Anderson Business Advisors Podcast

Tax Tuesdays with Toby Mathis 08-06-2019


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When you do things right, you don’t get sued, harassed, or audited. That’s why 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: 

  • I’m starting a real estate business. How should the LLC be taxed? LLCs choose how they are taxed
  • Is there an annual amount you have to pay contractors that require 1099 and W-9 forms? Minimum is $600
  • What is a quitclaim? Transfer of interest in county record of your interest
  • What is the simplest software or way to log vehicle mileage? MileIQ 
  • What is a qualified business income (QBI) deduction? Deduct up to 20% QBI, 20% qualified real estate investment trust (REIT) dividends, and qualified publicly traded partnership (PTP) income
  • Can you invest money earned through 501(c)(3) to invest in dividends and stocks? Yes
  • Can you explain the 100% depreciation changes in the new tax code? Bonus depreciation allows 100% deduction as expense of asset
  • Are you familiar with the Deferred Sales Trust concept? Yes, it works to sell a highly appreciated business under an installment note to spread out tax over a lifetime  
  • 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:

    Individual Retirement Account (IRA)

    Form 5498

    Form 709

    501(c)(3) Charities and Non-profit Organizations

    Form W-9

    Form 1099

    Form 1099-INT

    TD Ameritrade

    Fidelity Investments

    Taxable Event

    Quitclaim

    MileIQ

    Bill Gates

    Tax Cuts and Jobs Act (TCJA)

    Schedule E

    QBI/Section 199A

    Airbnb

    1031 Exchange

    Howard Hughes Medical Institute

    Bonus Depreciation

    Modified Accelerated Cost Recovery System (MACRS)

    Section 1245 Property

    Cost Segregation Audit Techniques

    Section 183

    Types of Trusts

    Unrelated Business Income Tax (UBIT)

    Section 121 

    American Express

    Toby Mathis

    Anderson Advisors

    Anderson Advisors Tax and Asset Protection Event

    Tax-Wise Workshop

    Tax-Wise 2019 3-in-1 Offer/2-for-Tuesday Bulletproof

    Infinity Investing Workshop (use code: FREETAX)

    Anderson Advisors on YouTube

    Anderson Advisors on Facebook

    Anderson Advisors Podcast

    ...more
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