Anderson Business Advisors Podcast

Tax Tuesdays with Toby Mathis 02-04-2020


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Spend a little bit of time and money to learn a lot about taxes and put much more money in your pockets. What do you have to lose? Nothing. Toby Mathis and Jeff Webb of Anderson Advisors offer fun and educational tax discounts and freebies. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

  • I may inherit a timeshare that I’m sure has fees with it that I don’t want. How do I figure out the details to get out of it? Disclaim/bequest your inheritance
  • Is all the funding for legal costs to start a business tax deductible? Organizational costs can be expensed up to $5,000 in the first year
  • Which is the best way to fund an Airbnb; cash or mortgage, if money is no issue? Depends on mortgage interest rate to get better capital return, or invest cash elsewhere
  • Can you have both a private and public foundation? Yes, you can control both, but can’t own them
  • What IRS requirements are necessary to qualify as a real estate professional? Refer to 26 U.S.C. 469C7 to change real estate losses from passive to active   
  • 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 2020 Bundle 

    Wills and Trusts

    501(c)(3)

    Airbnb/Short-term Rentals

    Real Estate Professional Requirements

    Form SS-4

    Form 1040

    Form 1041

    Section 179 Tax Depreciation

    Depreciation Recapture

    Bonus Depreciation

    Individual Retirement Arrangements (IRAs) 

    Traditional and Roth IRAs

    Capital Gains Exclusion/Section 121

    Rollovers as Business Startups (ROBS)

    Cost Segregation Tax Breaks!

    Form 3115

    1031 Exchange

    Opportunity Zones

    Schedule A

    26 US Code 280A

    SECURE Act

    Toby Mathis

    Anderson Advisors

    Anderson Advisors Events

    Anderson Advisors Tax and Asset Protection Event

    Tax-Wise Workshop

    Anderson Advisors on YouTube

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