregation on rental home, isn’t depreciation recaptured upon sale of home? Can a 1031 Exchange be used? Cost segregation lets you write-off things and a 1031 Exchange can be used
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:
U.S. Government Accountability Office (GAO)
Passive Activity Losses - Section 469
Real Estate Professional Requirements
Capital Gains Exclusion/Section 121
Anderson Advisors’ Executive Retreat
Anderson Advisors Tax and Asset Protection Event
Tuesday Oct 15, 2019
Tuesday Oct 15, 2019
What do you want to do in the future? Are you living your dream? Your passion? Or, is it time to make a career change? Today, Michael Bowman of Anderson Business Advisors and Bowman's Business Brief talks to long-term client Eddie Russell, an electrician who shares words of wisdom on the world of real estate by attending the Anderson Advisors Tax and Asset Prevention Workshop. He worked hard, saved money, and slowly acquired properties.Eddie is a perfect example of how to protect your hard-earned money and assets for the future.
Highlights/Topics:
- Why and how Eddie started an electrical business? Followed in his father’s footsteps
- Why real estate? After 32 years, Eddie sold successful business to follow his passion for properties
- What mistakes did Eddie make? Tried to do it all by purchasing residential properties for rentals, repairing them, getting loans, and collecting too many assets
- What lessons did Eddie learn? He went back to school, got his real estate master’s, and changed how he did things
- Why more real estate education? Eddie needed to know how to hold onto, structure, and insure properties to pass them onto his children as legacy wealth
- What concerns did Eddie consider? Types of entities/structures (i.e. LLCs), liabilities, costs, fees, growth, and tax benefits
- How to welcome knocks on the door and sleep at night? Tax and Asset Protection Workshop taught Eddie about processes, funds, where to go, and how to do things
- Why was Eddie served with papers due to two lawsuits? Real estate is high-liability business; despite liens/loans on properties, Eddie’s wise decisions helped him win
- Why are lawsuits never fun, but scary and painful? Have the means to take care of it, before it’s too late; lawsuits take time, value, and money
- Does Eddie’s business continue to grow? Still building, going to town, and doing about 12-13 houses a year
Resources
Tuesday Oct 08, 2019
Tuesday Oct 08, 2019
Be in the know before filing your tax forms to avoid big surprises and losses. For fun and educational answers to your tax questions, Toby Mathis and Jeff Webb of Anderson Advisors are willing, able, and ready to help. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- How can I take full advantage of excess depreciation on passive real estate investments? Cost segregation, MACRS, and bonus depreciation through TCJA
- What is the best way to set up an Airbnb business that is a solely-owned, single-family house? If average guest’s stay is 7 days or less, pay self-employment tax and take depreciation
- If I sell my personal residence, what’s the best way to use the funds from the sale for a residential assisted living (RAL) startup? Create LLC, obtain inside/outside liability insurance, borrow money, and deduct costs
- I traveled via RV across and outside the country and needed WiFi to conduct business. Can any part of the travel expense be deducted? If travel is more than 50% for leisure, you can’t write off business expenses; otherwise, write off RV, WiFi, mileage, other costs
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:
Pre-order Book Deal: Tax-Wise Business Ownership
Modified Accelerated Cost Recovery System (MACRS)
Real Estate Professional Requirements
Passive Activity Losses - Section 469
Unrelated Business Income Tax (UBIT)
Capital Gains Exclusion/Section 121
Real Estate Investment Trust (REIT)
Save A Vet With A Pet – 1 Veteran Foundation
Anderson Advisors Tax and Asset Protection Event
Tuesday Oct 01, 2019
Tuesday Oct 01, 2019
Have you ever thought of a great idea, only to do nothing about it? Why not? Today, Toby Mathis of Anderson Business Advisors talks to David Rafus of 1 Veteran Foundation, a non-profit group in southern Arizona that helps qualified veterans with post-traumatic stress disorder (PTSD) get a service dog for support.
Highlights/Topics:
- How did 1 Veteran Foundation develop? David’s bright idea when sitting on the couch and watching television; bought the name, but not enough money to do anything else
- Why not start it then? It takes money to start a non-profit organization; IRS requires about $400 to file for 501(c)(3) status
- How did one friend help start 1 Veteran Foundation? Donated $400 for bookkeeper to file 501(c)(3) application
- How do many veterans deal with trauma and stress after serving in the military? More veterans kill themselves per year than die in combat
- How do service dogs (a.k.a. teammates) support veterans? David’s service dog, Manefa, helps him deal with nightmares, crowd control, and other issues related to PTSD
- Why there’s an epidemic of suicide among veterans? Military tries to alleviate transition by finding jobs, but not mental health help; pride prevents them from asking for help
- Are service dogs an all-in-one fix? No, but an extra life-saving tool to deal with PTSD
- What does it cost to train a PTSD service dog? About $30,000 to do basic obedience training and achieve Service Dog Certification
- What are service dog requirements? Healthy rescue dogs, usually 1-3 years old, at least 40 pounds, consider bond over breed, and complete doggie boot camp
- How long does it take to find and train each service dog? About 300 hours
- How do veterans request a service dog from 1 Veteran Foundation? Organization’s Website describes process to request a service dog
- Why is there a stigma with PTSD? People fear what they don’t understand
- Why do veterans name their service dog after a trauma? Turns negative into positive experience to provide comfort and take away pain to make progress against PTSD
- Want to sponsor a veteran who needs a service dog? Donate to 1 Veteran Foundation
Resources
Charities and Non-Profit Organizations
Tuesday Sep 24, 2019
Tuesday Sep 24, 2019
Celebrate the 100th episode of Tax Tuesday, where Toby Mathis and Jeff Webb of Anderson Advisors bring tax knowledge to the masses. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- Is there a preferred tax structure for a foreign investor compared to a U.S. investor? United States taxes worldwide income, if you’re a U.S. resident and there’s a treaty between the United States and other country
- I’m an independent contractor through a company that sends me a 1099. Can I be self-employed through LLC I created, or do I need to be an employee and have taxes taken out? You’re an employee of your S Corp; you can’t get a 1099 as a contractor
- Do you have to file a tax return, if you have an LLC owned by a solo 401(k)? No, unless it’s a partnership with more than $250,000
- If I own a timeshare (not as an investment), and I go there one week a year, are there tax deductions I can take? Very few are deductible and difficult to get
- Do IRS Section 179 Depreciation Rules apply equally to C and S corps? Yes
- I am remodeling an apartment building. Is cost segregation an option? What are the reporting requirements? Report depreciation of cost segregation of recent remodel
- What are the advantages of qualifying as a real estate professional? Real estate losses are no longer passive, but active to offset your personal income
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:
Pre-order Book Deal: Tax-Wise Business Ownership
Real Estate Professional Requirements
What You Should Know About The New 20% Pass-Through Tax Deduction
Individual Taxpayer Identification Number (ITIN)
Modified Accelerated Cost Recovery System (MACRS)
Anderson Advisors Tax and Asset Protection Event
Tuesday Sep 17, 2019
Tuesday Sep 17, 2019
How can you find someone honest and responsible to manage your real estate investment properties? Who can you trust? Today, Clint Coons of Anderson Business Advisors talks to Doug Brien about what to consider when looking for a professional property management company. Doug is the co-founder and CEO of Mynd Property Management, which manages about 8,000 units in 16 markets and enables remote real estate investing in 20 markets. As a former professional football player for the New Orleans Saints and San Francisco 49ers, Doug is a true competitor with brains and brawn on and off the field. By the time he retired at 35 years old, Doug was an experienced real estate investor.
Highlights/Topics:
- How did Doug end up with something to show for being in the NFL? Instead of spending all his money on fancy jewelry and cars, Doug built wealth via real estate investments
- How did Doug get started in real estate investing? Focused on apartments, then single-family homes in foreclosure to raising private funds to form Waypoint Homes
- What did Doug learn about real estate investing? Became comfortable using technology, systems, and data to manage his portfolio
- Why did Doug form Mynd Property Management? Property management business is hard, so decided to start and build a company and technology it uses
- What home valuation tool does Mynd use? INVESTimate determines investment potential of any home in the United States via artificial intelligence (AI) and machine learning (ML)
- What issues do investors deal with when choosing a property management company? How do they not get ripped off? Don’t hire and individual, but a company; trust is earned
- What does Doug focus on? Build and use own platform to give investors more access and transparency to data
- How is data used? To manage investors’ properties and make it available to them for peace of mind of knowing people are paying attention and things are/aren’t happening
- Does Mynd Property Management provide recommendations/referrals? Yes, talk to other investors experiencing the same challenges
- What data should be obtained? Find out how long it takes to lease, what kind of rent per square foot is achieved, and other financial reports
- What is Mynd’s property prescription? Inspections and in-depth analysis of property to put together a plan on how to maintain or improve your property
- Has Doug had issues with bad property managers who didn't keep up their properties? Yes, get data and ask for insights into other markets to grow your portfolio
- How to get started in real estate investing? Educate yourself, understand the tax benefits, and learn how to do it
Resources