Is your 2018 personal tax return ready to be submitted to the Internal Revenue Service (IRS) by April 15? Or, are you still hungry for Toby Mathis and Jeff Webb of Anderson Advisors to answer your tax questions? They bring tax knowledge to the masses; although sometimes they would rather bring tacos. It’s like Taco Tuesday, but with tax. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics:

When’s your personal tax return due? April 15, but you can file an extension to submit it on October 15

What’s the penalty for not filing a 5500 first solo 401(k)? About $750

I have a C Corp with no business; do I still need to file? Yes; if filing as a corporation that exists, you are required to file a return, but partnership rules are a bit different

What’s the $250,000 of income are total asset value? Total value of all assets; not for an IRA, but a 401(k)

What deductions can I take as a W2 contractor? Most employee reimburse expenses were removed; take standard deduction, or itemize without reimburse expenses

Can I reimburse health insurance from the S Corp I own? Yes, but you account that as wages, so you're paying tax on it

How do you report and issue a 1099 MISC? Report payments of more than $600 made to others that are not corporations on the 1099 MISC form with the vendor’s name on it

What’s required to move an existing business to an opportunity zone? You can’t take something you already own and make it into an opportunity zone property, unless somebody's investing in it that's not related to you

What's the difference between an opportunity zone and 1031 exchange? 1031 exchange is for real estate only, and you have to exchange property for more real estate

Where do I find areas that are opportunity zones? Is there a Website? Yes, just search for Opportunity Zone Heat Map on Google

Can we write off repair expenses, like roof shingles for personal hall? No because It is personal property; you can’t write things off for repairing your house

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Resources

Schedule K-1(Form 1065)

Extension of Time To File Your Tax Return

One-Participant 401(k) Plans

IRA Club

TD Ameritrade

Charles Schwab

Medi-Share

Tax Cuts and Jobs Act, Provision 11011 Section 199A - Qualified Business Income Deduction FAQs

1099 MISC

Tax Cutting Jobs Act (TCJA)

Opportunity Zones FAQ

Opportunity Zone Heat Map

1031 Exchange

Toby Mathis

Anderson Advisors

Anderson Advisors Tax and Asset Protection Event

Tax-Wise Workshop

Anderson Advisors on YouTube