Anderson Business Advisors Podcast

Tax Tuesdays with Toby Mathis 05-26-2020


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Is it time for a fun and educational drinking game? It depends. Do you need clarification on different options in the CARES Act? You’re not alone, so does the Internal Revenue Service (IRS) and U.S. Department of the Treasury. Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

  • How do I go about researching business tax strategies? Where can I find a list of strategies? Get a free copy of Toby Mathis’s book, Tax-Wise Business Ownership 
  • With COVID-19, will the IRS grant forgiveness with arrears on payroll taxes? No
  • Can I take the 10K advance from the Economic Injury Disaster Loan (EIDL), deny the loan, and roll it into the CARES Paycheck Protection Program (PPP)? An up to $10,000 advance is a grant that doesn’t need to be paid back and isn’t rolled into PPP
  • As a flipper in VA, is it worth incorporating to avoid dealer status and is avoiding such actually possible? Yes, if you have the intent to rehab and sell a property, not rent/invest
  • What are the basic benefits of the S-Corp? Limited liability, income not subject to self-employment income, and accountable plan 
  • If I haven’t yet filed a tax return for my corporation, can I still qualify for EIDL or PPP, as the sole owner/operator? Yes, you’ll qualify for EIDL, if in business on Feb. 15  
  •  

    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 Business Ownership by Toby Mathis (Promo Code for free copy/shipping: TUESDAY) 

    Infinity Investing Workshop 

    1 Veteran Foundation

    CARES Act

    Internal Revenue Service (IRS)

    U.S. Department of the Treasury

    Paycheck Protection Program (PPP)

    Economic Injury Disaster Loan (EIDL)

    Real Estate Professional Requirements

    501(c)(3)

    Individual Retirement Arrangements (IRAs) 

    Traditional and Roth IRAs

    Cost Segregation

    Depreciation Recapture

    Bonus Depreciation

    Section 179

    CoreVest Finance

    Equifax

    Dun and Bradstreet

    TransUnion

    Coronavirus Tax Relief

    Families First Coronavirus Response Act 

    Tax Code 7702

    1031 Exchange

    Self-Employment Tax

    Schedule E

    26 U.S. Code 1231

    Wills and Trusts

    Tax Cuts and Jobs Act (TCJA)

    Unrelated Business Income Tax (UBIT) 

    Unrelated Business Taxable Income (UBTI)

    Franchise Tax Board

    Capital Gains Exclusion/Section 121

    Form 1023 Application

    Form 1099-R

    Trader Tax Status

    457b

    403b

    Toby Mathis

    Anderson Advisors

    Anderson Advisors Events

    Anderson Advisors Tax and Asset Protection Event

    Tax-Wise Workshop

    Anderson Advisors on YouTube

    Anderson Advisors on Facebook

    Anderson Advisors Podcast

     

     

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