In case you missed it, Oct. 15 was another tax deadline. However, you still have some time to decide who you want to vote for in the upcoming presidential election: Donald Trump or Joe Biden? Toby Mathis of Anderson Advisors answers your tax questions about the impact of their proposed tax plans. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics:

What are the differences between Donald Trump’s and Joe Biden’s proposed tax plans?

Individual Rates: Trump to lower-middle rates; Biden to increase top-bracket rates

Corporate Rates: Trump wants 21%; Biden wants 28%

Dividends: Trump wants 0, 15, 23.8%; Biden wants 0, 15, 23.8, 43.4%

Credits: Biden wants to increase child credits to give families more money

Payroll Taxes: Trump to forgive OADSI; Biden to add OADSI

Estate Taxes: Trump to keep TCJA; Biden to expire it with no step up

Itemized Deductions: Trump to remove miscellaneous itemized deductions; Biden to reset deductions and add SALT

What are actions that you may want to take in 2020/2021 considering Trump’s vs. Biden’s proposed tax plans?

Gain Harvesting

Roth Conversion

100% AGI

Carryforward NOLs

Wait on Harvesting Losses

Gifting

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Resources:

Tax Toolbox (Only $595, Regularly $1,500)

http://aba.link/taxtoolbox

Tax Cuts and Jobs Act (TCJA)

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

Old Age and Disability Survivor’s Insurance (OADSI)

https://www.investopedia.com/terms/o/oasdi.asp

State and Local Tax (SALT) Limitation

https://www.efile.com/state-and-local-tax-deduction-salt/

Section 1231

https://www.investopedia.com/terms/s/section-1231.asp

26 U.S. Code Section 121

http://www.irs.gov/pub/irs-drop/rr-14-02.pdf

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

Real Estate Professional Requirements

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

Credits and Deductions

https://www.irs.gov/credits-deductions-for-individuals

1031 Exchange

https://www.irs.gov/pub/irs-news/fs-08-18.pdf

Form W-2

https://www.irs.gov/forms-pubs/about-form-w-2

Wills and Trusts

https://andersonadvisors.com/living_trusts/

Self-Employment Tax

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

Charitable Organizations

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

Internal Revenue Service (IRS)

https://www.irs.gov/

1099-Misc Form

https://www.irs.gov/forms-pubs/about-form-1099-misc

Bankruptcy

https://www.uscourts.gov/services-forms/bankruptcy

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

Unrelated Debt-Financed Income (UDFI)

https://ira123.com/learn/understanding-udfi/

199A Deduction

https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-provision-11011-section-199a-qualified-business-income-deduction-faqs

3115 Change of Accounting Method

https://www.irs.gov/forms-pubs/about-form-3115

Cost Segregation

https://www.irs.gov/businesses/cost-segregation-audit-techniques-guide-chapter-1-introduction

Schedule A

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

Schedule E

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

26 U.S. Code Section 280A

https://www.law.cornell.edu/uscode/text/26/280A

MileIQ

https://www.mileiq.com/

Healthcare Reform (Affordable Care Act)

https://www.healthcare.gov/

Tax-Wise by Toby Mathis

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

Toby Mathis

http://tobymathis.com/about-toby-mathis/

Anderson Advisors

https://andersonadvisors.com/

Anderson Advisors Events

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

Anderson Advisors Tax and Asset Protection Event

https://andersonadvisors.com/as