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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 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
Tuesday Sep 10, 2019
Tuesday Sep 10, 2019
Ready for another fun-filled episode where Toby Mathis and Jeff Webb of Anderson Advisors talk about tax code rules to maximize your savings and keep more of what you earn. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- Can a married couple file a joint federal return, if we live in different states? Yes; federal government requires married couples to file jointly in some way
- We are paying our son’s rent while he’s in dental school. Is there a deduction we can take for that expense? No, it’s considered a gift
- Can an individual sole proprietor sponsor a 401(k) plan? Yes, but all their income is considered wages and other potentially negative factors need to be considered
- I am a realtor sales associate. My company requires me to place my broker as additional insured. Can I Roth the portion on my premiums? Yes, as an additional insured
- I purchased an investment property in another state and formed an LLC. Can the LLC reimburse me for flights, hotels, and meals incurred prior to formation? Costs incurred when establishing your business can be captured and amortized
- Can a previously established LLC be reconfigured to be taxed as an S Corp? Yes, just follow same rules as making an S election
- I have an Inc. How many LLCs can I have under it? There's no limitation
- Do you give a 1099 to an individual who helped you find a deal for a referral fee? Give them a 1099, if it's more than $600
- If you do a cost segregation, do you have to pay everything back, if you do a 1031 exchange in the future? No, you're just rolling forward the basis on your property right
- I'm licensed with Primerica. Should I create an LLC for my business? It depends on how much you're making because you're personally responsible for any liabilities incurred
- Can I submit mileage driven from my main work location to a branch office to my employer for reimbursement? Submitting it doesn't mean they're going to pay it
- Can I form an LLC to purchase a vehicle, lease it to myself, and then use an accountable plan from my C Corp to reimburse lease payments? Don't do that.
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:
New Tax Laws That Give Real Estate Investors a Massive Deduction (free Webinar for Tax Tuesday listeners)
Franchise Tax Board of California v. Hyatt - SCOTUS
Real Estate Professional Requirements
Uniform Gifts to Minors Act (UGMA)
Who Pays if You’re in an Accident in a Company Car?
501(c)(3) Charities and Non-profit Organizations
Anderson Advisors Tax and Asset Protection Event
Tuesday Sep 03, 2019
Tuesday Sep 03, 2019
The exciting part of investing in real estate is finding a property and running the numbers. If you don't have financing ready to go, the property will probably be sold to someone else. How do you get financing for your rental properties? Today, Michael Bowman of Anderson Business Advisors and Bowman's Business Brief talks to Todd Bowman of AmeriFirst Financial about financing options. Todd is a mortgage broker, who handles mortgages for investors with rental properties.
Highlights/Topics:
- What’s needed to qualify for an investment property loan? Pre-approved financing, two years of tax returns, and paycheck stubs to verify income
- What type of pre-approval? Full-underwrite approval, instead of credit approval based on your credit score
- How much of a down payment is recommended or required by lenders? 20 percent for investment properties, but some require only 10 percent for hard money loans
- What are down payment qualifications? Your money only; or money gifted to you needs to be in your bank account 60 days prior
- Do seller concessions factor into loans? Reduces out-of-pocket and closing costs; AmeriFirst’s $1,450 processing and underwriting fee includes six months of taxes and hazard insurance
- What if you don’t have enough for a down payment? Use cash reserves from 401(k), IRA, or stocks and bonds portfolio
- What if you buy a property already being leased out? Take 25 percent of rent based on market rolls for instant income stream
- Is it a cash cow, mailbox money, or dog of a property? Numbers don't lie; make sure it's profitable
- What’s an acceptable credit score? It isn't one particular number, but more about your credit profile; better FICO scores mean cheaper rates and likelihood of approval
- How can you improve your credit score? Revolve credit lines/cards, lower balances, and don’t randomly pay off loans/debts
- What's debt-to-income (DTI)? Based on your total debt, including credit cards, student loans, and child/spousal support
- What should you look at or make sure of before making an offer on a property? Do your research by driving around the neighborhood and interviewing realtors
Resources
Tuesday Aug 27, 2019
Tuesday Aug 27, 2019
Taxes are confusing and challenging for most people. By answering your tax questions, Toby Mathis and Jeff Webb of Anderson Advisors give and get what you deserve. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- What are advantages/disadvantages to lease purchase of vehicle via C Corp? Depreciation and percentage of use restrictions; better option is to reimburse mileage
- What’s the best tax strategy for a vacation/short-term rental that I own and sometimes use? Can’t deduct certain expenses for personal use; only ⅔ of expenses/depreciation
- What’s the best state to form an LLC for charging order protection? Wyoming or Nevada
- What are two types of liability for a business? Inside and outside
- For tax purposes, should I pull all my 401k money at one time for real estate investing? Depends on several factors, including income and losses
- Can I put rental payments in my personal bank account, or in property’s LLC bank account? Run it through LLC; respect your LLCs for courts to do the same
- Are charitable contributions deductible to a C Corp? Yes, but restricted to 10% of taxable net income; offer sponsorship to make it an expense, rather than a contribution
- I provide gas, food, and lodging to an unrelated person. Is any of that deductible on my personal return? No; it’s considered a gift, if $15,000 or less each year
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:
Cost Segregation (erik@costsegauthority.com)
Using Cost Segregation in Residential Real Estate
Employer Identification Number (EIN)
Unrelated Business Income Tax (UBIT)
Modified Accelerated Cost Recovery System (MACRS)
Anderson Advisors Tax and Asset Protection Event
Tax-Wise 2019 3-in-1 Offer/2-for-Tuesday Bulletproof
Tuesday Aug 20, 2019
Tuesday Aug 20, 2019
Why use your own money, when you can use someone else's to invest in real estate? Become an informed investor. Today, Clint Coons of Anderson Business Advisors talks about hard money loans (HMLs) with Albert Bui, mortgage planning specialist at Avenue One Capital.
Highlights/Topics:
- Loan Types and Trends: Percentages and prices for conventional, portfolio, commercial, and hard money loans
- Hard Money Loan Issues: Shortage of contractors and property doesn’t sell quickly
- Tradesmen/Contractors turned Cons: Sell a bill of goods and require money upfront before rehabbing properties
- Project vs. Profit: Project must be completed before interest rate hikes and profit loss
- Experience-based Product: How many exits out of hard money?
- Exit Options: Plan ahead by considering assets, income, and credit to decide whether to sell, refinance, rent, or lease
- What’s the difference? Some say, ‘pre-approval’; Albert says, ‘purchasing power analysis’
- Qualifying for Loans: How much income do you expect to make and from what sources?
- Credit Card Debt: Everything you charge, changes debt into income
- With/Without Tenants: Use portion of rent to offset mortgage; qualify with your income
- Lender Qualifications: Level of service and time they’re willing to spend with you
- Terminology and Questions: What type of investors do you work with? How many real estate investors have you worked with? Are you a real estate investor?
- Three Legs of the Stool: Credit, income, and assets/cash
Resources
Albert Bui at Avenue One Capital
Albert Bui’s Phone: 949-514-5106 (California) or 425-951-5300 (Washington)
Federal Insurance Contributions Act (FICA)
Federal Housing Administration (FHA)
U.S. Securities and Exchange Commission
Tuesday Aug 13, 2019
Tuesday Aug 13, 2019
When you do things right, you don’t get sued, harassed, or audited. That’s why 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 starting a real estate business. How should the LLC be taxed? LLCs choose how they are taxed
- Is there an annual amount you have to pay contractors that require 1099 and W-9 forms? Minimum is $600
- What is a quitclaim? Transfer of interest in county record of your interest
- What is the simplest software or way to log vehicle mileage? MileIQ
- What is a qualified business income (QBI) deduction? Deduct up to 20% QBI, 20% qualified real estate investment trust (REIT) dividends, and qualified publicly traded partnership (PTP) income
- Can you invest money earned through 501(c)(3) to invest in dividends and stocks? Yes
- Can you explain the 100% depreciation changes in the new tax code? Bonus depreciation allows 100% deduction as expense of asset
- Are you familiar with the Deferred Sales Trust concept? Yes, it works to sell a highly appreciated business under an installment note to spread out tax over a lifetime
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:
Individual Retirement Account (IRA)
501(c)(3) Charities and Non-profit Organizations
Howard Hughes Medical Institute
Modified Accelerated Cost Recovery System (MACRS)
Cost Segregation Audit Techniques
Unrelated Business Income Tax (UBIT)
Anderson Advisors Tax and Asset Protection Event
Tax-Wise 2019 3-in-1 Offer/2-for-Tuesday Bulletproof
Wednesday Aug 07, 2019
Wednesday Aug 07, 2019
What possibilities are available when you own rental real estate? Different strategies are available to maximize tax benefits. For example, learn how to take advantage of a tax saving tool that saves you thousands of dollars each year. In this episode, Clint Coons is joined by Brett Hansen of Cost Segregation Authority to discuss such benefits associated with residential real estate investments.
Highlights/Topics:
- When you buy property, you can depreciate it over time; Cost Segregation Authority accelerates depreciation to increase your expenses/lower your net taxable income
- If you pay less tax to the IRS, save that money to increase your portfolio and invest in things that get a return; it’s not a deduction, but reduced amount of taxable income
- Smart Tax Planning: Maximize depreciation deduction to reduce tax burden; re-classify assets of a property to identify components that can be depreciated faster
- For assets that you didn’t capitalize on (up to 20 years), you can bring them forward into the next tax return via the Section 481(a) adjustment tax form
- CPA must understand value cost set to use cost segregation for residential property
- Cost segregation studies meet IRS guidelines to protect clients from/during audits
- Changes in Tax Laws: Bonus depreciation - no longer need to purchase new equipment and bonus percentage changed to 100%
- Next Steps: To analyze your property, provide the total cost you paid for it, the year you purchased it, and the property’s address to get the projected benefit and associated cost
Resources
Brett Hansen’s Cell (801-884-8358)