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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 Dec 17, 2019
Tuesday Dec 17, 2019
‘Tis the season for giving, so how do donations to charities and nonprofits impact your taxes? Toby Mathis and Jeff Webb of Anderson Advisors provide answers to help you get through the holidays when helping others. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- I received a large sum of money via inheritance in 2019. How can this amount be protected and have the tax burden minimized? Inheritances are not taxable to recipient
- Is keeping a log of miles always required? How should the car be purchased so all the miles are considered business? Keep track of all business miles via MileIQ; how car is purchased doesn’t matter as much as how the car is used
- If I make a large stock contribution to my 501(c)(3), are there any capital allocation or income sourcing requirements that would force my charity to sell it off? No capital allocations or income sourcing requirements, but you must fulfill nonprofit’s purpose
- Is a quitclaim deed sufficient to transfer the title of a timeshare from personal name to revocable living trust in California? Technically, you can, but most use a warranty deed; determine if ownership is deeded interest or right-to-use contract
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:
2019 Year-End Tax Planning Special
Capital Gains Exclusion/Section 121
Real Estate Professional Requirements
Tuesday Dec 10, 2019
Tuesday Dec 10, 2019
You'll never go wrong, if you live by the Golden Rule: "Do unto others as you would have them do unto you." Today, Michael Bowman of Anderson Business Advisors and Bowman's Business Brief talks to George Antone, a financier and industry thought leader. George has the ability to take complex topics and make them easy to understand. He can change your perspective on financial life and teach you how to hack finances. His goal is to leave the world a better place by being in it.
Highlights/Topics:
- Is there an overarching premise that George uses? Go straight to numbers; look at everything and ask, "How does this work, if it does work?"
- When talking about investing and real estate, does George view leverage as good or bad? People need to understand and measure leverage; it can work for or against you
- What is financial leverage? Borrow as much as possible vs. don't use debt for anything; find right amount of debt, not too much or too little
- Is there good and bad debt? Good and bad debt exists; build wealth by focusing on using and measuring right debt and financial leverage
- How much debt should you have? Determine debt-to-asset ratio as metric, depending on stage of life; most investors’ debt-to-asset ratio is too high (80-90%)
- What is a loan constant? Measure of flexibility and risk for loan; monthly principal and interest (P&I) payment, multiplied by 12, and divided by loan amount to get percentage
- What should you consider when buying property? Know what to do when market goes down and be ready for it
- Are reserves necessary when using debt? Anytime you use debt, you must have reserves; money in the bank gives you peace of mind when using leverage
- What’s the difference between delayed vs. instant gratification? Be safe, especially when market goes down, reserves become allies
- How George sets up his reserves? Create two types of reserves, primary and secondary
- Should you use reserves to bring a loan down? Refinance to lower payments; never use debt for reserves
- What /when to measure? Make sure every investment and entity line up each quarter
- Where’s the Finish Line when it comes to finances? Move faster, not backwards; generate a certain amount of money every year to maintain your purchasing power
- What are banker’s rules? Play the spread game and pass all the negative impact of inflation to their depositors by being honest, ethical, and disciplined money manager
- How to build wealth with fewer doors? Use new metrics and definition of success; start with good books and invest in knowledge
- What are three metrics George recommends tracking? Debt-to-asset ratio, assets under management (AUM), maintain your reserves, and use right type of debt
Resources
The Debt Millionaire by George Antone
The Wealthy Code by George Antone
The Banker’s Code by George Antone
Rich Dad, Poor Dad by Robert Kiyosaki
Tuesday Dec 03, 2019
Tuesday Dec 03, 2019
Did you gain too much on Thanksgiving? Spend too much of your income on Black Friday? It happens. Make better decisions when it comes to your taxes by listening to Toby Mathis and Jeff Webb of Anderson Advisors. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- Can you ever do a 1031 exchange for tax lien certificates? No, unless you have a right to own or take title of property; different states have different statutes
- Are free-and-clear properties taxed heavier? Doesn’t matter if you have a loan against a property, but you don’t have a mortgage interest deduction
- What are the tax consequences of borrowing money from a private lender and agreeing to pay a fixed percentage over time? You get money to do your development; paying back percentage of interest or profits reduces gain of taxes that you’ll pay
- What itemized deductions will be allowed for 2019 returns? Mostly the same as 2018; refer to Schedule A for medical expenses, mortgage interest, and charitable giving
- What’s the best vehicle to use for retirement without paying taxes on it? Best and safest methods include annuities, bonds, stocks, and real estate
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-Wise 2019 3-in-1 Offer/2fer Tuesday Bulletproof
Qualified Retirement Plan (QRP)
Capital Gains Exclusion/Section 121
Ed McMahon Settles Suit Over Mold for $7.2 Million
Annuities vs. Bonds: What's the Difference?
Tuesday Nov 26, 2019
Tuesday Nov 26, 2019
Would you rather spend money on a Lamborghini, mansion, and jet, or make more money for non-profit ventures? Sometimes, something outside of ourselves drives us to do amazing things for other people.Today, Toby Mathis of Anderson Business Advisors talks to Bryan Canter, an experienced investor turned active trader. He has spent the past seven years developing his trading education through several training programs.
Highlights/Topics:
- What prompted Bryan to get into trading? Interest in non-profit side that needed funding by leveraging existing job and money
- What’s Bryan’s level of involvement? Expected 8 hours a day for 4-5 years of education to reach expert level to dedicate 1 hour a day for market assessment and set up trades
- How and where did Bryan start? Introduction to trading stocks and options at David Mitchell’s trading education company called, Neuventure, now named TRADEway
- What were Bryan’s results? Lost money, but not because of the system; 5% of traders are successful, and 95% of traders lose money
- Is Bryan making money now? Yes, by primarily trading in futures markets
- What’s Bryan’s advice for others? Find platforms that give you ability to paper trade
- What are naked calls and naked puts? If selling naked puts, you don't own the company, but someone can make you buy it at a certain price
- Did Bryan get free money and sell a put (you get money, and you get to keep it)? Two strategies: Sell naked puts on stocks and crude oil futures
- What's the percentage loss that Bryan’s willing to take? 25% loss on selling puts, but usually gets 10% gains
- What’s the difference between investing and trading? In real estate, investing is owning rental real estate, and trading is buying something (i.e., fix-and-flips)
- What’s the purpose of options? Acts as insurance because prices of options fluctuate with market volatility and decrease in value over time
- What makes a successful trader? Recognize need and commit time for college-level education; and find mentor assess trades with people
- What’s Bryan actually trading? Follows trend trading strategy, but not trying to pick the top or bottom, but 60-70% of the middle
- Why Bryan likes futures over stocks? Fair growth stocks can be Ponzi scheme, if they're not paying a dividend; futures contract usually goes against some kind of commodity
- What is Bryan’s advice for future investors about stock vs. futures markets? Put every penny you can into investing in high-quality dividend paying stocks
Resources
The Future for Investors: Why the Tried and the True Triumph Over the Bold and the New
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