It’s the middle of a sweltering summer and the July 15 deadline to pay your income taxes is fast approaching. Don’t worry because Toby Mathis and Jeff Webb of Anderson Advisors offer a bevy of knowledge to avoid getting burned. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

• What is the most tax-efficient way for 401(k) to Roth 401(k) conversion? Entire amount does not need to be converted in one year, or you’ll take a major tax hit 

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 

http://aba.link/iiw

Tax-Wise Business Ownership by Toby Mathis

https://andersonadvisors.com/shop/

1-day Online Tax-Wise Class

https://andersonadvisors.com/tax-wise-workshop/

Individual Retirement Arrangements (IRAs) 

https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras

Traditional and Roth IRAs

https://www.irs.gov/retirement-plans/traditional-and-roth-iras

1031 Exchange

https://www.irs.gov/businesses/small-businesses-self-employed/like-kind-exchanges-real-estate-tax-tips

CARES Act

https://home.treasury.gov/policy-issues/top-priorities/cares-act

Economic Injury Disaster Loan (EIDL)

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance

Paycheck Protection Program (PPP)

https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf

Paycheck Protection Program (PPP) Flexibility Act

https://www.investopedia.com/paycheck-protection-program-flexibility-act-of-2020-an-overview-4846944

Small Business Administration (SBA)

https://www.sba.gov/

Wills and Trusts

https://andersonadvisors.com/living_trusts/

Bonus Depreciation

https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act

Depreciation Recapture

https://www.investopedia.com/terms/d/depreciationrecapture.asp

Real Estate Professional Requirements

https://www.irs.gov/pub/irs-utl/33-Real%20Estate%20Professionals.pdf

Capital Gains Exclusion/Section 121

https://www.irs.gov/taxtopics/tc701

Self-Employment Tax

https://www.irs.gov/taxtopics/tc554

Internal Revenue Service (IRS)

https://www.irs.gov/

Tax Cuts and Jobs Act (TCJA)

https://www.irs.gov/tax-reform

Federal Realty Trust (FRT)

https://www.federalrealty.com/

1099 Form

https://www.irs.gov/businesses/small-businesses-self-employed/am-i-required-to-file-a-form-1099-or-other-information-return

Traders in Securities

https://www.irs.gov/taxtopics/tc429

Form 4797

https://www.irs.gov/pub/irs-pdf/f4797.pdf

Charitable Organizations

https://www.irs.gov/charities-non-profits/charitable-organizations

Form 2553

https://www.irs.gov/forms-pubs/about-form-2553

Affordable Care Act (ACA) 

https://www.healthcare.gov/

QuickBooks

https://quickbooks.intuit.com/

Peachtree

https://www.sage.com/en-us/products/peachtree/

JD Edwards

https://www.oracle.com/applications/jd-edwards-enterpriseone/

Home Office Deduction

https://www.irs.gov/businesses/small-businesses-self-employed/home-office-deduction

Schedule C

https://www.irs.gov/forms-pubs/about-schedule-c-form-1040

Cost Segregation

https://andersonadvisors.com/podcast/cost-segregation-with-brett-hansen-replay/

Toby Mathis

http://tobymathis.com/

Anderson Advisors

https://andersonadvisors.com

Anderson Advisors Events

https://andersonadvisors.com/all-events/

[email protected]

mailto:[email protected]

Anderson Advisors Tax and Asset Protection Event

https://andersonadvisors.com/asset-protection/

Tax-Wise Workshop

https://andersonadvisors.com/tax-wise-workshop/

Anderson Advisors on YouTube

https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ

Anderson Advisors on Facebook

https://www.facebook.com/AndersonBusinessAdvisors/

Anderson Advisors Podcast

https://andersonadvisors.com/podcast/