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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
Thursday Oct 19, 2023
Thursday Oct 19, 2023
In this episode of Anderson Business Advisors, Toby Mathis, Esq., welcomes Jamie Lane, the Chief Economist and SVP of Research at data aggregator AirDNA. Jamie’s research leadership has helped the whole STR (short-term rental) industry understand the drivers of success. He is a leading voice of authority on the health and outlook for the STR industry: on top of hosting AirDNA’s own podcast, STR Data Lab, he is a regular contributor to international media outlets such as Wall Street Journal, New York Times and Bloomberg, providing exclusive analysis and forecasts of the industry to global audiences. Jamie delves into the cold hard numbers, percentages, and facts from this market, which are actually very encouraging. Tune in to hear how STRs remain a strong space for investors and where you can look to find the best markets for your rental.
Highlights/Topics:
- Short-term rentals are seeing record numbers but normalizing
- Stats in the short-term rental space
- Market and season-specific occupancy
- Rentals in the top 25 Metro Statistical Areas (MSAs) vs. high demand secondary destinations
- Revenues per unit
- Second home statistics and short-term rentals
- How rentals are being used - not just for tourists
- Laws and restrictions on STRs in some metro areas
- Looking forward into 2024 - many new areas for STR investment
Resources:
https://twitter.com/Jamie_Lane
https://www.linkedin.com/company/airdna
https://www.airdna.co/
https://www.airdna.co/podcasts
https://andersonadvisors.com/
https://www.youtube.com/@TobyMathis
Learn Next Level Passive Income Strategies Through Real Estate & Stock Investing
https://infinityinvesting.com/infinity-investing-workshops/?utm_source=aba&utm_medium=podcast&utm_content=is-airbnb-dead-the-numbers-nobody-is-discussing
Tuesday Oct 17, 2023
Tuesday Oct 17, 2023
On today’s Tax Tuesday, host Troy Butler, Senior Manager of Bookkeeping at Anderson, speaks with Jeff Webb, CPA, Vice-President of Professional Services at Anderson about some timely tax questions around deductions and payroll. The discussion also addresses some detailed information around bookkeeping including services offered by Anderson, and other apps and software that are best for certain situations. Submit your tax questions to taxtuesday@andersonadvisors.
Highlights/Topics:
- "How do you write-off classes or courses, cars, equipment, or anything in general? What is the process? What do you keep? How do you show your proof of funds spent?" In a C-corp, you're allowed to take education for new lines of business. Other entity types, you're only allowed to deduct education for business tha you’re already doing.
- "What's the best way to get payroll started? I want to start with hiring a couple of part time employees." - I highly recommend using a third-party for payroll. I don't recommend that you do it yourself, unless you have a full-time dedicated bookkeeper that this is their job.
- "Can I deduct expenses for working from home, and what forms can I use?" - What we recommend, typically, is that if you have an entity such as a corporation or even a partnership, you do administrative home reimbursement.
- "What's the best way to record startup expenses incurred on your private accounts?" There's a lot to read there, so we'll go on to the next one. - Startup costs, organizational costs are actually intangible assets, and those intangible assets get amortized.
- "Which bookkeeping app would you recommend for four units or less landlords to make our tax preparation easier for all of us?" - QuickBooks is always good. I like QuickBooks Online.
- "Can we discuss how our bookkeeping service works?" I can do that pretty well. "We're drowning in Excel and Quicken." - We have several different services we offer here at Anderson. The flagship one is called full service bookkeeping, and that's where we're going to do your books on a monthly basis.
- "What are common expense categories I should use?" - There are lots and lots of templates of charts of accounts out there that can give you a good baseline. For our Platinum members, we offer some generalized templates.
- "Can I discuss some big picture strategies to help with bookkeeping automation/AI?"
- “We have a physician set up their PLLC in New York State. Do I need to set up payroll, give myself W2? How much do they pay themselves to avoid an IRS audit? What's the bookkeeping needed? How do I take the remaining money out as a distribution?" That's seven questions in one. They're getting their money's worth out of that one.
- “What are the minimum requirements to do so and suggested curiosity of tasking?" – If you have a ton of activity, and a week's worth of transactions takes you four hours to do, then you probably shouldn't wait a whole lot of time to do your bookkeeping. At the minimum, I would recommend doing your books quarterly.
- "If our business is still paying off business debt from previous tax years, how do we account for that as far as bookkeeping and reporting?” - If you take out a loan, and you're making payments against that loan, those loan payments aren't expenses, except for the interest on that loan.
- “How does the bookkeeping service integrate with the accounting service?" – If you're using us for bookkeeping and using us for tax, we will coordinate your tax return with your tax preparer. Your bookkeeping team will work with your client tax coordinators/tax preparer
Resources:
https://infinityinvesting.com/
taxtuesday@andersonadvisors.com
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=how-to-write-off-general-business-expenses
https://andersonadvisors.com/
Thursday Oct 12, 2023
Thursday Oct 12, 2023
In this episode of Anderson Business Advisors, Toby Mathis, Esq. welcomes back Trent Lee of First Choice Business Brokers (FCBB). Trent has been ranked NUMBER ONE in business brokerages for the last five years in a row. You’ll hear Toby and Trent discuss the latest industry stats and requirements surrounding the purchase of small businesses. From restaurants to medical facilities to construction companies, there’s something for every interest in this space. Get in touch with Trent if you want the expert in the business broker space.
Highlights/Topics:
- Trent’s the number one business broker in the country by volume for the last 5 years in a row
- Higher interest rates don’t mean that great businesses are not available
- Good businesses in their industry, bad owners
- Motivated sellers
- Case study - an urgent care facility
- Cap rate vs. multiples
- Case study - EBITDA to determine value
- The SBA, deals, and some positive changes
- Case study - a paving and grading company and the SBA
- Buying franchises
- Follow Trent on socials to hear about deals
Resources:
https://www.youtube.com/channel/UCncOtmBY1gbuE6wDyaFfwBw
https://www.facebook.com/TrentLeeBizBroker
https://twitter.com/TrentBizBroker
https://www.instagram.com/trentleebizbroker/
https://businessbrokerslasvegas.net/c/
https://andersonadvisors.com/
https://www.youtube.com/@TobyMathis
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=how-big-changes-to-sba-rules-can-make-that-a-reality
Tuesday Oct 10, 2023
Tuesday Oct 10, 2023
In this episode, Clint Coons, Esq. speaks with “Mojo Michael” Gefteas about real estate wholesaling. Clint has been working with Michael for many years in the wholesaling space. After 25 years in the ‘corporate world,’ Michael went out on his own, building a huge buyers list over most of the last decade, and fine-tuning the way buyers and sellers approach wholesale deals. In this episode, you’ll hear about what wholesaling is, why you should consider investing this way, and some of the pitfalls and advantages of purchasing real estate with these methods.
Highlights/Topics:
- What is wholesaling?
- Contracts in Texas
- Do you know your real ARV to market at the right price?
- Finding sellers and the right price
- Once you’re in the contract - how can you maintain the sale?
- Memorandums of Contract and “cloud on title”
- Tips and advice for potential wholesalers
- com and what it offers
Resources:
https://www.mojomichael.com/
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=real-estate-wholesaling-how-to-safeguard-your-deals-from-sellers
https://andersonadvisors.com/
https://andersonadvisors.com/podcast/
https://www.youtube.com/channel/UC5GX-U6VbvMkhSM1ONBiW8w
Thursday Oct 05, 2023
Thursday Oct 05, 2023
Toby Mathis, Esq. welcomes Preston Knight, Esq., Senior Attorney at Anderson Advisors to the show to discuss some of the tax implications around crypto mining. You’ll hear how and when transactions are taxed, how the IRS views crypto and mining as a business entity, and some tips and tricks for avoiding and minimizing short and long-term capital gain and other taxes.
Highlights/Topics:
- Taxable events
- How the IRS views your work
- Capital gains hit when paying with bitcoin
- Short vs. Long term gains
- ‘Staking’ and how it is taxed
- Working through an S-Corp
- How to use a Roth to avoid taxes
- Using depreciation
- Writing off business expenses
- Airdrops and forks - what are the tax implications?
- Tracking and bookkeeping
Resources:
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=how-crypto-mining-sales-and-staking-is-taxed
https://www.youtube.com/c/tobymathisesq
https://andersonadvisors.com/
Wednesday Oct 04, 2023
Wednesday Oct 04, 2023
Host Toby Mathis, Esq. speaks with Bill Mencarow, founder of The Paper Source and 30-year veteran of real estate note investing. Bill writes for Think Realty magazine and has authored several guides and seminars on notes. He has been interviewed on numerous radio and TV programs including “Good Morning America,” national networks and in major U.S. newspapers and magazines.
You’ll hear Bill and Toby discuss the pros and cons of note investing, including how and when you can buy and sell, getting cash out of your note, and what to look for when buying a note - including the three P’s - Property, Paper, and Payer.
Highlights/Topics:
- What is note investing?
- Selling notes for cash
- Pros and cons, options for using this ‘negotiable instrument’
- Selling your property using a note
- Where can you find notes to buy?
- What you should avoid- rules of thumb
- Slicing and dicing your note for sale
- Why go to a megabank corporation when you can get a note with someone in your community?
- Sign up for Bill’s free eCourse or email him for advice
- 3P’s - Look at Paper, Property, and Payer
Resources:
Unlock the secrets of note investing and become a savvy investor with our exclusive 360 Pro Membership!
https://infinityinvesting.com/pricing/
Tax and Asset Protection Events
https://papersourceonline.com/
https://www.youtube.com/c/tobymathisesq
https://andersonadvisors.com/
Tuesday Oct 03, 2023
Tuesday Oct 03, 2023
On today’s Tax Tuesday, tax experts Toby Mathis, Esq., and returning guest Jeff Webb, CPA of Anderson Business Advisors, share their expert advice on tax strategies associated with setting up a home office, the potential consequences of being classified as a real estate dealer instead of investor, and how the IRS can view real estate flips as inventory and treat you as a dealer, leading to self-employment tax and other repercussions. Listeners are also guided through minimizing stock gains as a day trader and understanding rental property ownership. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- What are the requirements for bonus depreciation? - Bonus depreciation applies to tangible personal property with a depreciation life of 20 years or less.
- Can I 1031 exchange the entire proceed from the sale of a property with two structures, one rented and one as a main house? - Yes, you can 1031 exchange the rental portion, and possibly the entire property if it is converted into a rental before sale.
- Can I still invest in the 2022 tax year such as starting a solo 401K if I extended my tax return filing to October 2023? - Yes, you can make retirement contributions for 2022 up until your tax return deadline, including extensions.
- What are the benefits of an S corporation status for a small business owner versus sole proprietorship or LLC? - S-Corp can provide tax savings through reduced self-employment taxes, and may have lower audit rates than sole proprietorships.
- Can first-year business expenses be carried forward to the following year if there is no income in the setup year? - Yes, you can carry forward business losses to offset future income.
- Can I have a home office deduction if I rent the property? - Yes, renters can take a home office deduction if they meet certain requirements.
- How can I minimize day trading stock taxes? - Strategies include careful risk management, using tax-advantaged accounts, and offsetting gains with losses.
- Can I deduct expenses from my LLC registered as a partnership for fix and flip houses? - Yes, expenses related to the business operation can generally be deducted, though there may be limitations.
- Are all expenses related to the purchase and rehab of a rental property included in the basis for depreciation? - Yes, purchase price and most rehab expenses are included in the depreciable basis of a rental property.
- What's the best way to minimize the loss of passive losses on rental activities due to the AGI phase-out? - Carry forward passive losses until passive income is earned, become a real estate professional, or dispose of the activity.
Resources:
https://infinityinvesting.com/
taxtuesday@andersonadvisors.com
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=how-day-traders-can-reduce-taxes-legally
https://andersonadvisors.com/
https://www.youtube.com/@TobyMathis
https://www.tiktok.com/@tobymathisesq
Thursday Sep 28, 2023
Thursday Sep 28, 2023
Should you be terrified by the IRS’ new league of 89,000 agents that they claim they’re hiring to do audits on people who make over $400K? Host Toby Mathis, Esq. and Lauren Robins, Esq., a Senior Attorney at Anderson, discuss the reality of what these numbers mean, and what they could mean for the average Jane and Joe Taxpayer.
Highlights/Topics:
- What is actually happening with 89,000 new agents?
- 89K agents is actually the number being hired over 10 years
- Funding for agents is going to “taxpayer services” like answering phones
- Low-income resource centers being opened
- Business expenses - have the paperwork, and you have nothing to worry about
- Taxing you now vs. your retirement funds later
- Audit rates and ‘proportionality”- the poor always get audited more often
- Fear-mongering vs. reality
Resources:
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=what-you-need-to-know-about-the-irs-crackdown
https://www.youtube.com/c/tobymathisesq
https://andersonadvisors.com/
Tuesday Sep 26, 2023
Tuesday Sep 26, 2023
In today’s episode, Toby Mathis, Esq. welcomes Carter Coons, Esq., an attorney at Anderson whose last name you may recognize… he is also the son of partner Clint Coons. Carter shares some of the benefits of utilizing a Wyoming Statutory Trusts (WSTs) as holding companies for your California LLCs to avoid the $800 per entity tax that is due annually. You’ll hear how to layer these protections to secure your anonymity and save money.
Highlights/Topics:
- California properties and LLCs
- How can we avoid this franchise tax?
- Wyoming Statutory Trusts (WST) are exempt
- WST as a holding company
- How does California feel about these trusts?
- Protections you can benefit from with a WST
- There is no reason that you shouldn’t take advantage of this protection
- Integrating out-of-state LLCs
- If you’re not a CA resident, all you need is the WST to own titles to your properties
- This strategy is legit, inexpensive, and has worked for decades
- Share this with someone who could benefit
Resources:
https://www.linkedin.com/in/carter-coons-708629117
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=avoid-the-ca-franchise-tax
https://www.youtube.com/c/tobymathisesq
https://andersonadvisors.com/
Thursday Sep 21, 2023
Thursday Sep 21, 2023
In today’s episode, Toby Mathis, Esq. welcomes Joshua Robertson, Esq., Senior Attorney at Anderson Business Advisors, to the podcast to discuss different approaches to protecting your property and assets from liability and lawsuits.
Josh shares three important strategies for building a structurally sound legal protection plan that will prevent your assets from appearing in public information records and protect them from being targeted. From setting up LLCs as owners, to separating ownership of your assets and the ‘use’ of those assets, Josh explains some simple tactics that take simple “anonymity” a step further - building additional legal protection behind the scenes.
Highlights/Topics:
- Control everything, own nothing directly
- Business entities that own your assets
- Member vs. manager
- Using strategies creatively to enhance your protection
- Splitting ‘ownership’ from ‘use’ - separate LLCs
- Separating LLCs in property ownership
- Isolating substantial assets
- Anonymity is not protection in itself, it is the undergirding legal structure
- Understand where your potential risk lies!
Resources:
https://www.linkedin.com/in/joshuatrobertson/
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=3-ways-to-keep-your-assets-hidden
https://www.youtube.com/c/tobymathisesq
https://andersonadvisors.com/